Singapore’s hotels will experience the most significant gains in terms of revenue per available room (revPAR) in 2012, according to STR Global’s Market Forecast. The hotel analysis company is projecting mostly year-on-year revPAR improvements for the remainder of 2011, with Hong Kong expected to be the world’s top performing hotel market this year. Some slowdown is expected in 2012, but once again key Asian markets are expected to lead the way, with Singapore and Hong Kong expected top the global growth charts in 2012.
Globally, gains will be led mainly through increases in average daily rate (ADR) rather than occupancy. RevPAR growth of between 10.5% (Cologne) and 24.7% (Hong Kong) is forecast for all 10 of the best performing markets in 2011. This is likely to slow next year to between 6.0% (London) and 9.6% (Singapore). STR Global added however, that “the difficult and relatively fast-changing changes in the broader economy” could change this forecast in its next quarterly report.
The STR Global Market Forecasts are a series of quarterly reports that track and forecast hotel performance across 45 markets in Europe and Asia Pacific, considering data for supply, demand, revenue, occupancy, ADR and revPAR, as well as economic analysis.
In 2011, Hong Kong is expected to top the revPAR growth chart, ahead of Dusseldorf, Singapore, Beijing and Dublin. Next year Singapore is forecast to head the table ahead of Hong Kong, Athens, Munich and Cologne.
“We are pleased with the launch of our forecast product which complements our suite of reports”, said Elizabeth Randall, Managing Director of STR Global. “The Market Forecasts are an invaluable tool for decision makers and are extremely useful for investors and owners looking at the potential performance of both existing and new markets.”