Asia's Hotel Market Expands with Key Partnerships
Skift Take
- STR reported strong hotel performance in China, with an 88.7% year-over-year increase in RevPAR for the week ending October 28th. The region is showing signs of rapid post-pandemic recovery, reaching occupancy levels similar to Europe and America.
- Macau recorded over 22.72 million visitor arrivals, with a recent increase in daily arrivals, and the first 10 months of the year reaching 68% of 2019 levels.
- Various hotel-related developments and partnerships were announced by brands like IHG, Accor, and CapitaLand Ascott Trust across Asia, including new property openings, divestments, and expansions, highlighting continued growth in the region's hospitality industry.
STR reported China hotel data for the week ended October 28th. Chinese hotels’ RevPAR was up 88.7% year over year for the week, up against a decline of -17.1% as a comp. When compared with the same week in 2019, RevPAR was up 3.4%.
STR said the Asia Pacific region is accelerating its post-pandemic recovery and could potentially reach levels seen in Europe and America. Year to date through August 2023, hotel occupancy rates surged past 90% of the 2019 comp levels across most subcontinents worldwide. The occupancy indices in Asia Pacific subcontinents closely aligned with those in most European subcontinents and North America, ranging from 91 to 100, indicating demand in the Asia Pacific region has reached comparable levels to other parts of the world that began their post-pandemic recovery journey much earlier. Leisure markets in China, specifically Hainan and Sanya, took the top spots in terms of RevPAR recovery over the summer period across all global markets. STR said
