Chart of the Day: Here's proof that hotels are still empty despite rising tourist numbers

RevPAR has been on a decline since 2012.

Singapore's hotels are having a hard time luring tourists into their suites, as revpar has been on a constant decline even with the surging tourist numbers recorded by the Singapore tourism board.

According to OCBC Investment Research, June has been a poor performing month in 2Q, with RevPAR falling 11.2% YoY on the back of a 4 point decline in Average Occupancy Rate (AOR) and 6.7% dip in Average Room Rate (ARR).

The report said the room supply interjection will not be adequately matched by a growth in demand.

"The room supply is expected to increase another 4.7% to 63.8K rooms this year. Even though visitor days has shown a healthy start, the outlook for corporate demand remains weak, especially for corporates in the Oil & Gas and Financial sectors. As such, we expect this supply overhang to worsen this year, contributing to downward pressures on RevPAR," the report said.