Article Summary: Hong Kong hotel occupancy nosedived 29.8% to 63.9% in August, preliminary monthly data from STR shows. ADR declined 21% to 1,086.16 Hong Kong dollars ($138.74), which brought RevPAR down 44.6% to HK$694.15 ($88.67).
Hong Kong hotel occupancy nosedived 29.8% to 63.9% in August, preliminary monthly data from STR shows. ADR declined 21% to 1,086.16 Hong Kong dollars ($138.74), which brought RevPAR down 44.6% to HK$694.15 ($88.67).
Primary Category: Other Reports
SINGAPORE—STR’s preliminary August 2019 data for hotels in Hong Kong indicates all-time low occupancy levels amid ongoing protests in the region.
Based on daily data from the month, Hong Kong reported the following in year-over-year comparisons:
• Supply: +1.5%
• Demand: -28.8%
• Occupancy: -29.8% to 63.9%
• Average daily rate (ADR): -21.0% to HKD1,086.16
• Revenue per available room (RevPAR): -44.6% to HKD694.15
The absolute occupancy level is the lowest for any month in STR’s Hong Kong historical database. According to Financial Secretary Paul Chan, 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 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 forecasted 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 could worsen Q3 performance significantly through final August numbers and softer-than-anticipated September results.
STR will release full August results later this month.
STR provides premium data benchmarking, analytics and marketplace insights for global hospitality sectors. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. For more information, please visit str.com.
+44 (0)207 922 1965
The above is a news release written by a third party. While HNN’s editorial mission is to produce unique content, it occasionally publishes timely, newsworthy news releases to complement in-house reporting efforts. All news releases are clearly marked as such. For questions and clarification, please contact Editorial Director Stephanie Ricca at firstname.lastname@example.org.
Hide Headline: No
Hide Feature Image: No
Hide Summary: No
Force Login: No
Third Party Article: No
Headline: STR: Hong Kong hotel occupancy drops amid protests
Article Date: 9/12/2019
Article Time: 8:51:00 AM