Page 9 - HBiz_December_2023

StatiSticS & analySiS

Tokyo tops Asian

markets with highest

Average Room Rates

HBI Staff | Mumbai Worldwide hotel occupancy rates have maintained an
average of 68% monthly throughout 2023. Corporate
ost gateway markets show a return to standard Average Room Rates (ARRs) have steadied over the past
occupancy growth worldwide. Across key Asian 6 months, indicating rate stability. Despite this, hotels are
Mcities, there’s been a substantial increase of 108- planning a 3-8% increase in 2024, driven by escalating
153% compared to 2022. This surge in demand is the driving operating expenses and investments in sustainability.
force behind the rate hike this year. “To counter the increase in prices while managing reduced
Beijing is in the lead at 153%, followed by Shanghai at travel budgets, we have several solutions for our clients such
139%, Tokyo at 137%, Hong Kong at 124%, Singapore at as changing options to stay within budget, consolidating
113%, Delhi at 111%, and Mumbai at 108%. suppliers for leverage, and considering lower ‘star ratings’
expectations without compromising on service and quality,
Tokyo Commands The highesT average room raTes in said Bertrand Saillet, Managing Director of FCM Travel
asia
Asia. n
The Average Room Rates in Asia experienced a significant
rise, climbing from USD 33 in 2022 to USD 173 in 2023.
Consequently, the Q3-2023 saw only a slight 1% increase
due to the substantial surge earlier in Q1-2023.
Tokyo stands out with the highest average room rate
at USD 281 per night, followed by Seoul at USD 277,
Singapore at USD 265, and Hong Kong at USD 246.
In India, Bengaluru recorded USD 143, Mumbai USD
148, Delhi USD 135, and Chennai USD 96.
In China, Hong Kong leads with an average of USD 246
per night, Beijing at USD 166, and Shanghai at USD 141.

FCm ConsulTing ForeCasTs a 3-8% inCrease in average
hoTel room raTes

www.hospitalitybizindia.com | december 2023 | hospitality biz 9