Hotel average room rate dips 2.6% YoY  in October

REVPAR fell in the same month.

The average room rate of hotels fell 2.6% YoY to $278.08 in October, data from the Singapore Tourism Board showed.

In the same month, revenue per available room (REVPAR) fell to $217.05, a 9.8% drop from October 2022.

Meanwhile, the average occupancy rate in October was 78.05%, 6.2% lower than October 2022's record.