Chart of the Day: Economy hotels hardest hit by tourism slowdown

Room rates are down 13%.

Economy and mid-tier hotels are hardest hit by Singapore’s tourism slowdown, this chart by Jefferies revealed.

The report showed that RevPar for mid-tier/economy hotels have declined 9-13% compared to a 6-7% decline for luxury/upscale hotels.

To make matters worse, the Singapore Tourism Board (STB) expects supply over the next 3 years to grow at 4.9% compound annual growth rate (CAGR).
 

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