Singapore Hotel Industry Reports Positive Results for April 2018
Hotels in Singapore saw occupancy increase 1.6% to 82.4% in April, according to STR preliminary monthly data. ADR increased 2.2% to 272.26 Singapore dollars ($204.25) and RevPAR rose 3.8% to SG$224.42 ($168.37).
STR’s preliminary April 2018 data for hotels in Singapore indicates performance growth.
Based on daily data from April, Singapore reported the following in year-over-year comparisons:
- Supply: +5.1%
- Demand: +6.7%
- Occupancy: +1.6% to 82.4%
- Average daily rate (ADR): +2.2% to SGD272.26
- Revenue per available room (RevPAR): +3.8% to SGD224.42
A spike in demand outpaced significant supply growth, which helped boost performance for the month. STR analysts note that this would be the third consecutive month of ADR and RevPAR growth for Singapore. Additionally, this would be the first increase in ADR for an April since 2014.
STR will release full April results later this month. The May edition of STR’s Market Forecast will be available at the end of the month.
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.