LONDON, 14 September 2017; Singapore’s hotels continued to enjoy occupancy growth in August, but at lower rates, STR’s preliminary August data revealed.
Based on daily data for August, Singapore reported year-over-year comparisons that showed room supply had increased by 1.5% and consumer demand grew 3.2%
Singapore hotels enjoyed an average occupancy growth of 1.7% to reach 85.9% across total room capacity.
However, it came at a cost. Average daily rate (ADR) declined 3.3% to SGD272.96
Occupancy improved when compared with the performance in August 2016, which suffered from concerns over a Zika outbreak in the country.
However, average daily rate declined for the 18th consecutive month, due primarily to economic struggles in the country, according to STR analysts.
Singapore attracted 16.4 million visits in 2016, not counting Malaysians travelling overland.
However, hotel revenue in the first quarter declined by 1.3% to SGD 0.8 billion.
STR will release full August 2017 results later this month.