Reflecting the effects of the COVID-19 pandemic, hotels in the Asia Pacific region reported a significant decline in occupancy but fairly steady room rates during February 2020, according to data from STR.
U.S. dollar constant currency, February 2020 vs. February 2019
• Occupancy: -37.7% to 41.2%
• Average daily rate (ADR): +1.9% to US$107.35
• Revenue per available room (RevPAR): -36.5% to US$44.27
The Asia Pacific region was the first to show a significant COVID-19 hotel performance impact..
In February specifically, China’s occupancy dropped 75.9% to an absolute level of 14.0%. Also of note, Singapore was down 46.9% to 46.4%; South Korea dropped 30.0% to 42.7%; and Japan fell 22.4% to 64.7%.
At the market-level, Sanya’s occupancy plummeted 89.8% to 7.8%. Shanghai was down 82.0% to 9.7%. Hong Kong fell 73.0% to 24.0%.
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.
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