Average hotel occupancy rate increased by 7.2% to 80.82% from January-October 2023, year-on-year. Photo Credit: MBS
Singapore hotel average room rates reflected the lowest rates in
March 2023 and the highest in September 2023, according to the latest
January-October 2023 statistics from the Singapore Tourism Board (STB).
Next year, with major concerts taking place in March, such as Taylor
Swift and Rod Stewart concerts, average room rates will be expected to
be skewed towards a higher number that month.
Meanwhile, hotel occupancy rates showed rates declining to 78.1% in
October 2023, down from September's 82.7%. In comparison to the previous
year, a 6.2% decline was recorded, as was expected with the slew of new
hotel openings this year.
Sustained high demand
For planners, the news of available room nights which have increased
from 1.65 million in January 2023 to 1.9 million in October 2023 might
be something to cheer about, but this enthusiasm will be tampered by the
sustained high demand with the average occupancy rate increasing by
7.2% to 80.82% from January-October 2023, year-on-year.
Average room rate was S$278.08 (US$208.20) in October, lower when
compared with the average room rate of S$282.81 from January to October
2023.
Luxury hotel ARR:
Lowest in March 2023: S$561.51
Highest in September 2023: S$698.76
October 2023: S$581.75
Upscale hotel ARR:
Lowest in March 2023: S$316.18
Highest in September: S$385.29
October: S$321.10
BCD Travel expects Singapore’s hotel average daily rate in 2024 to
rise by 4.8%. The biggest rate increase in APAC is expected to come from
Japan (10%) and India (10%).