apore’s hotel sector experienced falling revPAR (revenue per available room) in September 2016, despite the hosting of the annual Formula One race.
According to preliminary monthly data from STR, the city’s revPAR declined 4.0% to SG$244.02 (approx. US$176) last month. And on Sunday 18 September, the day of the Singapore Grand Prix, revPAR was 11.0% lower than the corresponding day in 2015.
STR’s analysts noted that travel warnings linked to the potential spread of the Zika virus could have affected Singapore’s hotel performance in September.
Demand for hotel rooms in the city increased 2.1% year-on-year, but this was outweighed by a +4.0% expansion of room supply. This imbalance led to a 1.8% decline in occupancy, to 79.1%, and a 2.3% drop in average daily rate (ADR), which nevertheless remains high at SG$308.38 (approx. US$223).
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