Singapore’s hotel industry remains robust in Q3

As for investments, the sector remained stable with seven transactions.

Singapore's hotel industry performed strongly during the third quarter driven by live, sporting, and theatre events, according to CBRE.

Average room rates during the September Formula One Grand Prix were 10% higher than the previous year.

Luxury hotels also contributed with rates increasing to 7% year-on-year and record-high revenue per available room.

As for investments, the hotel sector has remained stable for the year with seven transactions completed. Investors are eyeing limited-services properties as potential acquisitions as hotel operation expenses are increasing. 

According to CBRE, limited supply in the pipeline should ensure average daily rate consistency for the next six months. Additionally, as Singapore’s currency is expected to slightly weaken, leisure travel is set to boost occupancy rates.