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Singapore hotels’ average room rate recovers from March slip in April
SINGAPORE hotels’ average room rate (ARR) and revenue per available room (RevPAR) inched up in April after March’s dip, even as overall room revenue – which had reached a four-month high in March – and average occupancy rate slipped slightly.
ARR gained 3.3 per cent in April to S$273.18, from March’s revised S$264.55, Singapore Tourism Board (STB) data showed on Thursday (Jun 1). This was slightly lower than the rates recorded in January (S$273.96) and February (S$278.01).
On the year, ARR was up 32.8 per cent. On Apr 1 last year, the Vaccinated Travel Framework was introduced, removing Stay-Home Notice and on-arrival Covid-19 test requirements for fully vaccinated travellers, to ease their entry into Singapore.
The removal of Covid testing requirements was extended to non-fully vaccinated visitors on Apr 26, 2022.
In April 2023, RevPAR edged up on the month by 0.6 per cent to S$212.69, from March’s S$211.38. It was up 55.8 per cent on the year.
The latest figures came as tourist arrivals surpassed one million for the second straight month, for the second time since the pandemic began in 2020.
Overall room revenue slid 0.6 per cent to S$368 million, from S$370.1 million recorded in the preceding month – which had been the highest level since November 2022. However, it more than doubled year on year.
At 77.9 per cent, April’s average occupancy rate edged down sequentially, from 79.9 per cent previously, and under the pre-pandemic rate of 83 per cent in January 2020. But on the year, it was 11.5 per cent higher.
ARR generally improved across hotel categories in April, with the mid-tier segment being an exception. It was up to S$579.82 in the luxury segment, S$324.27 in upscale and S$143.62 in economy. The mid-tier segment recorded a fall on the month to S$210.05.
Based on STB data, in the year to date, room revenue reached S$1.41 billion in April, surging 161.4 per cent from the corresponding year-ago period. ARR for the four months, at S$272.21, gained 40.4 per cent; RevPAR rose 76.1 per cent to S$211.85; and average occupancy rate grew 15.8 per cent to 77.8 per cent.
Source: https://www.businesstimes.com.sg/singapore/singapore-hotels-average-room-rate-recovers-march-slip-april