Hotel room supply growth to outstrip 5.4% demand

Even length of stay is dropping.

According to OCBC, they have learnt that players in the local serviced residence industry believe that demand for 2013 will remain flat, with rates staying flat or declining.

This corroborates their view that 1H13 is challenging for the Singapore hospitality industry.

Here's more from OCBC:

For 2013-2015, we forecast that hotel room supply will grow 5.8% p.a., faster than hotel room demand growth of 5.4% p.a.

We believe that the average length of stay per visitor is declining, at least partially due to the strong SGD, and this means fewer hotel room nights. Singapore is facing a potential oversupply situation for its local lodging industry over the medium-term.

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