Asia Pacific hotels lead global recovery | Deloitte Reports
China prospects look promising for the rest of the year
Deloitte, the business advisory firm, has confirmed that Asia Pacific is leading the recovery in global hotel performance, achieving the strongest revenue per available room (revPAR) growth during the first four months of 2010, up 24.1% to US$83.
Commenting on the recovery, Alex Kyriakidis, Global Managing Partner of Tourism, Hospitality & Leisure at Deloitte, said: “With an outlook of strong economic recovery for Asia Pacific, hotel performance has benefited and revPAR is only US$14 short of levels achieved pre-recession, for the same period in 2008.
“The region is also leading growth in international tourist arrivals and passenger traffic, so if this trend continues, revPAR may push past the US$100 level at some point this year. If this happens, the region will be achieving the best performances it has ever achieved.”
Thailand
Recovery from the global economic crises was evident in January and February, as Bangkok achieved double-digit revPAR growth. However, increases decelerated to 5.4% in March and dipped into the red in April down 12.6%. Year-to-April results remain positive, but will dip back into the red if violence carries on and international governments continue to advise against travel to the Thai capital.
Australia
China and Hong Kong
Ronald Chao, Tourism Hospitality and Leisure Partner for Deloitte in China, commented: “China’s hotel industry is proving to be a global leader by bouncing back faster than many others. Average room rates in Hong Kong are doing particularly well and pushed past US$200 during the month of March for the first time in 16 months. The outlook for the rest of the year looks strong, especially for Shanghai where hoteliers will also receive a boost from an expected 70 million visitors attending the World Expo 2010 from May to October.”
“Longer-term prospects look promising too, with continued economic prosperity encouraging domestic and international travel. The World Tourism Organization recently predicted that China will overtake France to become the world’s largest tourist destination by 2015.”
Data is monthly STR Global data covering the period from January – 30 April 2010.
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