MidEast hotels hold rates while Asia Pac slide continues
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Hotels in the Asia Pacific region reported double-digit decreases for all three key performance metrics for February 2009, according to data compiled by STR Global.
The region’s occupancy dropped 12.1% to 59.0%; average daily rate (ADR) declined 21.0% to US$115, leading to a revenue per available room (revPAR) drop of 30.5% to US$68.
“The whole region has been hit hard by the global banking crisis and until December was in a period of sustained growth”, said James Chappell, Managing Director of STR Global (pictured). “China now faces a sharp decline in demand to add to the oversupply, and Japan has been struggling with a surge in the value of the yen”.
The Middle East/Africa region reported mixed year-over-year results for February 2009, according to by STR Global. The region’s occupancy dropped 11.5% to 63.4%, but ADR increased 0.4% to US$163. This led to revPAR decreasing 11.2% to US$104.
“Although we are seeing declines across the globe, the good news for the Middle East/Africa region is that in most instances they are still holding their average daily rates better than Asia Pacific, Europe or the Americas” said Chappell. “Not surprisingly, the predominantly leisure markets of Dubai and Cairo dropped their rates against February last year, although Dubai is falling from a high base and Cairo had a very strong first six months in 2008”.
February 08 vs. February 09 (US$)
Market
Occupancy
% Change
ADR
% Change
RevPAR
% Change
Asia Pacific
59.0%
-12.1
115
-21.0%
68
-30.5
Middle East/Africa
63.4%
-11.5
163
0.4
104
-11.2
STR Global
February 08 vs. February 09 (Local Currency)
Market
Occupancy
% Change
ADR
% Change
RevPAR
% Change
Australia (AU$)
75.3%
-7.2
173
-2.9
130
-9.9
China (CNY)
44.9%
-9.0
698
-15.9
314
-23.5
India (INR)
64.2%
-21.1
8,486
-18.0
5,446
-35.3
Israel (ILS)
46.0%
-25.7
540
25.2
248
-6.9
Japan (JPY)
69.2%
-10.1
12,774
-7.3
8,845
-16.6
Saudi Arabia (SAR)
54.5%
0.6
726
16.4
396
17.1
Singapore (SG$)
70.7%
-6.3
261
-19.7
184
-24.7
UAE (AED)
75.8%
-13.6
1,057
-12.5
801
-24.5
STR Global
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