Singapore reported increases across the three key performance metrics: occupancy (+4.2% to 85.9%), ADR (+0.6% to SGD297.18) and RevPAR (+4.9% to SGD255.27). According to STR Global analysts, strong demand in the country was generated through an increase in international arrivals as well as a Women's Tennis Association tournament and Sibos 2015.
Hotels in the Asia Pacific region experienced positive results in the three key performance metrics when reported in U.S. dollar constant currency, according to October 2015 data compiled by STR Global.
Compared to October 2014, the Asia Pacific region reported a 0.8% increase in occupancy to 71.7%, a 1.7% rise in average daily rate to US$113.50 and a 2.6% increase in RevPAR to US$81.42.
Performance of featured countries for October 2015 (local currency, year-over-year comparisons):
India reported double-digit growth in both occupancy (+15.0% to 62.8%) and RevPAR (+13.6% to INR3,683.91). ADR in the country dipped 1.2% to INR5,866.47. Performance for the month was driven by a 19.2% spike in demand—the highest in the country since March 2010. Daily data indicates Tuesdays, Wednesdays and Thursdays as the main drivers of demand, which is now up 10.7% year to date.
Maldives experienced double-digit decreases in occupancy (-16.3% to 61.3%) and RevPAR (-21.1% to MVR5,929.31). ADR in the country was down 5.8% to MVR9,675.09. As a result of the year’s second largest drop in demand (-15.9%), the decline in RevPAR was the most significant in Maldives thus far in 2015. STR Global analysts point to a shift in arrivals from visiting nations and a subsequent decrease in length of stay in resorts as key reasons for the drop in performance.
Singapore reported increases across the three key performance metrics: occupancy (+4.2% to 85.9%), ADR (+0.6% to SGD297.18) and RevPAR (+4.9% to SGD255.27). According to STR Global analysts, strong demand in the country was generated through an increase in international arrivals as well as a Women’s Tennis Association tournament and Sibos 2015.
Performance of featured markets for October 2015 (local currency, year-over-year comparisons):
Auckland, New Zealand, saw occupancy (+0.9% to 81.9%) remain nearly flat, but ADR (+11.1% to NZD164.76) and RevPAR (+12.1% to NZD134.98) each increased by double-digits. STR Global analysts note that October followed a trend of strong performance year to date in the market.
Hong Kong, China, reported a 3.5% increase in occupancy to 88.5%. However, ADR in the market was down 7.4% to HKD1,809.54, and RevPAR fell 4.1% to HKD1,602.07. The increase in occupancy came as demand increased (+4.0%) for the first time in 2015. The market hosted the Hong Kong Electronics Fair on 13-16 October. STR Global analysts labelled 2015 as a challenging year for Hong Kong as a slowing Chinese economy has led to significant year-to-date decreases in the three key performance metrics.
Melbourne, Australia, experienced a 2.2% increase in occupancy to 88.4%, a 2.3% rise in ADR to AUD201.70 and a 4.5% increase in RevPAR to AUD178.40. With absolute occupancy in the market at its highest level since February, Melbourne was able to surpass a strong October from 2014. The Australian Football League’s Grand Final, typically held in late September, took place on 3 October.
Osaka, Japan, reported a 1.0% increase in occupancy to 92.3% as well as double-digit spikes in ADR (+30.6% to JPY17,293.05) and RevPAR (+32.0% to JPY15,952.87). STR Global analysts point to a combination of factors for sustained growth in the market: devaluation of the Japanese Yen; growth in China leisure travel; lack of new supply; increased airlift; and visa deregulations towards Southeast Asia.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
