Hotels in the Asia Pacific region reported mostly negative results in the three key performance metrics when reported in U.S. dollar constant currency, according to November 2015 data compiled by STR Global.
Compared to November 2014, the Asia Pacific region reported a 1.8% decrease in occupancy to 70.4%. Average daily rate remained nearly flat (+0.1% to US$110.91). Revenue per available room fell 1.8% to US$78.13.
Performance of featured countries for November 2015 (local currency, year-over-year comparisons):
Malaysia saw a 3.1% decrease in occupancy to 65.5%. However, ADR rose 7.9% to MYR351.97, driving a 4.6% increase in RevPAR to MYR230.39. U.S. President Barack Obama’s visit to Malaysia during the ASEAN Summit proved to be the main force behind the growth, with hotels reporting RevPAR increases of more than 20.0% from 19-22 November.
The Philippines experienced nearly flat occupancy performance (-0.3% to 73.5%) but double-digit growth in ADR (+11.1% to PHP6,150.59) and RevPAR (+10.7% to PHP4,523.30). The country hosted the APEC CEO Summit on 16-18 November.
Vietnam reported increases across the three key performance metrics: occupancy (+1.7% to 69.3%), ADR (+1.9% to VND2,681,036.04) and RevPAR (+3.6% to VND1,857,636.46). The Vietnamese Ministry of Finance announced early in October a decrease in fees (beginning 23 November) for the issuance of passports, visas and documents related to entry, exit, transit and residence in the country.
Performance of featured markets for November 2015 (local currency, year-over-year comparisons):
Beijing, China, recorded increases in occupancy (+3.4% to 72.8%) and RevPAR (+3.4% to CNY430.82). ADR was flat at CNY592.04. Demand growth (+4.3%) outpaced supply growth (+0.8%) for the month.
Jakarta, Indonesia, experienced decreases in occupancy (-6.6% to 66.9%) and RevPAR (-5.9% to IDR743,375.57). ADR increased 0.7% to IDR1,111,708.34. Supply growth (+6.8%) significantly outperformed demand growth (-0.2%) in the market.
Sydney, Australia, reported a 0.3% dip in occupancy to 90.1% but increases in ADR (+7.9% to AUD237.96) and RevPAR (+7.6% to AUD214.45). STR Global analysts credit a strong events calendar throughout the month for the high occupancy levels and rate growth. Included on that calendar were AC/DC (4 November) and Taylor Swift (28 November) concerts as well as the Emirates Australian Open golf event (27-30 November).
About Constant Currency
Constant Currency methodology eliminates the effects of exchange rate fluctuations when calculating performance figures. STR Global utilizes Constant Currency to present the most accurate performance summary of a region comprising different local currencies. All ADR and RevPAR calculations use 31 January 2015 exchange rates.
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