Singapore Hotel Industry Reports 3.2 Percent Occupancy Drop for January 2017
STR’s preliminary January 2017 data for Singapore indicates strong supply growth and low occupancy levels.
Based on daily data from January, Singapore reported the following in year-over-year comparisons:
- Supply: +3.9%
- Demand: +0.6%
- Occupancy: -3.2% to 79.6%
- Average daily rate (ADR): -1.0% to SGD279.38
- Revenue per available room (RevPAR): -4.1% to SGD222.25
The absolute RevPAR level would be the lowest for a January in Singapore since 2011. STR analysts note that the market continues to struggle from significant supply growth and weak demand performance. The country’s 3.5% increase in supply for 2016 was the highest for a total year since 2011.
STR will release actual January 2017 results later this month.
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