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Singapore’s hospitality industry saw mixed results in November as compared to the same period a last year, according to the latest report from STR Global.
Based on the research firm’s preliminary data, revenue per available room (RevPAR) of hotels in the city-state dipped by 0.7 percent to S$251.65, while their average daily rate (ADR) fell by 1.3 percent on an annual basis.
Nevertheless, occupancy rate slightly increased by 0.6 percent to 85.3 percent, while supply and demand rose by 2.0 and 2.6 percent respectively, the report said.
“Singapore continued to report high occupancy levels in excess of 85 percent for the month, while ADR was causing the decline in overall hotel performance, coming from a high base”, said STR Global’s Managing Director Elizabeth Winkle.
“After a projected 1.8-percent RevPAR growth for 2014, we forecast another 1.7-percent increase in 2015, purely driven by rate, as occupancy is expected to decline,” she added.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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