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Partly due to significant supply growth, hotels in Singapore saw their average daily rate (ADR) decline year-on-year for the 14th consecutive month in April 2017, revealed preliminary statistics from STR, Inc.
Last month, demand for hotel rooms in the city-state edged up 0.3 percent, while supply rose 2.7 percent compared to the same period a year ago.
However, the occupancy level dropped 2.3 percentage points to 81.1 percent, ADR fell 4.6 percent to $268.01, while revenue per available room (RevPAR) decreased 6.8 percent to $217.31 on an annual basis.
Despite the weaker occupancy rate, analysts at STR believe that the absolute occupancy level of Singapore’s hotel sector remains strong.
For instance, the Sea Asia 2017 Marine Equipment and Services Exhibition brought the occupancy rate to over 90 percent on 25 and 26 April.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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