The data also marks the lowest absolute RevPAR level for a November in Singapore since 2009, STR noted.
STR’s preliminary November 2016 data for Singapore indicates overall performance declines.
The data also marks the lowest absolute RevPAR level for a November in Singapore since 2009, STR noted.
Based on daily data for the month, Singapore reported the following in year-over-year comparisons:
• increases in supply (+4.0) and demand (+2.2%);
• a 1.8% decrease in occupancy to 81.1%;
• a 4.2% decrease in average daily rate (ADR) to S$273.49; and
• a 5.9% decrease in revenue per available room (RevPAR) to S$221.74.
The absolute occupancy level fell in line with the country’s average through the first 10 months of 2016 (81.7%). STR analysts note that the market has struggled since concerns over the Zika virus surfaced in August.
Consistent supply growth (+3.5% year to date through October) and fewer major events in the market also have played a role in lower performance, STR said.