ARR of 31 in 35 cities jumped.
The regional hospitality sector has remained resilient in the face of tumultuous global financial conditions, with ARR increasing in 31 out of 35 of Asia-Pacific’s top 50 cities during the January to June period.
According to Hogg Robinson Group’s (HRG) latest HRG Interim Hotel Survey, Tokyo was the top performer in terms of rates in the local currency, with ARR jumping 19 per cent year-on-year to soar from 22,281 yen (US$226) to 26,514 yen. However, the increase was muted by exchange rates and registered a mere one per cent rise in the British pound.
Meanwhile, rates in Mumbai and Bengaluru strengthened both in the Indian rupee and British pound, growing nine per cent and six per cent respectively. HRG credited growth in Bengaluru to the lack of new openings, and Mumbai’s growth to strong demand from the outsourced IT sector and growth of the SME sector using best available rates.
Rates in Beijing rose three per cent when measured in yuan and doubled in pounds. Meanwhile, Singapore remained flat in the local currency while inching up four per cent in pounds.
Hong Kong and Singapore also maintained their positions within the top 20 most expensive hotel room cities, despite not being megacities.
Overall, the survey stated that Asia posted modest growth in 1H2013, which masked the large swings each way in key cities. The regional ARR shifted from 165 pounds (US$257) to 167 pounds.
Margaret Bowler, director, global hotel relations, HRG, said: “The early sign of recovery in hotel prices is encouraging; what is a surprise however, is that in certain key cities the rates are not as high as the market had expected – in many cities this is attributed to new supply.
“On the whole, occupancy is increasing faster which, coupled with continued high demand, means we will be likely to see rates climbing in certain markets in the second half of the year and beyond.”
Source: http://ttgasia.com/article.php?article_id=21579
Singapore, August 26, 2013
Hotel rates in Asia climb in 1H13 despite testing times
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