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Singapore hotels rake in highest average room rate in 10 years
SINGAPORE hotels’ average room rate (ARR) rose to a near-decade high in July, extending growth for the sixth straight month, according to the latest data from the Singapore Tourism Board (STB).
ARR in July was S$259 – the highest since September 2012, where it was S$261.66. On the year, the jump was 69.2 per cent; on the month, the growth rate was 7.7 per cent.
Overall, hotel revenues reached S$318.5 million for the month, more than 4.5 times the level recorded in the corresponding period a year ago.
The increase in industrywide room revenue – which also rose month on month, against S$297 million in June – came as visitor arrivals surged to 726,601 in July, from 543,733 in the previous month.
Revenue per available room (RevPAR) rose to record a new post-Covid high, hitting S$204.99 in July, up 140.3 per cent from the previous year, and up 9.2 per cent from June.
Average occupancy rates increased to a multi-year high of 79 per cent, a hair above June’s 78 per cent and just 4 percentage points shy of the pre-pandemic rate of 83 per cent clocked in both December 2019 and January 2020.
Growth was also seen in July across all hotel categories, with ARRs of S$126.44 in the economy segment, S$206.80 in the mid-tier segment, S$301.07 in the upscale segment and S$538.27 in the luxury segment.
Year to date, overall room revenue was S$1.39 billion, higher than the amount earned for the whole of 2021.
For the first 7 months of the year, ARR reached S$220.93, up 47.2 per cent compared with the first 7 months of 2021. RevPAR was up 102.4 per cent for the period to S$153.43, STB data showed. Average occupancy rate was up 18.9 per cent from the same period last year to 69.5 per cent.
Source: https://www.businesstimes.com.sg/government-economy/singapore-hotels-rake-in-highest-average-room-rate-in-10-years