Economy hotels likely to be worst hit in 2016: HVS poll
This is on the back of significant increase in supply and intensifying competition
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
Singapore
A PROJECTED decline in Singapore hotel market performance this year is expected to be most pronounced for hotels in the economy segment, due to the significant increase in supply and intensifying competition - shows a survey of Singapore hotel industry professionals conducted by hotel advisory group HVS.
Total revenue for hotels in the economy segment on the island is expected to slide 10.3 per cent on average in 2016, dragged by a projected 8.3 per cent fall in average daily rate (ADR) and 3.0 percentage point drop in occupancy rate.
Copyright SPH Media. All rights reserved.
TRENDING NOW
StarHub hands Ensign InfoSecurity control back to Temasek in S$115 million deal, books S$200 million gain
Singaporeans can now buy record amount of yen per Singdollar
Air India asks Tata, Singapore Airlines for funds after US$2.4 billion loss
Keppel DC Reit posts 13.2% higher Q1 DPU of S$0.02833 on strong portfolio performance
