More global hotel markets growing RevPAR
STR's global "bubble chart" update as of 9 March 2024 shows that 77% of markets increased revenue per available room (RevPAR) from the comparable period in 2023, which was 4% more than the last update. Occupancy and average daily rate (ADR) were also steadily higher than last year.
Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, the United Arab Emirates, France, Switzerland, and New Zealand led in RevPAR on an actual basis. Singapore recorded the highest ADR at $284, which was 17% higher year over year as the market hosted Taylor Swift’s Eras Tour. During the same period, occupancy increased mildly by 4.6%.
New Zealand joined the leader list for the first time since this update began years ago. The country recorded the highest occupancy rate (84.8%) toward the end of its summer season. Notably, Thailand recorded occupancy above 80%, continuing to surpass its highest occupancy of the post-pandemic period.
Overall, 36 of 48 countries with hotel supply greater than 50,000 rooms recorded growth in RevPAR versus 2023.
Excluding countries with fluctuating exchange rates, the leaders in year-over-year RevPAR growth were Japan, Greece, Malaysia, the Czech Republic, and Singapore. Notably, Greece and the Czech Republic recorded occupancy growth of more than 8%, while Japan experienced a slight decrease in the metric (-0.1%) but the highest ADR growth (+30%).
Excluding provincial areas and country markets, the top five performers in RevPAR were Macau, Stuttgart, Hokkaido, Sanya, and Frankfurt. Leisure markets in China benefited greatly from the Lunar New Year holiday, with Macau experiencing a 17% increase in occupancy and Sanya seeing a 46% rise in ADR.
While other China markets were influenced by the shifting calendar effect of Chinese New Year, most of the country’s markets experienced drops in both occupancy and ADR. Excluding China’s markets, 65% and 75% of markets saw higher occupancy and ADR, respectively, year over year.
*Analysis by Eddie Yeung.
Note: All financial figures presented in US$.
About STR
STR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.
