Singapore Hotel Industry Reports Mixed Results for October
STR’s preliminary October 2017 data for hotels in Singapore indicates occupancy growth with lower rates.
Based on daily data from October, Singapore reported the following in year-over-year comparisons:
- Supply: +3.3%
- Demand: +5.0%
- Occupancy: +1.6% to 80.0%
- Average daily rate (ADR): -2.2% to SGD270.66
- Revenue per available room (RevPAR): -0.6% to SGD216.59
Occupancy improved as a result of demand recovery (-5.3% in October 2016 due to Zika concerns). However, ADR declined for the 20th consecutive month, and RevPAR performance was the lowest for an October since 2009.
STR will release full October 2017 results later this month.
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