Singapore: October average room rates for Singapore hotels dip slightly but remain high
SINGAPORE hotels’ average room rate (ARR) slipped in October, but was still the next highest rate recorded following September 2022’s 14-year high, Singapore Tourism Board data showed on Tuesday (Nov 29).
ARR was up 76.2 per cent from the year-ago period to S$281.89, even as it was marginally lower than September’s revised record of S$283.47, down just 0.6 per cent.
Overall hotel room revenues surged to S$411.4 million in October, up 5.7 per cent from the S$389.3 million seen in September and surpassing the pre-pandemic high of S$383.4 million in August 2019. It was also more than five times the year-ago figure.
October’s high figures came as tourist arrivals climbed to 816,758 for the month, the highest level since the pandemic started.
Revenue per available room (RevPAR) for the month was S$239.10, higher than the previous month’s S$235.56 by 1.5 per cent, which in turn had beat the previous S$225.89 record in February 2014. On the year, RevPAR more than doubled.
October’s average occupancy rate of 84.8 per cent was higher than September’s 83.1 per cent and marginally exceeded pre-pandemic rates in December 2019 and January 2020
Performances were mixed across hotel categories. ARRs were up for the month in the economy (S$145.29) and luxury (S$571.11) segments, but were down for mid-tier (S$335.18) and upscale (S$222.82) segments.
For the first ten months of 2022, overall room revenue was S$2.5 billion, beating the combined full-year figures of 2021 and 2020. Year-to-date ARR reached S$239.58, up 58.2 per cent from the year-ago period; RevPAR rose 118.9 per cent to S$177.42; and the average occupancy rate rose 20.5 per cent to reach 74.1 per cent.