STR: Asia Pacific hotel performance for November 2018
- Region's occupancy falls, while room rates increase
- Beijing room rates continue to drive overall performance growth
- Seoul hotel demand helped by bounce back in international visitors
U.S. dollar constant currency, November 2018 vs. November 2017
- Occupancy: -1.5% to 72.8%
- Average daily rate (ADR): +1.5% to US$108.92
- Revenue per available room (RevPAR): flat at US$79.32
Local currency, November 2018 vs. November 2017
- Occupancy: -1.7% to 77.5%
- ADR: +3.9% to CNY626.51
- RevPAR: +2.2% to CNY485.68
Despite a 0.7% decrease in demand (room nights sold) and an overall decline in occupancy, Beijing posted its highest absolute ADR for any November since 2011. STR analysts note that ADR has increased year over year in the market for 19 consecutive months. That has led to consistent growth in RevPAR, which was up 10.6% year to date through November.
Seoul, South Korea
- Occupancy: +3.6% to 73.0%
- ADR: -2.8% to KRW162,001.84
- RevPAR: +0.7% to KRW118,270.42
November was Seoul's second-consecutive month of RevPAR growth after a 19-month stretch of declines that were due in part to geopolitical tension with China. Demand was up 11.6% for the month with a 34.6% rise in the Group segment and a 7.6% lift in Transient business. STR analysts attribute that growth to continued increases in international arrivals from key markets such as Japan, Taiwan and Mainland China. Overall, visitor arrivals to South Korea bounced back and increased 31.1% during the first 10 months of the year, according to the Korea Tourism Organization.
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. For more information, please visit str.com.