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Third
Quarter 2000 Review – Asia Pacific Hotel Industry Recovery gaining strength across the whole of Asia Pacific
In their latest third quarter 2000 review of the Asia Pacific hotel industry, PricewaterhouseCoopers confirmed that the recovery in the industry was gaining strength across the region as occupancy levels and average room rates rose over the corresponding quarter last year. “The high occupancy levels and continuing momentum in rates growth are positive signs of the health of the hotel industry,” said Neil Haines, Hospitality and Leisure Theatre Leader for PricewaterhouseCoopers in Asia Pacific. “Based on the third quarter findings and our close contacts with the industry, I believe there is optimism that the industry will finish the year strongly and that 2001 will be an even better year for most hotels.” Hong Kong leads the league table for hotel occupancy levels with 84% for year-to-date (YTD) September 2000. Tokyo, Seoul and Singapore follow next with average occupancies of just under 80% for the same period. The strong performance in these cities is attributed to the return of corporate and leisure traffic to the region. Other cities with high occupancies in the high 70% were Taipei, Beijing and Sydney. Even Jakarta at the bottom of the table with an average occupancy 36% recorded satisfactory improvements. (Please refer to Chart 1, Table 1.1 and Table 1.2) Average room rates continued to rise across the region as the rates growth momentum gathered pace. Tokyo and Seoul recorded the highest rates in the region for YTD September while Taipei, Sydney and Hong Kong were the only other cities to register average daily room rates above US$100. Penang and Kuala Lumpur hotels reported the lowest average rates of around US$46 compared to the other major cities surveyed. (Please refer to Chart 2, Table 2.1 and Table 2.2) PricewaterhouseCoopers’ Asia Pacific Hotel Trends survey collects performance statistics and data from over 500 hotels in the Asia Pacific region. These are generally the mid-scale to luxury class hotels in each city. Apart from occupancy levels and the average daily rates, the more important industry measure of the performance of the hotel industry is the revenue per available room (RevPAR), which is the product of the occupancy and room rate. RevPAR is accepted as a more relevant performance indicator as it considers both elements in combination, thereby allowing hotels to compare their performance more accurately. Only two cities managed to achieve RevPAR rates exceeding US$100. Tokyo recorded the highest RevPAR of US$134 YTD September with Seoul coming in second at US$121. Taipei, Hong Kong, Sydney and Singapore recorded the next highest RevPARs from between US$70 to US$100. Jakarta, Penang and Kuala Lumpur achieved the lowest RevPARs of the major cities surveyed for the three quarters of the year. (Please refer to Chart 3, Table 3.1 and Table 3.2) With the RevPAR data collected for three quarters of the year, none of the cities managed to exceed their 1996 third quarter RevPAR performance as 1996 is generally accepted as the last full operational year before the onset of the Asian crisis. Hotel performance in Tokyo and Seoul for the first three quarters were only marginally lower than their corresponding 1996 results. Taipei was only six percent off its 1996 mark. These three cities are expected to exceed their full year 1996 performance as they expect to end the year strongly. The majority of Asia Pacific cities are still some ways off their pre-crisis levels but with the rapidly improving tourism flows and as confidence returns to the region, many are expected to exceed pre-crisis performance within the next eighteen months to two years. (Please refer to Chart 4) All Charts are on another page HERE
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