STR Global posts March 2009 results for Asia/Pacific region
“Hotel performance continues to tumble in Asia, with a combination of oversupply and the global economic slowdown wiping out many of the gains made over the previous couple of years,” said James Chappell, managing director of STR Global.
“China and India, previously such exciting markets, have fallen in RevPAR 35 percent and 39 percent, respectively (when reported in local currency). Singapore is hard on their heels with a 28-percent fall in RevPAR year on year,” Chappell continued. “Other southeast Asia countries that have been experiencing a boom recently are also feeling the pinch with Vietnam falling 27 percent and Thailand falling 36.5 percent in RevPAR. It’s not all bad news however, with Australia only dropping in RevPAR 5 percent, the Philippines growing 4.7 percent, Indonesia 6.7 percent and South Korea 14 percent. We expect India to stabilise somewhat in the coming months, but China, and especially Beijing, is in for a tough few months in the year after the Olympics.”
Among the key markets, Seoul, South Korea, reported the only double-digit increase in occupancy, which jumped 12.5 percent to 84.0 percent. Melbourne, Australia, also reported an occupancy increase (+1.1 percent to 79.7 percent). Beijing, China, reported the largest occupancy decrease (-29.3 percent to 49.8 percent). Bangkok, Thailand, followed closely with a 29.0-percent decrease, down to 55.0 percent for the month.
Two markets increased in ADR: Bali, Indonesia, was up 5.3 percent in ADR to US$102.72, and Tokyo, Japan, was up 4.1 percent to US$216.68. New Delhi, India, and Mumbai, India, reported the largest ADR decreases, down 43.8 percent to US$185.03 and 40.2 percent to 174.91, respectively.
Two markets reported single-digit RevPAR decreases: Osaka, Japan (-6.5 percent to US$94.94) and Tokyo (-5.5 percent to US$157.13). Five markets reported RevPAR decreases of more than 40 percent: New Dehli (-55.2 percent to US$120.76); Phuket, Thailand (-48.7 percent to US$65.85); Mumbai (-48.1 percent to US$108.09); Beijing (-44.3 percent to US$49.60); and Bangkok (-42.7 percent to US$52.26).
|Country||Occupancy||% change||ADR||% change||RevPAR||% change|
About STR & STR Global: For more than 20 years, Smith Travel Research has been the recognized leader for lodging industry benchmarking and research. Smith Travel Research and STR Global offer monthly, weekly, and daily STAR benchmarking reports to more than 36,000 hotel clients, representing nearly 5 million rooms worldwide. STR is headquartered in Hendersonville, Tennessee, and STR Global is based in London. For more information, visit .