Hotel rates in Singapore surged in September, as the Formula One night race rolled into town once again.
According to the latest data from STR Global, the city’s average daily rate last month was SG$324.61 (US$255) – 9.3% higher than the SG$297.04 ADR recorded in August. The monthly average was slightly (-0.7%) down compared to September 2013, however.
And Singapore’s occupancy levels remained high in September 2014, averaging 82.5% – 0.9% higher than the same month last year, but lower than the 89.2% achieved in August 2014.
As such, revenue per available room (revPAR) edged up 0.2% year-on-year, and 1.0% month-on-month, to SG$267.84.
“Singapore managed to maintain the same levels of performance for the month of September as last year”, said Elizabeth Winkle, managing director of STR Global. “Year after year, the city of Singapore is taken over by the race track of the Formula 1 Grand Prix, which makes September traditionally the month with the highest ADR achieved for the market”.
This year’s Singapore Grand Prix took place from 19-21 September 2014.
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