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STR Reports Preliminary February 2014 Data for Hotels in London, Singapore and Sydney

Travel News Asia Videos Podcasts Latest Travel News Asia Monday, 17 March 2014
 

STR Globals preliminary February 2014 data for hotels in Singapore shows positive results for the three key performance metrics. Preliminary data for Singapore shows:

- increases in supply (+3.5%) and demand (+10.1%);

- a 6.4% increase in occupancy to 88.7%;

- a 9.9% increase in ADR to Sin$319.17;

- a 17.0% increase in RevPAR to Sin$283.25; and

- a 3.6% increase in RevPAR is expected in 2014.

Singapore posted double-digit RevPAR growth for the first time in the last two years, recording the highest levels in this measure of any February since STR Global began tracking hotel performance in this market, said Elizabeth Winkle, managing director of STR Global. Strong ADR was main contributor to this trend, and is expected to drive positive RevPAR performance in 2014.

London

Preliminary data for London shows:

- increases in supply (+1.2%) and demand (+2.9%);

- a 1.6% increase in occupancy to 76.8%;

- a 4.9% increase in ADR to 128.12;

- a 6.6% rise in RevPAR to 98.34; and

- a 4.2% increase in RevPAR is expected in 2014.

London continued to grow RevPAR in February for the sixth month in a row, mainly driven by an increase in ADR, said Ms. Winkle. The fast growing U.K. economy as well as the continuing recovery of the Eurozone suggests a positive outlook in terms of hotel performance for the British capital in 2014.

Sydney

Preliminary February data shows a positive trend for Sydney:

- increases in supply (+2.2%) and demand (+3.9%);

- a 1.6% increase in occupancy to 90.6%;

- a 4.8% growth in average daily rate to A$217.99;

- a 6.5% increase in revenue per available room to A$197.40; and

- a 0.9% increase in RevPAR is expected in 2014.

Sydney continued to grow RevPAR in February, setting a new high for the month since STR Global began tracking hotel performance for the marketl, Ms. Winkle said. ADR has been driving the positive trend for the first two months of the year, and is expected to continue this performance for the rest of 2014.

STR, Singapore, Sydney, London

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