Luxury hotels posted the most resilient performance.
Figures from the Singapore Tourism Board showed that luxury hotels in Singapore started the year right.
According to STB, visitor arrivals were up 1.9% in February 2017. In the first two months of the year, arrivals registered a 3.4% growth.
However, visitor days were shortened by 1% in February. Combined with figures in January, visitor days were down 2.1%.
This was offset by overall improvement in revenue per available room (RevPAR), which was up 0.5% in the first two months.
Luxury hotels posted the most resilient performance with an 8.6% year-on-year increase. Meanwhile, mid-tier hotels posted the poorest performance with a 6.1% yoy decline.
"We note that both visitor arrival numbers and RevPAR figures for the first two months of the year may be skewed given the variable timing of Lunar New Year festivities. Nonetheless, the figures seem to suggest the start of another challenging year for Mid-tier hotels," said OCBC Investment Research.
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