, Singapore
Photo by Anh Hoàng for Unsplash

Singapore hotels average room rate surges 48% in February 

The occupancy rate was undaunted, increasing by 13.26 percentage points from January. 

Singapore hotels' average room rate increased to $277.62, a surge of 48% compared to $187.69 in the same period last year and a slight increase from $274.62 in January.

Despite the increasing room rates, the occupancy rate continues to grow to 83.63% from 70.37%.

READ MORE: What luxury travel experience are Singaporeans willing to pay more for?

Data from the country's Tourism Analytics Network also stated that this month's numbers are higher than the average room ($187.69) and occupancy (63.91%) rates from February last year.

Meanwhile, the Revenue per Available Room (REVPAR) for the last month rose to $232.16 from $193.37 in January 2023 and $119.95 year-over-year.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!