China’s hotel occupancy rises from February’s 12.8% to 23.2% as of March
Reflecting on the effects of the COVID-19 pandemic, the Asia Pacific hotel industry reported all-time lows in the three key performance metrics during March 2020, according to data from STR. The hotel occupancy rate was?28.3% as of March 2020, a?59.5% drop compared with last year. The ADR decreased by 17.6% to?US$80.82 and?RevPAR declined?66.7% to?US$22.85.?
Showing green shoots of recovery, China’s absolute occupancy level was up from February’s 12.8%,?the lowest occupancy?on record, to 23.2% as of March. Key markets, Beijing and Shanghai, reported decreases in the metric of 78.7% and 73.7%, respectively. But the occupancy in March has decreased by 65.4% YoY.?China’s ADR has dropped 35.4% YoY to?US$47,?remained lower than the February level of US$57.?RevPAR declined 77.6% YoY to?US$11, but?up slightly from that second month of the year (US$7.4).?
Singapore’s hotel occupancy was?38.3% in March, down 53.6% compared with last year. The ADR reported a?19.1% drop to US$149. RevPAR declined?62.4% to?US$57. The absolute occupancy and RevPAR levels were the lowest for any month in STR’s Singapore database.?
Source:?ChinaTravelNews