STR release on Beijing hotel reates/revenues

from today's STR hotel news (8/27);

Beijing hotel rates, revenue spike during 2008 Olympic Games
STR Global releases daily performance results for Beijing and secondary host cities

"LONDON—A study of daily hotel performance by STR Global shows significant rate and revenue spikes in Beijing during the 2008 Olympic Games as the city posted an occupancy rate of 88.47 percent during the event. Secondary host cities Hong Kong and Qingdao experienced RevPAR declines.

“Beijing’s hoteliers benefited hugely from the Olympic Games, reporting a tripling in average room rates,” said James Chappell, Managing Director of STR Global. “However, with the increased supply in the city, it will be interesting to see how the legacy of the Games will impact the city in the future.”

STR Global reported declines in occupancy and RevPAR in the months leading up to the Games, and analysts predict lower occupancies after the Games due to increased supply. However, during the Games, spikes in occupancy ranged from 5.22 percent to 36.16 percent as a city-wide average over the same days in 2007. At their peak on 21 August, occupancies reached 90.72 percent." ...

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