Poor October 2014 Performance for Hotel Industry in Asia Pacific Region
Hotels in the Asia Pacific region experienced performance decreases during October 2014 when reported in U.S. dollars, according to data compiled by STR Global.
In October 2014, the region’s occupancy was down 0.6 percent to 72.0 percent; its average daily rate fell 3.6 percent to US$117.54; and its revenue per available room decreased 4.2 percent to US$84.65.
“Asia Pacific has seen positive growth for both supply and demand year to date, signifying the popularity of the region from a development and destination perspective”, said Elizabeth Winkle, managing director of STR Global.
“Australia & Oceania and Central & South Asia are reporting the same levels of occupancy growth year to date (+2.3 percent)”, Winkle commented. “Whilst growing at the same pace, Australia & Oceania is achieving absolute occupancy levels of 74.8 percent year to date, whilst Central & South Asia reported an occupancy level of 58.6 percent.
“While growth has been minimal in Northeastern Asia, Japan still is achieving occupancy levels of above 80.0 percent year to date”, Winkle said. “In Southeastern Asia, Thailand has seen year-to-date ADR growth in local currency terms despite decreasing occupancy. Year to date, the country’s occupancy is 62.7 percent, which is below its long-run average but still relatively high when compared to other parts of the world”.
(Read more at Htrends.com)