Hotels in Singapore continued to experience high occupancy in August 2015.
According to the latest preliminary data from STR Global, rising demand for Singapore’s hotels (+4.8%) outpaced new supply (+2.8%) last month, leading to a 1.5% increase in citywide occupancy levels, to 88.9%.
This marks the highest occupancy seen in Singapore since July 2011 (90.8%), and was boosted by the city’s SG50 Golden Jubilee celebrations, which took place from 7-10 August. And the city will be hoping to continue this strong performance in September, when the city hosts the annual Formula One Grand Prix.
Average daily rates (ADR) dipped slightly in August however, falling 1.5% to SG$291.73 (approx. US$207), and revenue per available room (revPAR) remained flat at SG$259.39.
The final monthly figures for Singapore’s hotel sector will be released by STR Global in 21 September.