STR: Asia Pacific hotel performance for October 2019
- Phuket room rates down due to supply growth, appreciation of the Baht
- Tokyo performance boosted by Rugby World Cup
U.S. dollar constant currency, October 2019 vs. October 2018
- Occupancy: -0.9% to 71%
- Average daily rate (ADR): -2.4% to US$100.25
- Revenue per available room (RevPAR): -3.4% to US$71.16
Local currency, October 2019 vs. October 2018
- Occupancy: +5.5% to 65.6%
- Average daily rate (ADR): -5.5% to THB2,813.53
- Revenue per available room (RevPAR): -0.3% to THB1,846.25
STR analysts note that group demand (+40.3%) drove the lift in occupancy, while demand in the transient segment fell 1.8%. Hoteliers may have lowered rates due to the appreciation of the Baht and a more competitive marketplace with a 3.1% rise in room inventory from last October.
- Occupancy: -2.8% to 87.9%
- Average daily rate (ADR): +19.5% to JPY23,663.64
- Revenue per available room (RevPAR): +16.2% to JPY20,808.51
The decline in occupancy was due to a surge in new supply (+6.9%) outpacing demand (+4.0%). However, STR analysts note that performance was boosted by the Rugby World Cup 2019 (20 September through 2 November). Tokyo saw a double-digit increase in ADR (+46.7%) and a subsequent jump in RevPAR (+44.3%) during the knockout stage of the event (19 October through 2 November).
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.