Besides high demand, Wong and Tan say the hotel industry also saw a “robust” average daily room rate (ADR) recovery in the second half of 2022.
DBS Group Research analysts Geraldine Wong and Derek Tan are of the view that “sky-high rates are here to stay” for hotels in Singapore.
The analysts write in a Dec 13 report that hotel revenue per available room rate (RevPAR) is currently at 120% of 2019 levels, due to staycation demand and the return of MICE events, referring to meetings, incentives, conferences, and exhibitions.
