The average room rate dropped 39 percent to HK$2,929. Peninsula hotels owner Hongkong and Shanghai Hotels (0045) said the occupancy rate at The Peninsula Hong Kong doubled to 26 percent in the third quarter, from 13 percent in the second quarter. On a yearly basis, the occupancy rate fell 9 percentage points. The average room rate, which measures the average rental revenue earned for an occupied room per day, dropped 39 percent year-on-year to HK$2,929 in Hong Kong in the third quarter. Revenue per available room, calculated by dividing total room revenue by the total number of rooms available for sale, slumped 55 percent year-on-year to HK$760 in Hong Kong in the third quarter.

Source: The Standard November 03, 2020 10:41 UTC