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Singapore hotels emerged as clear winners from North Korean leader Kim Jong Un and US President Donald Trump’s meeting in June, reported Bloomberg.
The city-state saw hotel occupancy hit 81 percent during the April to June period – up from the 70 percent average in Asia Pacific and the best second-quarter rate for Singapore since 2013, said research firm STR. It noted that the strong performance comes even after hotel room supply in Singapore increased.
June was the country’s strongest month in the quarter in terms of revenue per available room as it rose 6.9 percent year-on-year.
Between 10 and 12 June, hotels in Singapore’s Orchard Road tourist belt – the area where the two leaders stayed during the Singapore summit – posted double-digit growth in revenue per available room.
North Korea’s Kim chose to stay at St Regis and Trump at the Shangri-La Hotel, while the June 12 summit itself was held at the Capella resort on the city-state’s Sentosa Island.
STR data showed that hotels in other parts of Asia also performed well in Q2 2018, with Australian and Indonesian hotels registering occupancy rates of 73 percent and 61 percent respectively.
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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