LONDON - STR's preliminary June 2017 data for Singapore indicates higher occupancy levels and lower rates, while data for Melbourne, Australia, indicates a slight dip in occupancy, but an increase in rates.
Based on daily data from June, Singapore reported the following in year-over-year comparisons:
The absolute ADR and RevPAR levels would be the lowest for a June in Singapore since 2010. The country has posted year-over-year declines in ADR each month since February 2016, which STR analysts attribute to growing hotel supply and economic challenges.
STR analysts also note that Singapore's strong demand for the month was likely boosted by an 11-day calendar shift in Ramadan. With an earlier Eid Mubarak, the usual influx in foreign visitors from key tourism source markets like Indonesia occurred in June as opposed to July.
Based on daily data from June, Melbourne reported the following in year-over-year comparisons:
STR analysts attribute the occupancy decline to substantial supply growth. Demand performance also remained healthy in the market. On Friday, 9 June, Melbourne hosted an international friendly soccer match between Brazil and Argentina, resulting in significant occupancy growth (+9.5%) and a double-digit rise in ADR (+29.9%) compared with the same day last year.