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.
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Categories: Market Reports