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Fri, 23 September 2022

Hotels: ADR, OR and RevPAR Trending Higher in All Asia Pacific Markets

(23/09/22)  According to the latest research from CBRE, confidence in Asia Pacifics Hotels & Hospitality market continues to grow as borders reopen, investment appetite increases and operating performance approaches pre-pandemic levels.

The recovery is being largely driven by domestic travel demand, particularly in North Asia and Pacific markets, with overall tourist arrivals to Asia Pacific expected to reach pre-pandemic levels by 2024.

And while international arrivals to the region continue to rise, they remain well below pre-pandemic levels.

Markets that were quicker in loosening restrictions for vaccinated travelers (Australia, Singapore, India and Thailand) are seeing a much more pronounced return of tourists than those that retain stringent entry or testing policies (Korea and Indonesia), or mandate quarantine periods upon entry (Japan, mainland China, Hong Kong SAR and Taiwan).

Cross-border capital flows into Asia Pacific hotel assets have reached US$932 million since the beginning of 2021. Click to enlarge.
Cross-border capital flows into Asia Pacific hotel assets have reached US$932 million since the beginning of 2021

As borders reopen, confidence is returning to the Asia Pacific hospitality sector, confirming that when people can travel, they will travel. The re-opening across the region has been fragmented, with uncertainty around the opening of mainland China, Hong Kong SAR and Japan borders somewhat weighing on tourism sentiment in the region, said Henry Chin, Global Head of Investor Thought Leadership & Head of Research, Asia Pacific.

Average Daily Rate (ADR), Occupancy and Revenue per Available Room (RevPAR) is trending higher in all Asia Pacific markets, with a regional recovery to pre-pandemic levels expected by 2024.

With the supply pipeline remaining limited in most Asia Pacific markets, the risk of new hotels saturating the market is low, putting less pressure on room rates and revenue.

Operating expenses however have increased significantly across all revenue streams, particularly for labour costs and utilities.

Investment in Asia Pacific hotels rose to US$10.1 billion year-to-date as of August 2022 - an increase of 17 percent year-on-year.

Cross-border capital flows into Asia Pacific hotel assets have reached US$932 million since the beginning of 2021, driven predominantly by institutional investors.

Investment was spread across a range of Asia Pacific markets, with Korea accounting for the largest share at US$2.8 billion in the first half of the year, followed by mainland China, Australia, Japan and Singapore.

In an evolving economic climate, daily pricing structure and flexibility of rate changes means hotels can provide an inflationary hedge. The loosening of border controls, rising tourist sentiment, and investors strong capital reserves are underpinning increased appetite for operational real estate, with well-located, high-quality hotel assets in key markets keenly sought after, said Steve Carroll, Head of Hotels & Hospitality, Capital Markets, Asia Pacific for CBRE.

You can download the 30-page, 3.25MB report in .pdf format here.

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