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Tue, 26 July 2016

Hotels in Asia Pacific Report Q2 2016 Increase in OR and RevPAR

According to data compiled by STR, hotels in the Asia Pacific region recorded mixed Q2 2016 results when reported in U.S. dollar constant currency.

Compared with the three key performance metrics from Q2 2015, the Asia Pacific region reported a 1.3% increase in occupancy to 68.3%, ADR was down 1.1% to US$96.95 while RevPAR was nearly flat (+0.2% to US$66.18).

Performance of featured countries for Q2 2016 (local currency, year-on-year comparisons):

Australia recorded increases in each of the three key performance metrics. Occupancy in the country rose 2.0% to 73.4%; ADR was up 1.8% to A$175.25; and RevPAR increased 3.9% to A$128.71. June-specific results were similar, with RevPAR up 5.4% to A$124.45. Demand growth has outpaced supply in all but one month thus far in 2016, and the Transient segment (RevPAR +5.7%) has performed much better than the Group segment (RevPAR -4.5%). At the market level, Sydney, Hobart and Gold Coast have been top performers, whilst Brisbane and Darwin have declined.

Myanmar saw a 5.5% increase in occupancy to 37.5% but decreases in ADR (-12.6% to MMK142,845.69) and RevPAR (-7.8% to MMK53,618.88). Supply grew at 5.8% in Myanmar during the first half of the year, while demand growth lagged at +0.8%. As a result of low absolute occupancy levels, hoteliers dropped rates in an effort to capture market share.

Taiwan reported decreases in each of the three key performance metrics: occupancy (-7.7% to 60.0%), ADR (-2.5% to TWD5,713.23) and RevPAR (-10.0% to TWD3,427.07). The quarterly decreases follow a pattern of declines in Taiwan since the end of 2015. STR analysts attribute those declines to a slowdown in Taiwan’s economy, the country’s political transition and a decrease in the number of arrivals from Mainland China (-12.1% in May according to the Taiwan Tourism Bureau).

Performance of featured markets for Q2 2016 (local currency, year-on-year comparisons):

Hanoi, Vietnam, posted increases across the three key performance metrics: occupancy (+2.5% to 75.2%), ADR (+5.5% to VND2,342,208.76) and RevPAR (+8.1% to VND 1,761,103.34). With year-to-date demand growth (+3.1%) outpacing supply (+0.7%), hoteliers have shifted direction from 2015 and increased rates to more competitive levels. Most of the performance has been driven by the Group segment (RevPAR +27.3% year to date).

Phuket, Thailand, experienced increases in occupancy (+8.7% to 70.3%) and RevPAR (+6.6% to THB2,027.98). ADR in the market was down 2.0% to THB2,883.46. RevPAR has increased year over year for six straight months in Phuket behind a 12.7% year-to-date increase in demand. Overall performance has primarily been driven by the Transient segment (RevPAR +6.6% year to date).

Seoul, South Korea, recorded double-digit growth in occupancy (+13.1% to 77.3%) and RevPAR (+11.5% to KRW143,820.00). ADR in the market slipped 1.3% to KRW186.168.35. Specifically in June, Seoul’s occupancy was up 55.2% to 78.2%, and RevPAR jumped 57.2% to KRW142,445.75. In May, the number of visitor arrivals to South Korea increased 107.0%, according to the Korea Tourism Organization.

Tokyo, Japan, reported a 2.3% decrease in occupancy to 84.5% but increases in ADR (+8.0% to JPY19,565.81) and RevPAR (+5.4% to JPY16,537.90). Supply in Tokyo is on the upswing (+3.3% year to date), while demand performance has been negative (-0.4% year to date). At the same time, rate growth has remained strong.

Asia Pacific performance for June 2016 (U.S. dollar constant currency, year-on-year comparisons):

Asia Pacific results were mostly positive when compared with June 2015. The region reported a 2.1% increase in occupancy to 67.0%. ADR was down 0.8% to US$93.55 while RevPAR increased 1.3% to US$62.68.

See other recent news regarding: STR, ADR, Pipeline, RevPAR

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