Mixed year-over-year results for hotels in Singapore
Based on daily data from December, Singapore reported the following in year-over-year comparisons: supply: +5.1%; demand: +5.5%; occupancy: +0.3% to 76.0%; average daily rate (ADR): -2.1% to SGD275.02; and revenue per available room (RevPAR): -1.8% to SGD209.01.
Due to supply growth, occupancy was nearly flat year over year despite a significant rise in demand. ADR declined for the 22nd consecutive month, and absolute RevPAR was the lowest for a December in Singapore since 2009.
STR analysts note that Singapore’s performance continued to be pressured as new supply brings tighter competition into the market.
STR will release full December and total-year 2017 results later this month. The January edition of STR’s market forecast will be available by the end of the month. ■