HOTEL room rates for business reservations continue to increase significantly even as financial belief continues to be bleak in the Asia-Pacific region, according to a study by HRS.
The HRS Hotel Price Radar Q1 2016 report revealed that the cities of Tokyo, Sydney and Singapore have the greatest average space rates, costing S$ 287 (US$ 207), S$ 264 and S$ 271 typically per night respectively.
Of the 3 cities, Tokyo sees the greatest development with rates raised by 19 percent as compared to in 2014, and Singapore by 6.9 per cent. Sydney, on the other hand, kept its rates.
Throughout Asia-Pacific, Bengaluru experienced the greatest surge in space rates with expenses increasing by 32.6 percent on average this first quarter compared to 1Q2015.
Not all results were favorable however, with Beijing and Kuala Lumpur seeing decreases of 1.2 per cent and 9.8 percent in average room rates respectively. HRS expects corporate reserving rates in Beijing to rise in the following quarters as government infrastructure spend enters into play.
Todd Arthur, managing director for HRS in Asia-Pacific, associated the general favorable changes to developments in the MICE sector.
Insights suggest that business travel in the area has remained resilient, although the year has so far been characterized by unpredictability for the majority of economies, and this could be mainly attributed to favorable movements in the MICE industry, he stated.
We are observing an enhancing take-up of MICE chances, especially, with countries funneling investments to developing (them) in the form of new tourism policies, enhanced business occasions, top-level discussion sessions and general travel infrastructure. We anticipate more powerful company tourism in the approaching quarter.
The great thing about South-East Asia is that it is an extremely attractive location.
Tokyo sees the greatest development with rates raised by 19 percent as compared to in 2014, and Singapore by 6.9 per cent. Sydney, on the other hand, kept its rates..