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Singapore’s hospitality industry reported positive figures in February as popular events including the Singapore Airshow boost occupancy rates, according to a report by STR.
Last month, the supply of hotel rooms here inched up by 2.9 percent, while demand inceased by 4.9 percent year-on-year.
The occupancy rate also increased by 1.9 percent to 85.0 percent, while average daily rate (ADR) inched up by 4.2 percent to S$299.61. Consequently, revenue per available room (RevPAR) grew 6.1 percent to S$254.v65.
According to STR, last month’s figures were largely driven by the binennial Singapore Airshow which boosted RevPAR by 86.0 percent on the first day of the event on 16 February, based on STR preliminary figures.
Other contributors to last month’s positive results were the Singapore Airshow Aviation Leadership Summit (SAALS) and Aviation Festival Asia.
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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