Strong growth in hotel rates in the Maldives has offset a drop in occupancy in the first five months of 2012.
According to the latest data from STR Global, occupancy levels in the Maldives declined 6.8% in the January-May 2012 period, to average 66.9%. Average daily rates (ADR) however, surged 19.1% to EUR568 (approximately US$695). STR Global noted that the rate growth was driven by demand from the Chinese market, which has become the main source market for the islands, compensating for the decline in demand from Europe.
“The Maldives… [has] been influenced by the state of the economic activities thousands of miles away”, said Elizabeth Randall, Managing Director of STR Global. “Whilst demand from European visitors declined, the emergence of growing wealthy Chinese travellers has benefited hotels to remain one of the top luxury destination around the world”.
Hotel supply increased 3.2% during the first five months of 2012, following a 2.0% increase in 2011.