Hong Kong Sees Record RevPAR In Q1

　　A new study on the Chinese hotel market from HVS shows the RevPAR performance of the high-end hotel market in Hong Kong reached HK$2,023 (US$260) in the first quarter of 2012, the best first-quarter RevPAR performance on record.

　　The pricing strategies of high-end hotels in Hong Kong shifted from a relatively volume-focused strategy in 2011 to a price-driven strategy in 2012. Average occupancy for the first three months of 2012 was 81%, dropping 2% year-on-year.

　　However, a strong occupancy level above the 80% mark allowed hoteliers to adopt aggressive yield strategies to drive average rate. For each of the first three months of 2012, the high-end hotel market achieved record-high average rates. March ended with a record-high average rate of HK$2,608 (US$336), supported by the Rugby Sevens event that drew a large international crowd. Overall, the first-quarter average rate reached HK$2,487 (US$320), a 13.6% increase year-on-year.