Using its own internal data, supplemented by public financial filings, it revealed Oyo’s Asia Pacific portfolio covers 952,495 rooms. Six additional companies showed more than 200,000 rooms in their existing supply.
Jin Jiang, with 391,088 rooms under contract, was one of four companies with more than 100,000 rooms in the total pipeline. Under contract covers the in construction, final planning and planning phases of the pipeline.
“The Asia Pacific region features some of the world’s largest and most popular hospitality destinations,” explains Jesper Palmqvist, STR’s area director – Asia Pacific. “Much like other parts of the world, the region’s accommodation landscape is evolving, and that is reflected in the rapid growth of companies such as Oyo.
“Rapid growth in intra-APAC travel, solid performance metrics and growing destination popularity continue to position Asia Pacific for further development and investment, especially with branded properties, which have grown in presence over the past decade,” he adds.
Hotels across the Asia Pacific region reported negative results in all three of the key performance metrics during Q3 2019, according to data from STR. Occupancy levels slipped -1.7% year-on-year to 71.0%, average daily rate (ADR) slipped -0.5% to USD98.23 and revenue per available room (RevPAR) fell -2.2% to USD69.72. But there were some positives during the third quarter period.
Kuala Lumpur saw its first increase in quarterly occupancy since Q1 2018, up +4.6% to 74.6%. This was driven by a +6.8% jump in demand, which included August and September increases of +11.0% and +8.2%, respectively, with the Luxury class seeing the highest demand jump (+21.7%).
Group demand growth also reached double digits for the quarter (+15.2%), while transient demand was up +7.0%. However, ADR still fell -5.8% for the period to MYR331.98 and RevPAR was down -1.4% to MYR247.75.
Ho Chi Minh City in Vietnam witnessed a +4.1% rise in ADR to VND2,610,177.33 and +1.8% growth in RevPAR to VND1,755,605.87 during the third quarter, overall occupancy slipped -2.2% to 67.3% as supply (+2.7%) outpaced demand (+0.5%).
STR suggested the slowdown in demand could be due to the growing popularity of other destinations in Vietnam such as Phu Quoc, Da Nang and Hanoi.