STR Global’s preliminary May data for Singapore indicate negative performance in the three key performance measures.
Based on daily data from May, Singapore reported:
- increases in supply (+2.6 percent) and demand (+1.6 percent);
- a 1.0-percent decrease in occupancy to 81.0 percent;
- a 0.3-percent decrease in average daily rate to SGD291.40; and
- a 1.3-percent decline in revenue per available room to SGD236.01.
RevPAR in Singapore is expected to increase 3.3 percent during 2014.
“Occupancy for Singapore remained above 80.0 percent for the fourth month in a row, despite the decline in this measure, as supply grew faster than demand in May”, said Elizabeth Winkle, managing director of STR Global. “For the rest of the year, occupancy is expected to decline further, while ADR solely will drive an overall positive RevPAR performance”.
STR Global will release May 2014 results in two weeks. The May edition of the STR Global Hotel Market Forecast is available now.
About STR Global:
STR Global provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.
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Singapore Hotels Report Negative RevPAR Performance for May 2014