Based on daily data from February, Singapore reported the following in year-over-year comparisons:
- increases in supply (+2.9%) and demand (+4.9%);
- a 1.9% increase in occupancy to 85.0%;
- a 4.2% increase in ADR to SGD299.61; and
- a 6.1% increase in revenue per available room (RevPAR) to SGD254.65.
Combined with strong growth in ADR, Singapore’s increase in occupancy helped the market achieve the 6.1% rise in RevPAR. Performance was largely aided by the biennial Singapore Airshow, which boosted RevPAR 86.0% for the first day of the show (16 February), in addition to the Singapore Airshow Aviation Leadership Summit (SAALS) 2016 from 14-15 February 2016 and the Aviation Festival Asia 2016 from 23-24 February.
STR will release February 2016 results during the week of 21 March. The February edition of STR’s Hotel Market Forecast is now available.