Singapore hotels achieve performance gains in July
August 13, 2014
Published on Aug 13, 2014
Singapore's hospitality sector recorded growth in revenue per available room (RevPAR) in July as occupancies and rates rose from the same period last year.
"Singapore reported increases in occupancy performance, achieving levels in the excess of 80% for the fifth month in a row", said Elizabeth Winkle, managing director of STR Global.
Hotel occupancies hit 87.4% for July as demand growth (4.4%) exceeded expansion of room supply (1.8%). This, coupled with a 1.3% increase in average daily rates to SGD288.95, helped drive 3.9% growth in RevPAR to SGD252.41
"ADR grew moderately for the month, resulting in an overall positive RevPAR performance, following two months of declines in this measure," added Ms Winkle.
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