Singapore Hotel Industry Reports Continued ADR Decline for June 2017
STR preliminary data shows Singapore hotels reported mixed performance in June. Occupancy rose 4.1% to 78.9%, ADR declined 2.5% to 258.03 Singapore dollars ($187.07) and RevPAR increased 1.5% to SG$203.62 ($147.60).
STR’s preliminary June 2017 data for Singapore indicates higher occupancy levels and lower rates.
Based on daily data from June, Singapore reported the following in year-over-year comparisons:
- Supply: +2.3%
- Demand: +6.5%
- Occupancy: +4.1% to 78.9%
- Average daily rate (ADR): -2.5% to SGD258.03
- Revenue per available room (RevPAR): +1.5% to SGD203.62
The absolute ADR and RevPAR levels would be the lowest for a June in Singapore since 2010. The country has posted year-over-year declines in ADR each month since February 2016, which STR analysts attribute to growing hotel supply and economic challenges.
STR analysts also note that Singapore’s strong demand for the month was likely boosted by an 11-day calendar shift in Ramadan. With an earlier Eid Mubarak, the usual influx in foreign visitors from key tourism source markets like Indonesia occurred in June as opposed to July.
STR will release actual June 2017 results later this month.
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.
Categories: Market Reports