Singapore’s hotel occupancy rates reach highest levels over decade
SINGAPORE, VNA, – Singapore’s hotel occupancy rates have climbed to the highest levels in over a decade as travellers and business events switched from Hong Kong, where pro-democracy protests have slammed tourist numbers and wide business sentiment, Reuters reported.
The latest data released by Singapore’s tourism board showed average occupancy rates at hotels hit 93.8 percent in July, the highest since 2005, and up from 92.5 percent a year ago.
The data also showed the highest revenue per room in almost four years, a trend analysts and hoteliers was helped by conferences switching from rival business hub Hong Kong as protests that started in mid-June turned increasingly violent.
Revenue per available room, a key performance metric for the hotel industry, rose to 203.7 SGD (146 USD) in July, its highest since October 2018, and from 200.2 SGD in July 2018.
The Global Wellness Summit, a gathering of around 600 health and beauty industry delegates scheduled for mid-October recently said it was moving to Singapore from Hong Kong. The event organisers said this was “to ensure travel is as seamless as possible”.
According to Jefferies analyst Krishna Guha, events in Hong Kong would have been a factor in lifting Singapore’s hospitality sector.
He said the unrest would have weighed on tourists’ summer travel plans, while other factors included tightening hotel supply in Singapore during its peak season for North Asian visitors and the weaker Singapore dollar.
In Hong Kong, the city’s airport has suffered repeated disruptions due to demonstrations and hotel operators have reported lower occupancy rates and booking cancellations. Many countries such as Singapore have advised their citizens to defer non-essential travel to the Hong Kong Special Administrative Region.
Alicia Seah of travel agency Dynasty Travel said the outlook for Hong Kong remains bleak for September and the rest of the year, adding inquiries and bookings have come to a standstill since last month’s airport shutdown.
Both leisure and business travellers are opting to travel to Singapore instead of Hong Kong, she said.- VNA