Global hotel sector sees increasing vacancies
Thursday, October 02, 2008: In another sign that the weakening global economy is hurting the travel industry, a new survey has reported that occupancies fell in nearly every world region in August.
A new report from Smith Travel Research reports that RevPAR results, on the other hand, varied according to region, with the Middle East/Africa coming first in RevPAR growth with 18.8% in August.
“We see a trend of declining occupancies and growing room rates across the world,” said James Chappell, STR Global Managing Director.
“Whilst performance in each region is influenced by different factors, the worldwide economic slowdown has started to take its toll on the hospitality industry.
“The year-to-August 2008 results follow a similar trend with only the Middle East and Africa region reporting a slight increase in occupancy compared to the prior year,” Mr Chappell adds.
In the Middle East/Africa region, the average daily rate came in at US$144.53 and RevPAR at US$105.32.? Despite this, occupancy levels were still down 0.5% to sit at 72.9 in August.
In the Asia Pacific region occupancy was down 11% to sit at 64.9% and was the region with the greatest drop in occupancy for August.
For the Americas, occupancy was down 3.2% to finish at 67.8%, while in Europe the drop for August came in 5.1% to sit at 68.4%.
STR’s data for the survey was gathered from more than 36,150 hotels making up for 4.93 million guestrooms worldwide.