STR Global’s preliminary June data for Singapore indicate negative performance in the three key performance measures.
Based on daily data from June, Singapore reported:
- increases in supply (+2.8 percent) and demand (+0.2 percent);
- a 2.5-percent decrease in occupancy to 82.5 percent;
- a 1.5-percent decrease in average daily rate to SGD291.79; and
- a 4.0-percent decline in revenue per available room to SGD240.85.
“Singapore continued to post occupancy levels in excess of 80 percent, despite the additional supply coming into the market on top of flat demand growth for the month”, said Elizabeth Winkle, managing director of STR Global. “ADR saw the first notable declines in 2014, contributing to the fastest RevPAR declines since July 2013 for the market”.
STR Global will release June 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 June 2014