Published on : Wednesday, April 29, 2015
Hotels in the Asia Pacific region experienced negative year-over-year results in the three key performance metrics during March 2015 when reported in U.S. dollars, according to data compiled by STR Global.
The region’s occupancy for March fell 0.3 percent to 68.7 percent. Affected by the continued devaluation of the Japanese yen, the region’s average daily rate dropped 5.9 percent to US$111.16, and its revenue per available room decreased 6.2 percent to US$76.34.
Performance by country varied significantly on a local-currency basis:
Thailand saw the largest increases in both occupancy (+23.4 percent to 77.1 percent) and RevPAR (+23.9 percent to THB2,862.64), while ADR (+0.4 percent to THB3,712.70) remained almost flat. Thailand’s performance continues to improve in year-over-year comparisons as the country is further removed from last year’s coup d’état.
New Zealand followed in RevPAR performance with a 23.0-percent increase to NZD143.41. New Zealand and Australia (+6.9 percent to AUD150.32) saw RevPAR growth associated with hosting the International Cricket Council Cricket World Cup.
New Zealand (+15.3 percent to NZD169.84) and French Polynesia (+12.4 percent to XPF37,583.38) each recorded double-digit ADR increases.
Myanmar experienced the largest decreases in RevPAR (-30.3 percent to MMK96,842.23) and occupancy (-26.4 percent to 52.9 percent). A 17.8-percent increase in supply led to the decreases in Myanmar.
The steepest decline in ADR occurred in South Korea, where ADR dropped 11.2 percent to KRW169,622.25.
China reported negative results in each of the three key performance measurements. Occupancy was down 1.0 percent to 64.6 percent; ADR fell 2.6 percent to CNY559.74; and RevPAR decreased 3.5 percent to CNY361.80. Decreased government spending in Hong Kong, China, as opposed to the “Occupy Central” movement, figures to have had a larger impact on performance in the country.
Highlights from key market performers for March 2015 in local currency (year-over-year comparisons):
Source: STR Global.