STR: Preliminary May data for Hong Kong hotels
STR's preliminary May 2018 data for hotels in Hong Kong indicates strong performance results. Based on daily data from May, Hong Kong reported the following in year-over-year comparisons:
LONDON -- STR's preliminary May 2018 data for hotels in Hong Kong indicates strong performance results.
Based on daily data from May, Hong Kong reported the following in year-over-year comparisons:
- Supply: +0.9%
- Demand: +3.1%
- Occupancy: +2.2% to 84.8%
- Average daily rate (ADR): +9.2% to HKD2,336.05
- Revenue per available room (RevPAR): +11.6% to HKD1,133.61
Growth in demand (room nights sold) continued to drive performance in Hong Kong. May was the fourth consecutive month with a double-digit RevPAR jump.
STR analysts note that the returning volume of inbound arrivals from Mainland China, combined with limited supply growth, creates a favorable short- to mid-term outlook for Hong Kong hotel performance.
STR will release full May results later this month. The May edition of STR's Market Forecast is available now for Hong Kong and a host of other markets across the globe.
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CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
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