Thu, 12 Sep 2019

Huge Drop in ADR, OR and RevPAR at Hotels in Hong Kong in August 2019

STR's preliminary August 2019 data for hotels in Hong Kong indicates all-time low occupancy levels amid ongoing and often violent protests in the city.

Based on daily data from the month, hotels in Hong Kong reported the following in year-on-year comparisons:

- Supply: +1.5%
- Demand: -28.8%
- Occupancy: -29.8% to 63.9%
- ADR: -21% to HKD1,086.16
- RevPAR: -44.6% to HKD694.15

The absolute occupancy level is the lowest for any month in STRís Hong Kong historical database.

Hong Kong island from TST. Picture by Steven Howard of Click to enlarge.

Hong Kong's Financial Secretary Paul Chan, has said that tourist arrivals to the city fell nearly 40% in August after a roughly 5% decrease in July.

After a prolonged period of overall performance growth, July was the first month that showed some of the protest impact on hotel performance with the key metrics down across the board: occupancy (-4.2%), ADR (-7.9%) and RevPAR (-11.8%).

In mid-August, STR forecast a 19.3% RevPAR decrease for Hong Kong for Q3 2019.

According to STR analysts, the market experienced 19 consecutive months of RevPAR declines following protests in 2014, and there has not been sufficient time between protest periods for the market to reach pre-2014 levels.

Prolonged protests, especially if they grow more violent and target infrastructure such as transport and the airport, could worsen Q3 2019 performance significantly.

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