Hong Kong Hotels Report 3.1 Percent Occupancy Growth for July 2017
Preliminary July 2017 performance data for Hong Kong shows the market’s hotels reported a 3.1% occupancy increase to 89.1%, a 6.1% ADR increase to 1,213.87 Hong Kong Dollars ($155.34), and a 9.4% RevPAR increase to HK$1,081.14 ($138.35).
STRs preliminary July 2017 data for hotels in Hong Kong indicates strong performance growth.
Based on daily data from July, Hong Kong reported the following in year-over-year comparisons:
- Supply: +3.4%
- Demand: +6.6%
- Occupancy: +3.1% to 89.1%
- Average daily rate (ADR): +6.1% to HKD1,213.87
- Revenue per available room (RevPAR): +9.4% to HKD1,081.14
Following a weak 2016, Hong Kong hotels are benefitting from a recovery in overnight arrivals from Mainland China, according to STR analysts. Statistics from the Hong Kong Tourism Board showed that visitor arrivals from Mainland China increased 2.3% for June year-to-date time period.
STR will release actual July 2017 results later this month.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
Categories: Hotel Industry News