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Hong Kong Improves Its Results in August

News In August hotels in Hong Kong reached the growth of revenue per available apartment (RevPAR) of 8.7% to HK$1,520.61 (US$195.60), as it is reported by STR Global. The region’s hotels featured stable occupancy of more than 80%.

Such a growth of RevPAR is the result of the highest occupancy and ADR (average daily rate) for 8 months starting from 2000. This is definitely good news for hoteliers, who face challenges because of a slowing economic growth of China.

Hong Kong remains one of the most important financial centers of not only China, but also the rest of the world. The city often becomes the location of various conferences and other important events, and hotels in Hong Kong only benefit from this. The growing importance of the city makes the demand for hotel rooms grow, and this is the major reason for improving hotel stats since 2010. Even though 2013 is also forecasted to be a challenging year for China and the rest of the world, the occupancy of hotels in Hong Kong is expected to grow to the 84% mark. The growth of ADR will be less significant – up 3.6%.

If we focus of market segments of Hong Kong accommodations, we will see that the highest ADR was reached by luxury and upper upscale hotels (up 6.4% to HK$2,381.20 (US$306.30)). Meanwhile, the highest growth of occupancy was reached by upscale and upper midscale hotels. The highest growth of RevPAR was reached by upscale and upper midscale hotels in Kowloon (up 11.6%). Luxury and upper upscale hotels in Kowloon featured the growth of RevPAR of 5.3%.

Even though Hong Kong remains a blooming market, not all cities of China post positive results. For example, hotels in Shenzhen and Guangzhou, large financial and industrial centres of China, posted declining occupancy. While economic situation remains challenging, Hong Kong will definitely benefit from limited options for building new hotels as this fact will keep the demand strong.


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