Most global markets maintain recovery pace, Asia Pacific starting to come back

STR’s global bubble chart update shows steady top-line performance indicators around much of the world during the four weeks ending 24 September 2022. While most countries maintained their recovery pace since our previous update, China’s struggles continued while other Asian countries saw a pickup in recovery pace.

Among the 48 countries with room supply of more than 50,000 hotel rooms, 12 posted occupancy above 75%, which was one more than the previous 28-day period. Average daily rate (ADR) softened after the summer peak as only four countries recorded a level of $250 or above, which was two countries less than previous four-week period. Greece, Italy and France remained in the top five performing countries on revenue-per-available-room (RevPAR) basis. Notably, China plunged back to the lowest RevPAR spot as the country maintained its zero-covid policy.

Four countries recorded gains in both occupancy and ADR, which was two less than the previous update. Most Asia Pacific countries slowly improved occupancy versus their 2019 comparables, as only Vietnam remained more than 25% below pre-pandemic times. There were five additional Asia Pacific countries below that threshold in the previous update. As more Asian countries open their borders in October, better performance is expected for the coming months

Nearly two-third of markets posted RevPAR higher than the matching period in 2019. A notable one-fourth of all markets under 2019 RevPAR levels (18 out of 76) were from China and the country also occupied four of the five bottom RevPAR spots.

Strong and sustained growth was observed in Baja California and Rio de Janeiro as both remained among the top five performing RevPAR markets for the fourth consecutive 28-days period. Price hikes in both markets, close to 100% over 2019 in Rio and more than 50% in Baja, did not price visitors out of the market as occupancy still managed to register growth for 10% and 27%, respectively.

For more information, be sure to check out our weekly updates in STR’s Market Recovery Monitor.

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