Singapore hotels average room rate surges 48% in February 

The occupancy rate was undaunted, increasing by 13.26 percentage points from January. 

Singapore hotels' average room rate increased to $277.62, a surge of 48% compared to $187.69 in the same period last year and a slight increase from $274.62 in January.

Despite the increasing room rates, the occupancy rate continues to grow to 83.63% from 70.37%.

READ MORE: What luxury travel experience are Singaporeans willing to pay more for?

Data from the country's Tourism Analytics Network also stated that this month's numbers are higher than the average room ($187.69) and occupancy (63.91%) rates from February last year.

Meanwhile, the Revenue per Available Room (REVPAR) for the last month rose to $232.16 from $193.37 in January 2023 and $119.95 year-over-year.