Singapore hotel average rates to rise by 7.5% in 2024

As a regional hub for business and tourism, demand growth for SG hotels will continue to increase.

Hotel rates likely will continue to rise in most locations globally in 2024, including Singapore, despite an expected softening of leisure travel demand, according to Hotel Monitor 2024 by American Express Global Business Travel (Amex GBT).

The report showed that average hotel average rates in Singapore can increase by 7.5% in 2024.

The expected increase in Singapore is lower than neighbouring Asian cities like Shanghai, where hotel rates are predicted to rise by 8.4%, and Bengaluru, India, which will likely see an 11.1% uptick.

This room rate hike is caused by reasons such as local inflation and the continued uptick in business travel, and meetings and events.

"Singapore is a regional hub for business and tourism, attracting a mix of leisure and corporate demand. Its tourism sector recovered strongly in 2023. As APAC’s primary meeting destination, demand growth should continue in 2024 off the back of returning meetings and exhibitions. Singapore operates a Goods and Services Tax (GST) which applies to hotel bills; this will rise to 9% from January 01, 2024," the report noted.

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