Hotels in Singapore got a major boost in February 2014, with strong demand leading to double-digit revPAR (revenue per available room) growth.
According to the preliminary monthly data from STR Global, demand for hotel accommodation in Singapore jumped 10.1% last month, compared to February 2013. This far exceeded a 3.5% rise in hotel room supply, pushing average occupancy levels up 6.4% to 88.7%. This demand-supply imbalance also allowed hoteliers to drive average daily rates (ADR) 9.9% higher, to SG$319.17 (approximately US$252).
“Singapore posted double-digit revPAR growth for the first time in the last two years, recording the highest levels in this measure of any February since STR Global began tracking hotel performance in this market,” said Elizabeth Winkle, managing director of STR Global. “Strong ADR was main contributor to this trend, and is expected to drive positive revPAR performance in 2014.”
February 2014′s performance can be partially attributed to an imbalance caused by the dates of Chinese New Year – the event was celebrated in February last year, but largely in January in 2014.
Last month, Singapore’s hotels experienced a 1.1% year-on-year dip in revPAR.
Pic caption: The view from the rooftop pool at Marina Bay Sands
Travel Daily AsiaSingapore hotels see double-digit growth in February…
0 comments:
Post a Comment