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Malaysia was the outlier with a slight RevPAR decline – Image Credit Unsplash
- December 2024 saw a robust end for the hotel industry in the Asia Pacific region, with 16 of the 20 largest countries reporting year-over-year growth in revenue per available room (RevPAR). Vietnam and Japan showed the highest growth.
- Southeast Asia experienced RevPAR growth across all but one top country, while China, holding over half of the region’s supply and demand, saw subdued performance due to economic and political challenges.
The Asia Pacific hotel industry closed out 2024 strongly, with 16 of the 20 largest countries reporting year-over-year growth in RevPAR.
New Year’s Eve was the top-performing day across most countries, excluding Nepal. Vietnam and Japan were major contributors to this growth, with Vietnam experiencing a significant increase in occupancy and average daily rate (ADR). Japan also showed strong RevPAR growth throughout the year, largely driven by ADR.
In Southeast Asia, all but one top country reported a gain in RevPAR, with the Philippines, Indonesia, and Singapore noting significant advances. However, Malaysia was the outlier with a slight RevPAR decline. Conversely, China’s performance was muted due to economic and political challenges, with a 4.3% RevPAR reduction noted in December.
The southern hemisphere, including Australia and New Zealand, posted respectable RevPAR gains in December, equally driven by ADR and occupancy.
However, results were mixed across Australia’s key markets, with Sydney and Queensland Southeast advancing RevPAR, while New South Wales and Melbourne saw declines.
Despite political challenges, South Korea and Taiwan also reported strong RevPAR growth in December.
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