Hotels in the Asia Pacific region reported a moderate occupancy decline but strong rate growth in January 2017, according to data from STR.
U.S. dollar constant currency, year-over-year comparisons: Asia Pacific
- Occupancy: -0.8% to 64.8%
- Average daily rate (ADR): +4.6% to US$108.10
- Revenue per available room (RevPAR): +3.7% to US$70.07
Local currency, year-over-year comparisons:
- Occupancy: -3.0% to 79.8%
- ADR: +16.3% to NZD190.45
- RevPAR: +12.8% to NZD151.93
With ADR as the primary driver of performance, New Zealand has posted year-over-year RevPAR growth for 43 consecutive months dating back to July 2013. Key markets like Queenstown(+19.2%), Roturua (+14.8%) and Auckland (+13.5%) each recorded double-digit RevPAR increases for January, while Wellington (-0.7%) was the only major market to report a decline in the metric, albeit marginal.
- Occupancy: +1.3% to 68.4%
- ADR: +4.2% to VND2,882,582.04
- RevPAR: +5.5% to VND1,971,396.72
Hotel performance was lifted by a calendar shift with the Tet holiday, or Vietnamese New Year (28 January), which occurred in February last year. Despite performance declines seen the week before the holiday this year, Vietnam’s hotel market recorded strong performance during the first half of the month, resulting in the overall positive performance for January. The month marked Vietnam’s highest ADR for any January on record. RevPAR growth was driven primarily by regional markets as opposed to major markets like Hanoi (-2.9%) and Ho Chi Minh City(-4.6%), which both recorded a decline in the metric.
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