Asian hotels see no end to downturn - STR Global
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STR Global, the world’s leading hotel benchmarking company, has released its May 2009 results for key Asian cities, showing no sign to the end of the decline in the hospitality sector. Supplied exclusively to TDA, the results show double-digit year-on-year revenue per available room (revPAR) declines in six out the seven cities, with only Tokyo (-1.8%) avoiding a large drop.
Perhaps more worrying for the region is the fact that, in four out of the seven markets, the rate of decline in May 2009 was greater than the year-to-date drop. In Bangkok in May 2009 revPAR fell 48.4% to US$36 - greater than the -42.5% year-to-date decline, while in Dubai revPAR dropped 40.4% in May, compared to a 36.0% year-to-date decline. Hong Kong and Singapore also saw their annual revPAR decline compounded by a poor May.
On the positive side, Tokyo continued to maintain average room rates (ADR), with a 12.9% rise in May 2009 - greater than the 10.7% rise seen in the first five months of year.
May 2009 vs May 2008 (US$)
Market
Occupancy
% Change
ADR
% Change
RevPAR
% Change
Bangkok
41.8%
-37.3
87
-17.6
36
-48.4
Beijing
48.4%
-21.9
94
-28.0
46
-43.8
Dubai
66.5%
-14.5
211
-30.3
141
-40.4
Hong Kong
61.0%
-22.5
160
-9.6
97
-29.9
Singapore
63.5%
-17.8
167
-26.2
106
-39.4
Sydney
70.0%
-10.0
132
-25.6
92
-33.0
Tokyo
65.7%
-13.0
229
12.9
150
-1.8
Year-to-Date - May 2009 vs May 2008 (US$)
Market
Occupancy
% Change
ADR
% Change
RevPAR
% Change
Bangkok
50.4%
-30.2
95
-17.7
48
-42.5
Beijing
44.6%
-28.6
96
-23.3
43
-45.2
Dubai
71.1%
-15.5
269
-24.2
191
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