Hotels in the Asia Pacific region reported positive results in the three key performance metrics during October 2017, according to the latest data from STR.
In October 2017 versus October 2016, occupancy was up 0.7% to 71.7%, Average Daily Rate (ADR) was up 2.3% to US$104.15 and Revenue Per Available Room (RevPAR) was up 2.9% to US$74.68.
One of the key performing markets was Hong Kong, where despite notable supply growth (+3.1%), occupancy rose due to a 4.5% year-over-year increase in demand.
STR analysts partially attribute that demand growth to inbound arrivals, especially from Mainland China.
Through the first nine months of 2017, Hong Kong welcomed 20.2 million overnight visitors (+4.3% year over year).
Visitors from Mainland China accounted for 67% of the total (+5.3% year over year).
Additionally, the National Day Golden Week (1-7 Oct. every year) and the Mid-Autumn Festival holiday combined into an eight-day holiday period in 2017.
Hong Kong recorded 5.1% demand growth during the event year over year, resulting in a 13.9% rise in RevPAR during the period.