Hong Kong hotel occupancy tumbles

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According to preliminary data from STR, Hong Kong hotel occupancy hit an all-time low in August amid protests in the city. 

Occupancy was down to 63.9%, the lowest percentage for Hong Kong in any month in STR's database. The previous August, the city's hotel occupancy was just over 90%.

Hong Kong's average daily rate was down 21% in August, and revenue per available room  (RevPAR) plummeted 44.6%.

According to Hong Kong Financial Secretary Paul Chan, arrivals fell nearly 40% in August, compared with a 5% decline in July. 

In mid-August, STR forecasted that Hong Kong's RevPAR would decrease 19.3% in the third quarter. STR will release final August results later this month.

Source: Business Travel News

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