Market Reports: Singapore
By Damien Little on September 27, 2016
Extract from our Singapore Market Report:
Following a profound transformation into a leading hotel market in the Asia Pacific region, concerns are again at the forefront of hoteliers minds in Singapore. STR Global recently announced that in August this year, room supply increased by 5.2%, the highest since December 2013. Concerns on an ever growing supply and a recent trend of declining average room rates and hotel profitability have resulted in some negative media and talk of a need to cap future hotel supply growth. However, Horwath HTL believes that the Singapore market remains strong and resilient and that the future hotel supply pipeline does not represent the risk that is perhaps being perceived in the market. Now is not a time for Singapore hoteliers to panic and compete on price.