Singapore’s hotel industry saw a significant rise in average room rates (ARR) and revenues in March 2024, fueled by an increase in international tourist arrivals, according to data from the Singapore Tourism Board (STB). The ARR reached S$301.49, a 1.3% increase from February and 14.3% higher year-on-year.

Tourist arrivals also climbed to a post-pandemic high of 1.48 million, driven largely by visitors from Southeast Asia. Events like Taylor Swift’s six concerts at the National Stadium, which attracted over 300,000 attendees, played a key role in boosting these figures.

Other hotel performance indicators, including revenue per available room (RevPAR) and the average occupancy rate, also improved. Overall hotel room revenue for March hit S$493.8 million, marking a 9.5% increase from February and a 37% jump compared to the same period last year.

Despite a dip in Chinese visitors after the Chinese New Year peak, arrivals from Indonesia and Malaysia saw substantial growth, reinforcing Southeast Asia’s strong presence in Singapore’s tourism rebound.

While most hotel categories saw ARR increases, the luxury segment experienced a slight decline to S$667.36, reflecting varied trends across different market tiers.