Singapore hotel takings, occupancy rates up in February

SINGAPORE hotel revenues and occupancy rates picked up in February, reversing from the dip in the previous month, Singapore Tourism Board data showed on Thursday (Mar 30).

Overall hotel room revenue grew to S$354.5 million in February, more than three times the year-ago figure. On a monthly basis, it increased 10.4 per cent, from S$321.2 million in January.

Average room rate (ARR) was up 47.9 per cent from the same period a year earlier to S$277.62, and nudged up slightly from January’s revised rate of S$274.79.

Also higher than the previous month was revenue per available room (RevPAR), which inched up to S$232.16 in February from S$193.37. On a year-on-year basis, RevPAR was up 93.5 per cent.

The latest figures came as Singapore’s tourist arrivals grew to a new high of 957,605 since the onset of the pandemic.

Hotel occupancy rates climbed to 83.6 per cent in February, from 70.4 per cent in the month before. On a yearly basis, occupancy rates rose 19.7 per cent.

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Across hotel categories, performances improved slightly from a month ago, with higher ARRs for the economy (S$142.49), mid-scale (S$227.12) and upscale (S$333.79) segments. Luxury was the only category in which ARR dipped in February to S$559.17 from S$585.97.

Nevertheless, these prices were still higher than in January last year and pre-pandemic January 2020.