2023 Operational Overview
The city boasted 321 hotels with 90,109 keys at the end of the year, up 1% over 2022. A total of just under 34 million visitors entered the city of which 17.159 million were overnight visitors, and 26.76 million were mainland tourists. While overall visitor numbers were still off the 2018 figure of 65 million annual visitors and 29.26 million overnight visitors, the improving trajectory is what the hotel sector has greatly needed.
Hotel performance
Average occupancy (OCC) for 2023 jumped to 82.5% up from 66% in 2022, with Average Daily Rates (ADR) shifting up 30% to HKD 1,392 from HKD 1,065 in 2022. While occupancy slightly lagged the 2018 figures, in many cases ADRs caught up and surpassed pre-pandemic levels, especially for certain hotels in the luxury and lifestyle segment.
As we delve deeper across the territory, the vibrant and easily accessible districts of Yau Ma Tei and Mong Kok in Kowloon demonstrated occupancies of 91% for the…
