The WPJ
Vacation Real Estate News
Singapore's Hotel Market Reports Negative Stats in June
According to STR Global's preliminary June 2014 hotel data for Singapore, there was negative performance in the three key market performance measurements.
"Singapore continued to post occupancy levels in excess of 80 percent, despite the additional supply coming into the market on top of flat demand growth for the month", said Elizabeth Winkle, managing director of STR Global. "ADR saw the first notable declines in 2014, contributing to the fastest RevPAR declines since July 2013 for the market".
In June 2014, Singapore's hotel market reported:
- Increases in supply (+2.8 percent) and demand (+0.2 percent);
- 2.5-percent decrease in occupancy to 82.5 percent;
- 1.5-percent decrease in average daily rate to SGD291.79; and
- 4.0-percent decline in revenue per available room to SGD240.85.
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