posted by Savanah on Jun 8
February 2009 saw double-digit drops for hotels in the Asia/Pacific region. Occupancy rates dropped 12.1 percent to an average of 59 percent. While tourism has been hurt by the current bank and credit crisis, the numbers indicate the true impact of the decline that started in December.
There are three key performance metrics used to gauge the health of the hotel industry. In addition to occupancy rates, the region saw a 21 percent decline in the average daily rate which dropped to US14.82. The revenue per available room also fell 30.5 percent in February to US$67.70 according to statistics compiled by STR Global.
Phuket, Thailand saw the greatest decrease, falling 20.3 percent from last February when they were at nearly 100% occupancy. The island paradise has been a haven for tourists from across Asia and other parts of the world. The hospitality industry is in crisis mode. The immediate future seems bleak, especially for a five star hotel Phuket.
Jakarta, Indonesia only fell 3 percent while several key markets registered increases in the year-over-year numbers. Seoul, South Korea saw an increase of 22.1 percent while Bali (Indonesia) grew 2.6 percent. In Japan, both Tokyo and Osaka saw modest increases as well, 5.4 percent and 1.5 percent respectively.
Occupancy rates by country ranged from a 35.3 percent drop in India to a 9.9 percent drop in Australia. China and Singapore both experienced decreases of over 20 percent.