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Photo from Envato Elements
Average hotel room rates drop 0.1% YoY to $282.26 in August
The ARR rose 1.7% MoM.
The average room rate of hotels in Singapore stood at $282.26 in August, dropping 0.1% year-on-year (YoY) and rising 1.7% month-on-month (MoM), according to the Singapore Tourism Board.
The economy, mid-tier, and upscale hotel categories saw YoY ARR declines of 0.9%, 1.1%, and 1.8%, respectively, whilst luxury hotels experienced a 6.7% YoY increase.
Meanwhile, the average occupancy rate slipped to 87.71% from 89.61% in July.
Overall Revenue per Available Room (RevPAR) rose 1.5% YoY but slipped 0.5% MoM to $247.56.
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