Singapore’s hotel occupancy rates reach highest levels over decade
Singapore’s hotel occupancy rates have climbed to the highest levels in over a decade as travellers and business events switched from Hong Kong, where pro-democracy protests have slammed tourist numbers and wide business sentiment, Reuters reported.
Singapore's most iconic hotel Marina Bay Sands (Photo: marinabaysands.com)
Singapore (VNA) – Singapore’s hotel occupancy rates have climbedto the highest levels in over a decade as travellers and business eventsswitched from Hong Kong, where pro-democracy protests have slammed touristnumbers and wide business sentiment, Reuters reported.
The latest data released by Singapore’s tourismboard showed average occupancy rates at hotels hit 93.8 percent in July, thehighest since 2005, and up from 92.5 percent a year ago.
The data also showed the highest revenue per room in almost four years, a trendanalysts and hoteliers was helped by conferences switching from rival businesshub Hong Kong as protests that started in mid-June turned increasingly violent.
Revenue per available room,a key performance metric for the hotel industry, rose to 203.7 SGD (146 USD) inJuly, its highest since October 2018, and from 200.2 SGD in July 2018.
The Global Wellness Summit, a gathering of around 600 health and beautyindustry delegates scheduled for mid-October recently said it was moving toSingapore from Hong Kong. The event organisers said this was “to ensure travelis as seamless as possible”.
According to Jefferies analyst Krishna Guha, events in Hong Kong would havebeen a factor in lifting Singapore’s hospitality sector.
He said the unrest would have weighed on tourists’ summer travel plans, whileother factors included tightening hotel supply in Singapore during its peakseason for North Asian visitors and the weaker Singapore dollar.
In Hong Kong, the city’s airport has suffered repeated disruptions due todemonstrations and hotel operators have reported lower occupancy rates andbooking cancellations. Many countries such as Singapore have advised theircitizens to defer non-essential travel to the Hong Kong Special AdministrativeRegion.
Alicia Seah of travel agency Dynasty Travel said the outlook for Hong Kongremains bleak for September and the rest of the year, adding inquiries andbookings have come to a standstill since last month’s airport shutdown.
Both leisure and business travellers are opting to travel to Singapore insteadof Hong Kong, she said.-VNA
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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Singapore's most iconic hotel Marina Bay Sands
