Chart of the Day: Here’s how much room rates were slashed by desperate hoteliers

Average daily rates fell by 5.7% in May.

The hospitality sector has been bombarded with an unexpected supply glut, as RevPAR fell by 7.4%.

According to RHB, RevPAR for both CDL Hospitality Trusts and OUE Hospitality Trust fell by 4.4% and 8.7% respectively.

Meanwhile, occupancy rates have stayed afloat at above 81% since 2014.

Analysts from RHB said the challenging environment for the hospitality sector will continue to persist as tourist arrivals are on the decline and the SGD is holding up strongly against Singapore's top visiting countries.

"In addition, China has recently devalued its CNY, which we believe would eventually reduce the number of visitor arrivals in Singapore in a meaningful way," RHB said.