In March 2024, Singapore’s hotel industry saw a notable rise in average room rates (ARR) and revenues, alongside a surge in tourist arrivals, as revealed by the Singapore Tourism Board (STB). The ARR reached S$301.49, marking a 1.3% increase from February and a 14.3% rise year-on-year.

Tourist arrivals peaked at 1.48 million, driven primarily by visitors from Southeast Asia, including Indonesia and Malaysia. Key events, such as Taylor Swift’s six concerts in early March, significantly contributed to the increase. Over 300,000 attendees visited Singapore for the concerts, boosting spending across various sectors.

Other key metrics, such as revenue per available room (RevPAR) and the average occupancy rate, also rose. Hotel room revenue in March reached S$493.8 million, up 9.5% from the previous month, while RevPAR climbed to S$252.79.

The luxury hotel segment saw a slight decrease in ARR, but all other categories, including upscale, mid-tier, and economy, experienced sequential growth.