Hotel rates drop as hotels battle for guests – STR Global
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The latest hotel market performance results for key Asian cities, supplied exclusively to TDA by the world’s leading hotel benchmarking company, STR Global.
The cities of Bangkok,Beijing, Dubai, Hong Kong, Singapore and Sydney all saw significant revPAR declines compared to the same month last year, following on from similarly abject performances in January. Like last month, only Tokyo saw anything less than a double-digit decline, with the Japanese capital’s 8.8% revPAR drop was considerably worse than the 1.1% year-on-year rise seen in January.
The hotel market in Bangkok slid further in February, with a 17.4% drop in average daily rate (ADR) compounding the city’s28.2% occupancy slide, leading to a 40.7% revPAR drop.
ADR declines were also noticeable in Dubai, where rates slipped 22.7% year-on-year, Singapore (27.5%) and in Sydney (37.0%). With occupancy declines across most of the key cities were relatively consistent with January’s figures, STR Global’s data suggests that the market may have stabilised, but that hotels are still busy cutting rates in a bid to win their slice of what has become a smaller pie.
February2009
Market
Hotel performance – February 08 vs. February 09 (US$)
Occupancy (%)
Change
ADR
Change
RevPAR
Change
Bangkok
56.9
-28.2%
99
-17.4%
56
-40.7%
Beijing
37.4
-19.7%
97
-5.8%
36
-24.4%
Dubai
75.5
-15.3%
283
-22.7%
214
-34.5%
Hong Kong
70.0
-9.1%
155
-8.9%
109
-17.2%
Singapore
70.7
-6.3%
169
-27.5%
119
-32.1%
Sydney
83.8
-8.1%
128
-37.0%
107
-42.1%
Tokyo
69.1
-13.4%
208
5.4%
144
-8.8%
Year-to-date
Market
Hotel performance – Year-to-date 08 vs. 09 (US$)
Occupancy (%)
Change
ADR
Change
RevPAR
Change
Bangkok
55.4
-27.2%
102
-13.7%
57
-37.2%
Beijing
36.2
-32.7%
95
-11.7 %
34
-40.6%
Dubai
71.7
-16.4%
296
-18.1%
212
-31.5%
Hong Kong
71.8
-11.3%
165
-9.7%
118
-19.9%
Singapore
66.8
-14.1%
171
-22.0%
114
-33.0%
Sydney
78.4
-6.3%
125
-33.5%
98
-37.7%
Tokyo
64.1
-12.4%
224
15.4%
143
1.1%
Source: STR Global
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