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Hotel ADRs to outperform in 2024 with packed event calendar
April 2024 year-to-date Average Daily Rates was $288.
With an events-packed calendar, CBRE believes the Average Daily Rates (ADRs) of hotels in Singapore will continue to outperform in 2024.
Data from the real estate expert showed that April 2024 year-to-date (y-t-d) ADR was $288, 32% higher than April 2023 y-t-d.
Revenue per Available Room (RevPAR) was also 25% higher.
The market reported a record performance in March, thanks to Taylor Swift's Eras Tour.
ADR during the period was $358.91, reflecting a 12.7% YoY increase, while RevPAR reached $284.03, up 18.5%.
In September, Singapore will host the Formula 1 race, which CBRE says will boost hotel revenues to levels "somewhat similar to the highs seen last year at $492.4 million."
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