S’pore hotel rates and other indicators fall in April

Tourism blip: The Marina Bay Sands hotel and casino in Singapore. At 77.5%, April’s average occupancy rate dipped from March’s 83.8%. — Bloomberg

SINGAPORE: Singapore hotels’ average room rate (ARR) dropped month-on-month in April, in line with the fall in tourism arrivals, Singapore Tourism Board (STB) data show.

ARR in April slipped 6.6% to S$279.44 from S$299.04 in March, though it was still 3.2% above the year-ago period’s ARR of S$270.53.

The latest figures came as April international visitor arrivals slipped to 1.36 million, following the high in March drawn by the Taylor Swift concerts in Singapore.

Overall hotel room revenue, at S$404.9mil, marked a 17.5% drop from the preceding month’s year-to-date high of S$490.8mil.

It was the lowest overall room revenue recorded so far in 2024. Still, April’s figure was up 11.5% on year.

Also recording a year-to-date low was April’s revenue per available room (RevPAR), which fell 13.6% to S$216.60 from S$250.71. But year-on-year, RevPAR was up 2.8%.

At 77.5%, April’s average occupancy rate dipped from March’s 83.8% and came in lower than the pre-pandemic rate of 83% in January 2020. It was also the lowest occupancy rate recorded in the first four months of 2024.

Across hotel categories, performances were down month-on-month. ARR was down to S$644.96 in the luxury segment, S$324.93 in the upscale, S$209.36 in the mid-tier and S$138.56 in economy.

Based on STB’s data for the year-to-date, room revenue reached S$1.77bil in April, up 27% from the corresponding year-ago period. ARR for the first four months of 2024 gained 6.8% to S$288.22; RevPAR rose 10.7% to S$232.57; and the average occupancy rate grew 2.9% to 80.7%. — The Straits Times/ANN