Singapore hotel room prices surge to 5-month high; $300 per night in Feb

SINGAPORE: The average price of hotel rooms in Singapore soared to a five-month peak in February this year, reaching nearly $300, according to the latest data released by the Singapore Tourism Board. Despite a slight dip in the average occupancy rate compared to the same period last year, the figures still remained robust, with hotels boasting an 83% occupancy rate. This marks a decrease of 0.9% from the previous year but represents the highest occupancy rate since September last year. The surge in room prices was significant, with the average rate climbing by 9% year-on-year to $298. This substantial increase reflects the continued recovery of the hospitality sector amid ongoing challenges posed by the COVID-19 pandemic. Notably, compared to pre-pandemic levels in February 2019, where the average room price stood at $224, the rise is staggering, reaching approximately 33%. The average room revenue indicator for February this year also hit a noteworthy milestone, reaching $248. This figure surpassed the pre-pandemic levels and marked a five-month-high, indicating a promising trajectory for the industry's recovery. As global travel gradually resumes and domestic tourism gains momentum, industry stakeholders remain cautiously optimistic about the months ahead.