Hong Kong Hotels Report Significant Demand and Occupancy Levels for January 2018
Hong Kong’s hotels reported occupancy rose 6.1% to 91.2% in January, according to preliminary monthly data from STR. ADR was flat at 1,428.41 Hong Kong dollars ($182.62) and RevPAR rose 6.1% to HK$1,302.29 ($166.50).
STR’s preliminary January 2018 data for hotels in Hong Kong indicates significant demand and occupancy levels.
Based on daily data from January, Hong Kong reported the following in year-over-year comparisons:
- Supply: +3.0%
- Demand: +9.2%
- Occupancy: +6.1% to 91.2%
- Average daily rate (ADR): flat at HKD1,428.41
- Revenue per available room (RevPAR): +6.1% to HKD1,302.29
Hong Kong recorded its fourth straight month with occupancy in excess of 90%. In addition, the month was the market’s first January without a negative year-over-year ADR comparison since 2013. STR analysts attributed those past decreases to political uncertainty and economic downturn.
STR will release full January results later this month. The January edition of STR’s market forecast is now available.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.