Based on daily data from August, Singapore reported:
- increases in supply (+2.8%) and demand (+4.3%);
- a 1.5% increase in occupancy to 88.9%;
- a 1.5% decrease in average daily rate to SGD291.73; and
- flat performance in revenue per available (SGD259.39).
The 88.9% occupancy level would be the highest in Singapore since July 2011 (90.8%). STR Global analysts characterize August as traditionally one of the strongest months of the year in the market. On 7-10 August of this year, Singapore held a Jubilee Weekend in celebration of its 50th year of independence.
STR Global will release August 2015 results during the week of 21 September. The August edition of the STR Global Hotel Market Forecast is now available.