LONDON – The hotel industry in the Asia Pacific region reported positive results in the three key performance metrics during the second quarter of 2017, according to data from STR.
- Occupancy: +3.1% to 70.1%
- Average daily rate (ADR): +0.9% to US$97.39
- Revenue per available room (RevPAR): +4.1% to US$68.24
- Local currency, Q2 2017 vs. Q2 2016
- Occupancy: -0.2% to 72.7%
- ADR: +1.8% to AUD176.61
- RevPAR: +1.6% to AUD128.43
STR analysts note that the country’s demand growth (+1.5%) was somewhat muted in comparison with previous quarters. That led to supply growth (+1.7%) factoring more prominently into overall results. On a 12-month moving average, supply growth has reached 1.7%, which is the highest level in the country since 1999. At the market level, the largest year-over-year supply increases came in Perth (+9.8%) and Brisbane (+5.0%). In terms of performance, Sydney led in absolute values with occupancy at 83.9% (+1.1%) and ADR at AUD213.91 (+6.3%), and STR analysts believe the recently re-opened Sydney International Convention Centre will further bolster the market’s demand, specifically in the Meetings, Incentives, Conferences, and Events (MICE) industry.
- Occupancy: +4.8% to 69.5%
- ADR: +0.6% to CNY522.78
- RevPAR: +5.5% to CNY363.23