Hotel occupancy is suffering pretty much worldwide. In year-over-year measurements, the Asia/Pacific region’s occupancy dropped 3.3% to 63.3%.
Elizabeth Randall, managing director of STR Global, said, "With the Summer Olympics, which were held in Beijing, China, from 24 August 2008, China reported the largest decreases of the region."
China dropped 50.5% in ADR (Average daily rate of a hotel room) and 47.5% in RevPAR (RevPAR stands for the revenue per available room. RevPAR can be calculated by multiplying the occupancy rate by the average daily room rate for the month). Among the key markets, Beijing, by far, reported the largest decreases in both ADR (-79.0%) and RevPAR (-79.9%) due to the Olympics.
Hong Kong (-22%) and Shanghai (-15.4%), which hosted the equestrian and football events, reported ADR and RevPAR declines as well."
Real Estate Channel states that among the key markets, Shanghai, China, reported the largest occupancy increase, jumping 12.6% to 49.6%.