Hong Kong’s hotel sector experienced a strong performance in October 2016, registering occupancy in excess of 90% and an average daily rate (ADR) of more than US$200.
According to the latest data from STR, hotels in Hong Kong saw their occupancy increase 0.6% to 90.6% last month, while the city’s ADR was almost flat, rising 0.1% to HK$1,583.05 (approx. US$204).
This allowed revenue per available room (revPAR) to increase 0.7% to HK$1,433.55, and these results marked the first time since April 2016 that all three monthly performance metrics have increased.
STR noted that performance improvements were strongest on Fridays and Saturdays in October, suggesting that leisure business is the primary driver of growth in Hong Kong. This also marked the first time since 2011 in which Hong Kong recorded year-on-year revPAR growth for an October, following particularly sharp declines in October 2015 (-6.8%) and 2014 (-10.8%).
Hong Kong’s absolute occupancy and ADR levels remain significantly higher than the Asia Pacific regional averages of 71.3% and US$104.
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