Singapore Hotel Industry Reports Mixed Results for August
Singapore’s hotels reported mixed results in August 2017, according to STR’s preliminary data for the month. While occupancy rose 1.7% to 85.9%, ADR fell 3.3% to 272.96 Singapore dollars ($202.56) and RevPAR decreased 1.7% to SG$234.52 ($174.04).
STR’s preliminary August 2017 data for hotels in Singapore indicates occupancy growth with lower rates.
Based on daily data from August, Singapore reported the following in year-over-year comparisons:
- Supply: +1.5%
- Demand: +3.2%
- Occupancy: +1.7% to 85.9%
- Average Daily Rate (ADR): -3.3% to SGD272.96
- RevPAR (RevPAR): -1.7% to SGD234.52
Occupancy improved in comparison with a weaker August 2016, which came amid concerns of a Zika outbreak in the country. However, ADR declined for the 18th consecutive month, due primarily to economic struggles in the country, according to STR analysts.
STR will release full August 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