Major MICE events in April saw more tourists checking in Singapore hotels.
According to DBS, the strong visitor numbers, fueled by major MICE events like Food & Hotel Asia held in April 12, have led to strong demand for rooms, and thus room rates have remained on a firm uptrend on a q-o-q basis.
Here's more from DBS:
Hotel performance remains robust, with occupancies hovering at a high of c87%. Average room rates at S$261/night, translating to a RevPAR of c.S$227/night, represent a 12% y-o-y jump, surpassing the S$216/night.
We expect hoteliers to report sequentially stronger RevPAR in the coming quarters. Hospitality data should continue to remain robust given the expected strong line-up of MICE events in the coming months (eg.CommunicAsia 2012 to be held from 19-22nd June, F1 race in September12) and the seasonally peak tourist holiday season in June-July.
In addition, supply is expected to remain tight, especially in the core city area given the closure of Pan Pacific Singapore (790 rooms, representing close to 1.5% of total room supply in Singapore) for renovations and is expected to re-open only in September12 in time for the Formula one race.
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