Singapore hotels' average occupancy down to 51%

Hotel rooms remain half-filled resulting in a 40% decline in revenue.

Singapore hotels’ average occupancy plunged by 32.1 percentage points (ppt) MoM to 51% in February from 83.1% in January, according to data from the Singapore Tourism Board (STB). On a YoY basis, occupancy rate also dived by 37.5 ppt from 88.5% in 2019.

The decline was due to border restrictions to curb the COVID-19 pandemic.

Room revenues also fell to 40% in February as hotels remain half-filled. The average room rate saw a 2.3% YoY drop at $230 as its revenue per room (RevPaR) dropped by 41% YoY down to $117.

Large hotels suffered the most by falling 39.5 ppt YoY to 51.4% in occupancy rates. Likewise, RevPaR crashed to $125 with a 42.7% YoY drop. Medium-sized hotels were moderately hit in comparison, dropping by 35.4 ppt in occupancy rate to 52.1%, whilst its RevPaR also fell 36.3% to $114.

Meanwhile, small hotels are said to be least affected but its occupancy rate still dipped by 26.6 ppt YoY to 46.2%. RevPaR for these hotels also slipped by 30% YoY to $71.