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.