Singapore Hotel Performance Plunges on Zika Fears
Singapore Hotel Performance Plunges on Zika Fear
Written by:Mark Elliott
Posted On:11th November, 2016 05:50 am
Singapore’s revPAR slumped 13% last month
Singapore’s hotel industry suffered a double-digit drop in terms of revPAR (revenue per available room) last month, as concerns over the Zika virus continued to dampen demand for travel.
Reporting its preliminary results for October 2016, STR revealed that demand for hotel rooms in Singapore declined 3.4%, leading to a 7.2% drop in occupancy to 79.8%. The city’s average daily rate (ADR) fell 6.4% to SG$278.62 (approx. US$199).
These results combined to cause a 13.1% slump in revPAR, to SG$222.40, marking the sharpest October slump since 2000.
“In addition to the impact of new supply on Singapore’s performance, concerns over the Zika virus continued to hinder demand in the market’s corporate segment,” STR noted.
Singapore hosted the annual ITB Asia trade show last month, but even that was not enough to offset the falling figures.