news/CSGP/2023.01.26/Str : Most global regions showed full RevPAR recovery in 2022.txt

LONDON - Among the global regions, Asia saw the only decline in revenue per available room (RevPAR) from 2019, according to 2022 data from STR.While most global regions were impacted by omicron in early 2022, top-line performance recovery made big waves in the latter half of the year. The industry's resilience has been underpinned by significant pent-up leisure travel over the summer along with the return of corporate demand, as the nature and length of this business travel has evolved. Unlike previous downturns, room rates have been the key driver of recovery as each of the global regions, excluding Asia, showed an ADR increase over 2019. Though occupancy came in below the pre-pandemic comparables, the metric is anticipated to stabilize throughout 2023. Despite economic headwinds, the industry is operating from a position of strength in the new year.Robin Rossmann, STR's managing directorUS$ constant currency, 2022 (percentage change from 2019):EuropeOccupancy: 64.6% (-10.5%)Average daily rate (ADR): US$148.97 (+18.5%)Revenue per available room (RevPAR): US$96.25 (+6.1%)AsiaOccupancy: 52.3% (-23.7%)ADR: US$84.38 (-9.9%)RevPAR: US$44.16 (-31.2%)Australia & OceaniaOccupancy: 63.9% (-13.6%)ADR: US$162.34 (+20.8%)RevPAR: US$103.74 (+4.3%)Middle EastOccupancy: 63.6% (-3.3%)ADR: US$173.10 (+22.2%)RevPAR: US$110.12 (+18.2%)AfricaOccupancy: 54.2% (-10.7%)ADR: US$140.74 (+38.3%)RevPAR: US$76.29 (+23.5%)North AmericaOccupancy: 62.5% (-4.9%)ADR: US$148.39 (+13.9%)RevPAR: US$92.77 (+8.3%)South AmericaOccupancy: 57.0% (-3.2%)ADR: US$87.57 (+30.3%)RevPAR: US$49.93 (+26.2%)About STRSTR provides premium data benchmarking, analytics and marketplace insights for the global hospitality industry. Founded in 1985, STR maintains a presence in 15 countries with a North American headquarters in Hendersonville, Tennessee, an international headquarters in London, and an Asia Pacific headquarters in Singapore. STR was acquired in October 2019 by CoStar Group, Inc. (NASDAQ: CSGP), the leading provider of commercial real estate information, analytics and online marketplaces. For more information, please visit str.com and costargroup.com.Haley LutherCommunications Manager+1 (216) 278 0627(C) 2023 Electronic News Publishing, source ENP Newswire