STR: Preliminary February data for Singapore hotels
LONDON -- 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.
Media & Communications Coordinator - STR
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 15 countries with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.