Average rate drops 5.5 Percent
STR’s preliminary June 2016 data for Singapore indicates rising supply and negative overall performance.
Based on daily data from June, Singapore reported the following in year-over-year comparisons:
an increase in supply (+4.3%) and a decrease in demand (-1.3%); a 5.3% decrease in occupancy to 76.6%; a 5.5% decrease in average daily rate (ADR) to SGD265.92; and a 10.5% decrease in revenue per available room (RevPAR) to SGD203.57.
According to STR analysts, the impact of consistent supply growth in Singapore is reflected in the country’s hotel performance. In addition, there were no larger conferences after the first week of June that could drive demand higher.
STR will release actual June 2016 results during the week of 25 July.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.