STR releases preliminary April 2016 data for Singapore
STR's preliminary April 2016 data for Singapore indicates strong occupancy levels.Based on daily data from April, Singapore reported the following in year-over-year comparisons:
LONDON -- STR's preliminary April 2016 data for Singapore indicates strong occupancy levels.
Based on daily data from April, Singapore reported the following in year-over-year comparisons:
- increases in supply (+2.5%) and demand (+7.5%);
- a 4.9% increase in occupancy to 83.2%;
- a 0.8% decrease in average daily rate (ADR) to SGD281.76; and
- a 4.1% increase in revenue per available room (RevPAR) to SGD234.38.
April demand was helped by HotelAsia2016 (12-15 April) at the Singapore Expo.
Overall, Singapore's hotel market appears to be recovering from a weak performance last year, according to STR analysts. Based on Q1 2016 figures, along with April 2016 preliminary data, Singapore has posted a 2.0% year-to-date increase in RevPAR. By the end of April 2015, Singapore had reported a year-to-date RevPAR decline of 7.8% when compared with the same four-month period in 2014.
STR will release April 2016 results during the week of 23 May. The May edition of STR's Market Forecast will be available at the end of the month.
About CoStar Group, Inc.
CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.
CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.
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