Through March 9 of this year, RevPAR has increased in 77% of markets globally from the
same comparable period in 2023, which is up 4% from the last update, according
to the latest data from STR.
STR’s global “bubble chart,” which was updated through March
9, 2024, also showed that occupancy and ADR were steadily higher than a year
ago. Overall, 36 of 48 countries with a hotel supply greater than 50,000 rooms
recorded growth in RevPAR versus 2023.
Singapore, the United Arab Emirates, France, Switzerland
and New Zealand had the highest RevPAR growth on an actual basis among the 48
countries.
Singapore had the highest ADR at $284, 17% higher
year-over-year (aided by Taylor Swift’s Eras Tour, which played in the market
for six nights). Occupancy increased 4.6% in Singapore during the same period.
New Zealand was on the leaders' list for the first time since
the “bubble chart” update began for STR. The country had the highest occupancy
rate (84.8%) toward the end of its summer season. Thailand also recorded
occupancy above 80%, surpassing its highest levels in the post-pandemic period.
Japan, Greece, Malaysia, the Czech Republic and Singapore
led in YOY RevPAR growth (excluding countries with fluctuating exchange rates).
Greece and the Czech Republic recorded occupancy growth of more than 8%, while
Japan experienced a slight decrease (-0.1%) but the highest ADR growth (+30%).
The top five RevPAR markets were Macau, Stuttgart, Hokkaido,
Sanya, and Frankfurt, excluding provincial areas and country markets.
The Lunar New Year holiday benefited leisure markets in
China, with Macau getting the biggest increase in occupancy (+17%) and Sanya
seeing the biggest rise in ADR (46%). However, most of China’s markets
experienced drops in both occupancy and ADR.
Excluding markets in China, 65% of markets saw higher occupancy while and 75% of markets saw higher ADR YOY.