Asian hotel slump continues in March - STR Global
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The latest hotel performance data for key Asian cities has been supplied exclusively to TDA by STR Global, the world’s leading hotel benchmarking company. The results show that the declining performance of the hotel industry throughout the region continued into March, but with some small signs of hope for the industry.
All seven key markets saw revenue per available room (revPAR) decline year-on-year, with only Tokyo (-5.5% to US$157) seeing a less-than-double-digit drop. The most significant year-on-year revPAR decline was seen in Beijing (-44.3% to US$50), however there are small crumbs of comfort for the Chinese capital, with both occupancy and average daily rate (ADR) for March 2009 finishing better than the average for the first three months of the year. This was also the case in Hong Kong and Sydney.
Bangkok continued to suffer, with revPAR in March dropping 42.7% year-on-year to US$52, lower than the year-to-date average of US$54. The situation in the Thai capital is not likely to improve following the latest round of anti-government protests that plagued the city earlier this month.
Singapore hotels continue to struggle with declining occupancy - down to 69.3% in March; a 15.8% decline year-on-year. However this is slightly improved from the year-to-date average occupancy of 67.3%. A 22.9% ADR decline in March led to revPAR dropping 35.1% to US$116.
March 09 vs. March 08 (US$)
Occupancy
Occupancy change (%)
ADR
ADR change (%)
RevPAR
RevPAR change (%)
Bangkok
55.0%
-29.0
95
-19.3
52
-42.7
Beijing
49.8%
-29.3
100
-21.2
50
-44.3
Dubai
75.1%
-15.8
261
-29.8
196
-40.9
Hong Kong
75.2%
-9.8
170
-18.0
128
-26.0
Singapore
69.3%
-15.8
168
-22.9
116
-35.1
Sydney
82.1%
-3.9
131
-31.4
107
-34.1
Tokyo
72.5%
-9.2
217
4.1
157
-5.5
Year-to-date Jan-Mar 09 vs. Jan-Mar 08 (US$)
Occupancy
Occupancy change (%)
ADR
ADR change (%)
RevPAR
RevPAR change (%)
Bangkok
54.7%
-28.6
99
-16.7
54
-40.5
Beijing
40.8%
-31.4
97
-16.0
39
-42.4
Dubai
72.4%
-16.7
281
-23.2
203
-36.0
Hong Kong
72.8%
-10.9
166
-13.2
121
-22.7
Singapore
67.3%
-14.8
170
-22.8
115
-34.2
Sydney
80.4%
-4.7
127
-32.9
102
-36.1
Tokyo
67.1%
-11.1
222
11.4
149
-1.0
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