Gaming hub sees 64% jump in rates, according to HRS
Macau has emerged as the destination with highest hotel rates in Asia Pacific, according to a new report.
The HRS Hotel Price Radar for the first quarter of 2015 found that Macau topped the table with an average rate of SG$269 (approximately US$202) in Q1, 64% higher than the same period last year.
Sydney (SG$243) was second, despite seeing a 2.3% year-on-year dip in rates, while Hong Kong was third, following a 20% increase to SG$242. Singapore (+18.2% to SG$233) and Seoul (-0.9% to SG$157) completed the top five.
Macau’s year-on-year growth of 64% was also the highest increase of any Asia Pacific destination, a trend HRS attributed to the fact that the Chinese gaming hub has been Macau “actively developing its MICE and business events industry”.
“The availability of high-end venues has also boosted its attractiveness as a business events destination, leading to the huge jump in average hotel room rates,” the company added.
At the bottom end of the scale, Delhi (-3.5% to SG$79) and Bengaluru (+0% to SG$86) had the lowest hotel rates, reflecting the sharp slump in Indian hotel prices seen over the last few years.
“Asia Pacific continues to draw visitors from across the world, and as this quarter’s HRS Hotel Price Radar shows, the business tourism segment in particular in going strong,” said Todd Arthur, HRS’ managing director for Asia Pacific. “In comparison with other markets, Asia Pacific has also seen the highest overall increase in hotel rates this quarter.
“As hotel prices fluctuate and business needs change, our goal is to help clients get the most out of their hotel programmes and boost employee satisfaction through intelligent sourcing, detailed analysis of requirements and pricing factors, and value added partnerships,” he added.
The HRS report was based on data collected from all hotel bookings made via the HRS hotel portal in the first quarter of 2015.