STR’s preliminary February 2016 data for Singapore indicates positive performance driven primarily by average daily rate (ADR).
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.
STR provides clients from multiple market sectors with premium, global data benchmarking, analytics and marketplace insights. Founded in 1985, STR maintains a presence in 10 countries around the world with a corporate North American headquarters in Hendersonville, Tennessee, and an international headquarters in London, England. For more information, please visit str.com.
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