LATEST stats from STR Global show that the Australian accommodation market held up reasonably well for the year to July 31. The average occupancy rate in major markets was 71.4%, down 4.9% over the previous 12 month period, while revenue per available room (RevPAR) was down by a similar margin to $165. Perth was the strongest market, Cairns the weakest. However, it’s important to note that rate performance really began falling away at the back end of this period. During July, for example, the average daily rate was $158 (down 8%) while RevPAR slumped 13% to $114.
SIGNIFICANT performance variations have emerged in Asia Pacific’s most important hotel markets where rates are being slashed to prop up sliding occupancies. According to the latest STR Global statistics, the biggest occupancy drop in July was recorded in Japan at, contextually speaking, a relatively modest 7.6% compared with 2008. India was also off by a similar amount. But it’s when RevPAR is examined that the real story emerges. RevPAR fell 23.6% in Singapore, 25.5% in India and 18% in China. Australia fared best with a 5.3% fall in occupancy and 13% drop in RevPAR. It seems that the rate of decline has slowed. “Asia showed slight signs of improvement in July, with many markets falling less than the previous month,” said James Chappell, Managing Director of STR Global. More