NEW research shows Australia is the most resilient of the Asia Pacific hotel markets with Brisbane, Melbourne and Sydney weaker than a year ago but still recording occupancy rates of 70% or more, according to the May stats from STR Global. The biggest losers have been the once hot markets of China, India and Singapore, where room revenue has plummeted up to 36% in a year.
However, it must be said the Average Room Rate in Singapore, S$241 during May, is still far higher than Australia (A$161) even though average occupancy is significantly less – 63.5% compared with 69.2%. On that basis, you’d have to think that Singapore has further to fall unless demand picks up. It’s worth noting a couple of markets rebounded. Bali recorded an 18.5% increase in room rates while Tokyo (+12.9%) and Osaka (+8.7%) also improved.