Hotels in the Asia Pacific region reported positive results in the three key performance metrics during 2017, according to the latest data from STR.
In U.S. Dollar constant currency, 2017 vs. 2016, Asia Pacific reported climbs in occupancy (up 2.6% to 70.9%), Average daily rate [ADR] (up 0.9% to US$100.57) and Revenue per available room [RevPAR] (up 3.6% to US$71.31).
One of the biggest standout markets in the region was New Zealand, which saw occupancy jump 1.1% to 80.2%, ADR climb 10.7% to NZD$189.58 and RevPAR grow by 11.9% to NZD$152.06.
“2017 was another year of sustained strong demand in New Zealand,” STR analysts said. “Against the backdrop of increased international arrivals and a strong domestic economy, special events, such as the World Masters Games (April) and British and Irish Lions rugby tour (June), played a key role in driving performance.
“Additionally, another year with few new rooms added to the market (+0.3% supply growth) allowed the aforementioned special events and high absolute trading levels to continue boosting hotelier pricing power.
“All of the key markets in the country posted RevPAR growth for the year, specifically Queenstown (+15.3% to NZD190.92) and Auckland (+13.4% to NZD173.18),” STR analysts said.