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Photo by Gabriel Alenius on Unsplash
Average room rate of hotels climb to $298.47 in February
The February record is 9.0% YoY higher.
The average room rate (ARR) of hotels in Singapore has risen to $298.47 in February, up 6.5% MoM and 9.0% YoY.
Data from the Singapore Tourism Board showed that ARR also rose across all hotel categories.
Luxury hotels’ ARR rose from $631.75 to $679.37, whilst upscale hotels saw their ARR rising to $345.90 from $323.14.
Mid-tier and economy hotels saw their ARR increase to $218.13 from $207.31 and $144.22 from $143.72, respectively.
Meanwhile, average occupancy rates also rose MoM but slightly dipped by 0.9% YoY to 82.99%.
On the other hand, Revenue per Available Room (RevPAR) declined MoM but rose 7.9% YoY to $247.70.
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