In a recent report published on June 4, 2024, by the Singapore Tourism Board, it was revealed that hotel rates in Singapore decreased in April following a significant boost in March, largely attributed to the influx of visitors for the Taylor Swift concerts.

The average room rate (ARR) for hotels in Singapore fell by 6.6%, dropping to S$279.44 from S$299.04 in March. Despite this decline, the ARR remains 3.2% higher than the same period last year, when it was S$270.53.

International visitor arrivals dropped to 1.36 million in April, marking a significant decrease from March’s figures, which were bolstered by the concerts. Consequently, overall hotel room revenue also fell by 17.5%, totaling S$404.9 million, representing the lowest revenue recorded so far in 2024, although it was up 11.5% compared to April last year.

April’s revenue per available room (RevPAR) decreased by 13.6% to S$216.60, down from S$250.71 in March, while still showing a 2.8% increase year-over-year. The average occupancy rate also dropped to 77.5%, down from 83.8% in March and lower than the 83% pre-pandemic rate recorded in January 2020, marking the lowest occupancy rate in the first four months of 2024.

Performance across hotel categories showed a downward trend, with luxury hotels reporting an ARR of S$644.96, upscale hotels at S$324.93, mid-tier hotels at S$209.36, and economy hotels at S$138.56.

Despite the recent declines, data for the year-to-date indicates a room revenue total of S$1.77 billion in April, reflecting a 27% increase compared to the same period last year. Overall, the ARR for the first four months of 2024 increased by 6.8% to S$288.22, with RevPAR rising 10.7% to S$232.57, and the average occupancy rate improving 2.9% to 80.7%.