Hotels in Singapore reported declining occupancy and rates in December 2016.
The latest preliminary data from STR shows that citywide occupancy fell 2.0% to 77.2% last month, which marked the lowest December occupancy in Singapore since 2009.
Average daily rate (ADR) fell 2.7% to SG$281.70 (approx. US$196), marking the 10th consecutive month of year-over-year declines.
STR noted that Singapore’s hotel sector is struggling with a supply-demand imbalance, and the city hosting fewer major events. Despite this, Singapore’s revPAR of about US$150 remains approximately double the regional average for the Asia Pacific.