STR: Asia Pacific hotel performance for March 2020
Reflecting the effects of the COVID-19 pandemic, the Asia Pacific hotel industry reported all-time lows in the three key performance metrics during March 2020, according to data from STR.
U.S. dollar constant currency, March 2020 vs. March 2019
- Occupancy: -59.5% to 28.3%
- Average daily rate (ADR): -17.6% to US$80.82
- Revenue per available room (RevPAR): -66.7% to US$22.85
The absolute levels in each of the three KPIs were the lowest for any month on record in the region.
Local currency, March 2020 vs. March 2019
- Occupancy: -65.4% to 23.2%
- ADR: -35.4% to CNY332.41
- RevPAR: -77.6% to CNY76.96
Showing green shoots of recovery, China's absolute occupancy level was the up from February (12.8%), which was the lowest occupancy month on record in the country. Key markets, Beijing and Shanghai, reported decreases in the metric of 78.7% and 73.7%, respectively. China's ADR remained lower than February (CNY406.22), but RevPAR was up slightly from that second month of the year (CNY52.12).
- Occupancy: -53.6% to 38.3%
- ADR: -19.1% to SGD212.40
- RevPAR: -62.4% to SGD81.35
The absolute occupancy and RevPAR levels were the lowest for any month in STR's Singapore database.
STR continues to monitor the COVID-19 impact on global hotel performance. More information, such as full analysis pieces and webinar recordings, can be found here.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.