Singapore economy hotels hardest hit by market uncertainties

Economy hotels posted 3.2% decline in RevPar in 1H.

Singapore Tourism Board categorizes hotels into four tiers based on a combination of factors that include average room rates, location and product characteristics: Luxury, Upscale, Midtier, and Economy.

Looking at hotel revenue per available room (RevPAR) trends by segment, the Midtier and Upscale tiers seem more resilient, posting 0.6% and -0.2% YoY growth for the Jan-Jun period respectively.

Luxury RevPAR for Jan-Jun has moderated downwards to post a -1.7% growth, while Economy RevPAR posted the worst performance, with a -3.2% growth.

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