“It’s a moment in time for us. These are the good old days.”
Colourful comment from Marriott International executive Richard Crawford about the Australian hotel market at an STR breakfast gathering yesterday, which revealed the usual wildly varying performances across Asia Pacific, although generally things are good, especially in Tahiti.
Here are a few notes taken from presentations by STR analysts Jesper Palmqvist and Matthew Burke:
- Japan is booming
- Korea not so much
- Sri Lanka’s pretty good
- India is bouncing back from a few tough years
- More rooms equals lower rates and occupancies in Singapore
- Thailand powers on come what may
- The Maldives is struggling because Chinese business is down 25%
- Tropical Tahiti is hottest of the lot with 20% RevPAR growth over the last 12 months.
- Down Under in Australia there’s been 86 consecutive months of demand growth with plenty more expected.
- Aussie leisure beach destinations like Cairns, Sunshine Coast and the Gold Coast are doing well.
- Noosa has the highest rates of the winter sunbelt destinations.
- Positive signs at regional centres near big cities like Wollongong, Newcastle and Geelong.
- New Zealand is very strong – demand keeps increasing and no-one is building hotels.
- And yet the rates at some NZ properties are still not back to where they were in 1999.