SINGAPORE – The impact of Covid-19 on hotel occupancies and daily rates has been starkly revealed in new figures from hotel performance analyst, STR.
Across the Asia Pacific region in April, hotel occupancy slumped by 60.3% to 28.0%, compared to April 2019.
During the same period, average daily rate (ADR) fell by 44.8% to US$54.97 while revenue per available room (RevPAR) crashed 78.1% to US$15.38.
“The absolute levels in each of the three KPIs were the lowest for any month on record in the region,” STR noted.
In South Korea, April 2020 compared to April,2020 showed occupancy down 70.8% to 20.0%; ADR (in local currency) down 21.0% to KRW112,897.83 and RevPAR down 76.9% to KRW22,536.18.
STR said each of the three key performance metrics in South Korea were up from March but remained the lowest for any April on record in the country. Incheon & Seoul experienced a 75.2% year-over-year decrease in occupancy (to 18.8%).
In Australia in April, occupancy slumped by 72.7% to 19.9%; ADR fell 33.1% to A$119.87 and RevPAR crashed 81.7% to A$23.85.
There was a little blue sky. RevPAR in China is starting to recover, with midscale and economy class hotels driving that recovery, STR said.
When looking at April performance, Sanya was the only market in China to post a positive year-over-year percentage change in ADR.