STR Global's preliminary August data for Singapore indicates flat hotel performance in the three key metrics of occupancy, average daily rate and revenue per available room.
Based on STR Global daily data from August, preliminary data for Singapore includes:
increases in supply (6.9 percent) and demand (7.8 percent);a 0.9-percent increase in occupancy to 87.0 percent;a 0.3-percent increase in ADR to SGD294.19; anda 1.2-percent rise in RevPAR to SGD256.00.
"Singapore was impacted by a general slowdown of the Asian economies, but it also has seen a sharp increase in supply that led to stagnation in occupancy", said Elizabeth Winkle, managing director of STR Global.
"Based on the recent slowdown in Singapore, the year-end 2013 forecast has been revised downward", said Naureen Ahmed, manager of marketing and analysis at STR Global. "ADR will remain flat and occupancy is expected to fall, bringing RevPAR to SGD247.60".
STR Global will release August 2013 results in two weeks. Revised 2013 forecasts will be available in November.
About STR Global:
STR Global provides clients-including hotel operators, developers, financiers, analysts and suppliers to the hotel industry-access to hotel research with regular and custom reports covering Europe, Middle East, Africa, Asia Pacific and South America. STR Global provides a single source of global hotel data covering daily and monthly performance data, segmentation data, forecasts, annual profitability, pipeline and census information. Hotel operators can join the surveys on a complimentary basis and benefit from free industry data. STR Global is part of the STR family of companies and is proudly associated with STR, RRC Associates, STR Analytics and Hotel News Now. For more information, please visit www.strglobal.com.
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