Asia/Pacific hotel results for March 2012
"A year has passed since the tragic natural disasters occurred in Japan", said Elizabeth Randall, managing director of STR Global. "The country"s hotel performance started to improve over recent months and reported a bounce back with Japan"s RevPAR for the month increasing 38 percent in local currency as compared to March last year. The biggest RevPAR growth was reported by Sendai (118 percent) and Yokohama (85 percent), whilst Osaka reported a 7 percent decline compared to last year".
In the first quarter of the year the region"s occupancy rose 1.8 percent to 65.4 percent, its ADR was up 5.2 percent to US$147.16 and its RevPAR increased 7.1 percent to US$96.26.
"Looking at the first quarter performance, the majority of countries across the region continue to show improvements in ADR and RevPAR", Randall continued. "One exception is India, which reported declining performance for all key indicators. This trend started in the middle of last year and reflects the increases in supply and slow absorption rates across the country".
Highlights from key market performers in March 2012 in local currency (year-over-year comparisons):
- Tokyo, Japan, achieved the largest occupancy increase, rising 47.6 percent to 84.7 percent, followed by Shanghai, China (+11.5 percent to 64.0 percent), and Hanoi, Vietnam (+11.0 percent to 76.9).
- New Delhi, India (-7.4 percent to 68.8 percent), and Ho Chi Minh City, Vietnam (-6.5 percent to 71.7 percent), reported the largest occupancy decreases.
- Seoul, South Korea, which benefited from the second Nuclear Security Summit in March, jumped 22.1 percent in ADR to KRW231,577.48, reporting the largest increase in that metric, followed by Jakarta, Indonesia, with a 18.8-percent increase to IDR934,968.80.
- Osaka, Japan, fell 9.9 percent in ADR to JPY10,475.66, posting the largest decrease in that metric.
- Four markets experienced RevPAR increases of more than 20 percent: Tokyo (+56.9 percent to JPY12,174.34); Seoul (+25.8 percent to KRW185,895.42); Taipei, Taiwan (+23.0 percent to TWD4,798.63); and Jakarta (+20.8 percent to IDR691,744.20).
- New Delhi fell 12.2 percent in RevPAR to INR6,044.08, reporting the only double-digit decrease in that metric.
Highlights from key market performers for March 2012 in U.S. dollars (year-over-year comparisons):
- Seoul rose 18.9 percent in ADR to US$204.02, achieving the largest increase in that metric, followed by Beijing, China, with a 15.2-percent increase to US$117.39.
- Mumbai fell 17.5 percent in ADR to US$160.01, posting the largest decrease in that metric.
- Four markets experienced RevPAR increases of more than 20 percent: Tokyo (+58.0 percent to US$147.96); Taipei (+22.7 percent to US$162.34); Seoul (+22.5 percent to US$163.77); and Beijing (+20.6 percent to US$87.33).
- New Delhi reported the largest RevPAR decrease, falling 23.5 percent to US$116.05.