Singapore Hotel Industry Reports Positive Results for February 2018
Singapore reported hotel occupancy rose 0.4% to 86% in February, according to preliminary STR monthly data. ADR increased 4.7% to 286.56 Singapore dollars ($218.63) and RevPAR rose 5.2% to SG$246.52 ($188.08).
STR’s preliminary February 2018 data for hotels in Singapore indicates significant occupancy levels and higher room rates.
Based on daily data from February, Singapore reported the following in year-over-year comparisons:
- Supply: +5.2%
- Demand: +5.6%
- Occupancy: +0.4% to 86.0%
- Average daily rate (ADR): +4.7% to SGD286.56
- Revenue per available room (RevPAR): +5.2% to SGD246.52
The absolute occupancy level would be the highest for a February in Singapore since 2012, and the year-over-year ADR increase is first for any month in the country since February 2016.
In addition to demand catching up with significant supply growth, STR analysts see a stabilizing economy and expected GDP growth as possible reasons behind the performance.
STR will release full February results later this month. The January edition of STR’s Market Forecast and the 2017 Global Hotel Study are now available.
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: Hotel Industry News