Champagne days for Singapore hotels, but climate change poses a big risk

DESPITE mounting economic uncertainties, Singapore’s hotels are buzzing.

In July, the average room rate (ARR) and revenue per available room (RevPAR) of hotels here rose by 12.8 per cent and 28.3 per cent year on year (yoy) respectively, based on the Singapore Tourism Board’s data. Versus pre-pandemic levels in July 2019, ARR and RevPAR in July 2023 jumped 32.8 per cent and 27.2 per cent, respectively.

In the luxury segment, the ARR in July 2023 was S$598.60, versus S$530.80 in July 2022 and S$452.30 in July 2019.