The WPJ
Vacation Real Estate News
Chinese New Year Hits Hotel Performance
China reported a steep drop in both occupancy rate and revenue per available room in February, according to the latest data from STR Global.
Occupancy fell 19.9 percent to 48.9 percent, and revenue per available room, dropping 13.8 percent to $52.49 in February 2013, which the research firm attributed to the timing of the Chinese New Year.
Overall the Asia/Pacific region reported an 8.1 percent decrease in occupancy rate to 62.5 percent for February. The region had an increase in average daily rate of 3.5 percent to $135.50 but a decrease in RevPAR of 4.8 percent to $84.76. In year-over-year comparisons, Bangkok, Thailand had the largest increase in occupancy rate, jumping 10.7 percent to 83.5 percent. More from February's report (Y-o-Y comparisons):
- Beijing, China (-29.4 percent to 45.3 percent), and Shanghai, China (-29.0 percent to 43.3 percent), posted the largest occupancy decreases for the month.
- Four markets experienced double-digit ADR increases: Jakarta, Indonesia (+20.6 percent to IDR1,083,227.38); Bali, Indonesia (+16.9 percent to IDR1,302,882.66); Phuket, Thailand (+13.6 percent to THB5,276.98); and Tokyo, Japan (+10.3 percent to JPY15,016.74).
- Four markets achieved RevPAR increases of more than 15 percent: Phuket (+21.0 percent to THB4,756.75); Bali (+19.5 percent to UDR832,071.37); Osaka, Japan (+18.3 percent to JPY8,365.03); and Bangkok (+17.1 percent to THB2,733.03).
- Phuket (+15.7 percent to US$176.67) reported the largest ADR increase in February, followed by Jakarta (+13.3 percent to US$111.46) and Manila, Philippines (+10.9 percent to US$136.80).
- Three markets experienced RevPAR increases of more than 10 percent: Phuket (+23.2 percent to US$159.25); Bangkok (+19.3 percent to US$91.50); and Bali (+12.2 percent to US$85.62).
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