The host of six Taylor Swift concerts, Singapore's hotel industry posted its highest March average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar.
Helped by Coldplay’s World of the Spheres Tour, Singapore hotels saw healthy performance growth, according to preliminary January data from CoStar.
HVS publication In Focus Singapore 2023 provides an overview of Singapore’s economic outlook, infrastructure development, tourism landscape and hotel market performance, hotel transactions and investment in 2022, COVID-19 situation and outlook.
There is plenty of time remaining in 2023, but Singapore’s hotel bookings are already increasing rapidly for 2024 with the market set to host several major events early in the year. Utilizing Forward STAR data, we took a quick look at the specific impact for Singapore’s hotels from Taylor Swift’s 'The Eras Tour', Coldplay and the global Rotary Convention.
Historically speaking, the first quarter is typically strong for Singapore, behind only peak season (Q3) during normal trading conditions. During Q1 2021, hotel occupancy levels were close to 65%, almost 9 points higher than Q1 2020.
Outlook is bright with increase in tourist arrivals and initiatives to develop new attractions and rejuvenate existing ones.
This article provides an overview of Singapore’s tourism landscape and hotel market performance, infrastructure development, reinvention of co-living, hotel transactions and investment in 2018 and outlook.
Hotels in Singapore reported positive hotel performance in June, according to preliminary STR data. Occupancy rose 5.5% to 83.1%, ADR increased 1.7% to 262.60 Singapore dollars ($193.53) and RevPAR rose 7.2% to SG$218.23 ($160.83).
Hotels in Singapore saw occupancy increase 1.6% to 82.4% in April, according to STR preliminary monthly data. ADR increased 2.2% to 272.26 Singapore dollars ($204.25) and RevPAR rose 3.8% to SG$224.42 ($168.37).
Singapore reported hotel occupancy rose 0.4% to 86% in February, according to preliminary STR monthly data. ADR increased 4.7% to 286.56 Singapore dollars ($218.63) and RevPAR rose 5.2% to SG$246.52 ($188.08).