In the early months of 2024, a significant majority, specifically 74%, of global hotel markets witnessed an increase in Revenue per Available Room (RevPAR).

As of February 10, 2024, the latest global update reveals that 74% of hotel markets worldwide experienced an increase in revenue per available room (RevPAR) compared to the same period in 2023. The growth in RevPAR was accompanied by a balanced increase in occupancy rates in 64% of markets and a rise in average daily rates (ADR) in 70% of markets.

Leading the way in RevPAR among countries with 50,000 rooms and sufficient hotel reporting levels were Singapore, France, Switzerland, the United Arab Emirates, and Saudi Arabia. Switzerland’s ski season kickoff and the mild weather in Middle Eastern countries contributed to their high RevPAR figures during this period.

While not included in the top five for RevPAR, Thailand experienced a significant boost in occupancy to 79.5% due to the Lunar New Year holiday. This marked the country’s highest occupancy level since the onset of the pandemic, ranking second among 48 countries covered in the update. Japan, Vietnam, Malaysia, the Czech Republic, and Thailand emerged as the leaders in year-over-year RevPAR growth, particularly notable considering many Asian countries were still in the early stages of reopening in early 2023.

Although occupancy levels in most countries remained below 2019 levels by the end of 2023, the comparison between the opening 28-day period of 2024 and the same period in 2023 showed positive occupancy trends in 34 of the 48 countries surveyed. This indicates a continued recovery and increasing demand in the post-pandemic era.