Hotels in Singapore reported positive hotel performance in June, according to preliminary STR data. Occupancy rose 5.5% to 83.1%, ADR increased 1.7% to 262.60 Singapore dollars ($193.53) and RevPAR rose 7.2% to SG$218.23 ($160.83).
STR’s preliminary June 2018 data for hotels in Singapore indicates strong performance results.
Based on daily data from June, Singapore reported the following in year-over-year comparisons:
• Supply: +3.7%
• Demand: +9.3%
• Occupancy: +5.5% to 83.1%
• Average daily rate (ADR): +1.7% to SGD262.60
• Revenue per available room (RevPAR): +7.2% to SGD218.23
The RevPAR increase was the highest for any month in Singapore since February 2014. Growth in demand (room nights sold) was the highest for a June since 2010. STR analysts note that the North Korea and U.S. summit held on 12 June boosted demand with an influx of delegates and media members in the country.
STR will release full June results later this month. The May edition of STR’s Market Forecast is available now for Singapore and a host of other markets across the globe.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.