STR: Preliminary June data for Singapore hotels
STR’s preliminary June 2018 data for hotels in Singapore indicates strong performance results.
Based on daily data from June, Singapore reported the following in year-over-year comparisons:
- Supply: +3.7 percent
- Demand: +9.3 percent
- Occupancy: +5.5 percent to 83.1 percent
- Average daily rate (ADR): +1.7 percent to SGD262.60
- Revenue per available room (RevPAR): +7.2 percent to SGD218.23
The RevPAR increase was the highest for any month in Singapore since February 2014. Growth in demand (room nights sold) was the highest for a June since 2010. STR analysts note that the North Korea and U.S. summit held on 12 June boosted demand with an influx of delegates and media members in the country.
STR will release full June results later this month. The May edition of STR’s Market Forecast is available now for Singapore and a host of other markets across the globe.