Analysis by Eddie Yeung

Note: All financial figures presented in US$.

STR’s global “bubble chart” update as of 10 February 2024 shows that 74% of markets increased revenue per available room (RevPAR) from the comparable period in 2023. Growth was balanced with 64% of markets showing increased occupancy and 70% achieving a higher average daily rate (ADR) than last year.

Among countries with 50,000 rooms and adequate hotel reporting levels, Singapore, France, Switzerland, the United Arab Emirates, and Saudi Arabia led in RevPAR on an actual basis. Switzerland attracts visitors for the beginning of ski season, while Middle Eastern countries peak with their mildest weather this time of year.

Not included in that RevPAR top five, but notable, Thailand benefited from the Lunar New Year holiday and recorded an occupancy level of 79.5%. That level was the highest for the country since the pandemic began and ranked second among 48 countries included in this update.


Excluding countries with fluctuating exchange rates, the leaders in year-over-year RevPAR growth were Japan, Vietnam, Malaysia, Czech Republic, and Thailand. As expected, more Asian countries exhibit higher year-over-year gains as many were still in the early stages of reopening at the beginning of 2023.

In 2023 year-end updates, occupancy in most countries lagged 2019 comparables. However, when comparing the opening 28-day period of 2024 against that of 2023, 34 of the 48 countries saw positive occupancy comparisons. This indicates continuous demand improvement in the post-pandemic world.