Chart of the Day: Occupancy rates in posh hotels hit 81.6%

But average room rates edged up as well.

According to Knight Frank, cccupancy rates in luxury and upscale hotels improved y-o-y to reach 81.6 and 87.8 per cent respectively. 

At the same time, Average Room Rates (ARR) increased 7 to 8 per cent in each sector, to reach $300 and $428 respectively.

High value events such as the Formula One Grand Prix, Medical Tourism, MICE, and the Integrated Resorts serve to draw well-heeled visitors to the country, providing support for the upscale hotel sector.

Here's more from Knight Frank:

RevPAR for both sectors grew more than 8 per cent as a result.

Amidst stable supply conditions and healthy tourist arrivals, hotels continued to see robust demand.

Based on STB data on gazetted hotels, average occupancy rate stayed firm from a year ago at 86 per cent. Average room rates, however, grew 5.7 per cent
y-o-y to reach $261, leading Revenue per Available room (RevPAR) to increase by the same proportion.