Chart of the Day: Check out Singapore hotels' negative RevPAR growth since 2012

For January through August, they registered a -2.7% growth.

Hoteliers maybe scratching their heads right now as they see negative growths in their revenue per available room (RevPAR). According to OCBC Investment Research, average occupancy rates, average room rate, and RevPAR saw growths of 0.1ppt, -2.9% and -2.7% YoY, respectively.

"For the current quarter, our channel checks have revealed that Oct was a particularly poor month for hotels, and we will keep tabs on indicators for Nov and Dec," OCBC Investment Research said.

The firm said corporate demand has been tepid even with robust tourist arrivals,.

"Given that corporate demand commands higher ARR compared to wholesale group, it is unsurprising that RevPAR has dropped 2.7% YoY for the Jan-Aug period," OCBC noted.

The firm furthered, "Looking forward to FY17, with a forecasted 6.1% growth in hotel rooms and tepid economic growth outlook, RevPARs are expected to continue their decline, and especially so for hotels that rely on corporate demand."