Singapore: Hotel Market

Singapore’s tourism industry performed significantly better in 2018, with visitor arrivals exceeding earlier forecasts and its hotels reversing a persistent downward trend. Visitor arrivals hit a record 18.5 million, driving occupancy levels (86 percent) that helped raise RevPAR to SGD189. As the Singapore hotel market enters a period of compression and supply growth remains slow, how will the market respond to the changed dynamics? Benjamin Oh from Horwath HTL Singapore provides the lowdown.