Demand for hotel rooms in Singapore remains extremely high, with the city registering average occupancy of 89.2% in August.
This result marked a 2.6% rise compared with the same month last year, and a 2.1% increase compared to July.
According to the latest data from STR Global, the growth was driven by a 4.3% rise in demand for Singapore’s hotel rooms, which outpaced a 1.7% rise in supply. Hoteliers were also able to raise average daily rates (ADR) by 1.0% to SG$296.62 (approximately US$235), while revenue per available room (revPAR) increased 3.6% to SG$264.62.
“Based on the preliminary data, Singapore will experience one of the highest monthly occupancies that the market has seen since July 2011,” revealed Elizabeth Winkle, managing director of STR Global.
“August continued the trend of monthly occupancies of more than 80.0%, which began with February 2014. The market continued to see positive growth in demand.”
Source: Travel Daily