Singapore occupancy rate surpassed 90% for the first time

The Singapore Tourism Board has also revealed that the country attracted 9.3 million international visitors in the first six months of 2019.

Singapore and Hong Kong-registered contrasting results for hotel performance in July 2019.

STR’s latest data showed that hotels in Singapore, which is one of the fiercest rivals of Hong Kong, saw occupancy rate increase 1.9 percent to 91.8 percent last month – the first time the city-state surpassed 90 percent occupancy, reported TTG Asia.

Average daily rate (ADR) climbed 0.5 percent to $268.79 while revenue per available room (RevPAR) rose 2.4 percent to $246.80.

STR analysts said the transient segment (bookings of less than 10 rooms) witnessed robust demand growth (+7.1 percent) in July, while group (bookings of 10 or more rooms) demand dropped 7.2 percent.

The Singapore Tourism Board has also revealed that the country attracted 9.3 million international visitors in the first six months of 2019.

Hong Kong, on the other hand, saw occupancy rate fell 4.1 percent to 83.4 percent in July. ADR and RevPAR also declined 9.1 percent and 12.9 percent to HK$1,163.21 (S$206) and HK$970.42 (S$172), respectively.

STR analysts believe the ongoing protests in Hong Kong affected the market’s level of performance.

According to the Hong Kong Tourism Board, hotel demand for the month declined three percent, while preliminary figures reflect a double-digit drop in visitor arrivals during July’s second-half.

Overall, hotels within the Asia-Pacific region posted mostly negative results in three key performance metrics. In July, region-wide occupancy rose 0.2 percent to 73.2 percent, while ADR and RevPAR dropped 1.5 percent and 1.3 percent to US$95.48 and US$69.91, respectively, over the same period last year.

Source: 29 Aug 2019, CommercialGuru