STR’s preliminary March 2017 data for Hong Kong indicates performance driven by significant demand growth.
Based on daily data from March, Hong Kong reported the following in year-over-year comparisons:
- Supply: +1.1%
- Demand: +8.3%
- Occupancy: +7.1% to 89.8%
- Average daily rate (ADR): +1.8% to HKD1,406.54
- Revenue per available room (RevPAR): +9.0% to HKD1,262.77
The year-over-year increase in RevPAR was the highest for any month in Hong Kong since February 2012. Demand can be attributed to a number of special events, specifically Art Basel Hong Kong (20-26 March) and Hong Kong International Jewellery Show (2-6 March).
STR analysts also believe the Hong Kong hotel market is beginning to show signs of performance recovery with consecutive months of RevPAR growth at levels not seen in the market since 2012.
STR will release actual March 2017 results later this month. The February edition of STR’s Market Forecast is now available.
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