Hotel occupancy in Hong Kong pushed close to 90% in March 2017, as a series of events boosted demand for rooms in the city.
STR’s latest data reveals that events such as Art Basel Hong Kong and the Hong Kong International Jewellery Show helped drive an 8.3% increase in demand for Hong Kong’s hotels – significantly outpacing a 1.1% increase in room supply. This allowed the city’s monthly occupancy level to jump 7.1% to 89.8%.
Hong Kong’s average daily rate (ADR) climbed 1.8% year-on-year to HK$1,406.54 (approx. US$181), and revenue per available room (revPAR) surged 9.0% to HK$1,262.77 – the highest for any month in Hong Kong since February 2012.
STR’s analysts said they believe the Hong Kong hotel market is beginning to show signs of recovery, with consecutive months of revPAR growth at levels not seen in the market since 2012.