- an increase in supply (+3.7 percent) and a decrease in demand (-1.5 percent);
- a 2.3-percent decrease in occupancy to 83.7 percent;
- a 4.7-percent decrease in average daily rate to SGD289.64; and
- a 6.9-percent decrease in revenue per available room to SGD242.30.
“Singapore reported declines in all three key performance measures for March 2015”, said Elizabeth Winkle, managing director of STR Global. “With more rooms to sell and fewer rooms sold, occupancy and ADR struggled this month. That said, Singapore remains a strong market with occupancy in excess of 80 percent, and absolute rates are at a healthy level”.
STR Global will release March 2015 results in one week. The April edition of the STR Global Hotel Market Forecast is now available.