Most global hotel markets maintain recovery pace; Singapore joins recovery leaders

STR’s global bubble chart update for 22 October 2022 shows continued, steady recovery for most of the world as well as Singapore standing out in the Asia Pacific region. Among the 48 countries with room supply of more than 50,000 hotel rooms, 11 reported occupancy above 75%, which was one less than the previous 28-day period. Average daily rate (ADR) softened a bit also as one less country recorded a level of US$250 or above. Singapore joined the top five performing countries on a revenue-per-available-room (RevPAR) basis—a first for an Asian country since in 2022. The country benefited greatly from Grand Prix week, which lifted ADR to US$271 for the 28-day period.

Eight countries recorded gains in both occupancy and ADR, which was four more than the previous update. Ireland joined the top five performing countries in RevPAR thanks to strong government efforts in promoting tourism. It is also important to note that the country’s demand includes refugees from the war in Ukraine.

As other Asia Pacific countries slowly recover from the pandemic, China and Vietnam remained more than 25% below pre-pandemic levels in occupancy. It also looks as if China will need more time to consider reopening the border as no major policy shift was announced immediately after the party congress.    

Overall global performance was again held back by China as all 38 of the country’s markets with more than 1,500 rooms were below the comparable period in 2019. It is also notable that the latest 28-day period coincided with China’s National Day holiday week in October, which is the traditional traveling season for Chinese tourists to surrounding markets.

In total, around 60% of markets around the world posted RevPAR higher than the matching period in 2019, which remained on a similar level versus the last 28-day period.

Two regional Italian markets, southern Italy (Basilicata/Calabria/Puglia) and the Italian Islands, joined the top five RevPAR growth markets, with Europe entering its winter and warmer destinations showing stronger demand.

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

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