LONDON, 4 November 2021: The hotel industries in seven key
Asia Pacific markets reported profitability levels well below pre-pandemic
levels, with only Beijing above 40% of the 2019 comparison, according to STR‘s
September 2021 monthly Profit & Loss data release.
Building on its launch in the US, STR now features monthly
P&L data reporting in four world regions: Europe, the Middle East, Asia
Pacific, and the Americas.
Beijing’s gross operating profit per available room (GOPPAR)
of USD29.91 was 70% of September 2019 levels. Singapore (USD39.99) came in at
35% using the same time comparison, while Hong Kong (USD6.22) was at just 10%.
Sydney, Bali, Bangkok and Tokyo were all in negative GOPPAR territory. Tokyo
has seen the biggest profitability decline over the past several months.
“Only three of the region’s key markets reported positive
profit conversion in September 2021: Singapore, due to quarantine demand, and
Beijing and Hong Kong, which have remained resilient despite the Delta variant
outbreak,” said STR’s area director for
the Asia Pacific region, Jesper Palmqvist. “Sydney, of course, has been limited
due to lockdowns, but with the reopening and allowance of international
travellers underway in New South Wales, the market should soon return to positive
profitability. Bali and Bangkok, on the other hand, remain further behind in
the recovery cycle, with negative profit conversion at -55% and -44%,