Hotels in Singapore experienced declining rates and occupancy in October 2014.
According to the latest preliminary data from STR Global, the city’s average occupancy last month fell 1.3% to 84.6%, while average daily rates (ADR) declined 1.6% to SG$296.95 (approximately US$230). This led to a 2.9% drop in revenue per available room (revPAR), to SG$251.36.
But STR Global’s managing director, Elizabeth Winkle, explained that Singapore remains a buoyant market, despite the October dip.
“Whilst the city saw declines in three of their performance metrics, Singapore still managed to maintain high levels of hotel performance,” said Ms Winkle. “Supply and demand still grew this month. With the exception of January this year, all months achieved occupancy levels above 80%. ADR is showing a decline, but it is only a SG$4 drop.”
The city’s hotels also saw a decline in performance compared to September 2014, but this was largely due to the Singapore Grand Prix during the previous month, which inflated rates.