STR: Preliminary August data for Singapore hotels
STR’s preliminary August 2017 data for hotels in Singapore indicates occupancy growth with lower rates.
Based on daily data from August, Singapore reported the following in year-over-year comparisons:
· Supply: +1.5 percent
· Demand: +3.2 percent
· Occupancy: +1.7 percent to 85.9 percent
· Average Daily Rate (ADR): -3.3 percent to SGD272.96
· RevPAR (RevPAR): -1.7 percent to SGD234.52
Occupancy improved in comparison with a weaker August 2016, which came amid concerns of a Zika outbreak in the country. However, ADR declined for the 18th consecutive month, due primarily to economic struggles in the country, according to STR analysts.
STR will release full August 2017 results later this month.