STR’s preliminary September 2016 data for Singapore indicates performance declines.
- increases in supply (+4.0%) and demand (+2.1%);
- a 1.8% decrease in occupancy to 79.1%;
- a 2.3% decrease in average daily rate (ADR) to SGD308.38; and
- a 4.0% decrease in revenue per available room (RevPAR) to SGD244.02.
STR analysts note that the spread of the Zika virus, which led several countries to issue travel warnings regarding Singapore, likely affected the market’s hotel performance in September. During the Formula 1 Singapore Grand Prix on Sunday, 18 September, Singapore’s RevPAR was 11.0% lower when compared with the day of the event last year.
STR will release actual September 2016 results later this month. The August edition of STR’s Market Forecast is now available.