Singapore Hotels Discounting
SIGNIFICANT performance variations have emerged in Asia Pacific’s most important hotel markets where rates are being slashed to prop up sliding occupancies. According to the latest STR Global statistics, the biggest occupancy drop in July was recorded in Japan at, contextually speaking, a relatively modest 7.6% compared with 2008. India was also off by a similar amount. But it’s when RevPAR is examined that the real story emerges. RevPAR fell 23.6% in Singapore, 25.5% in India and 18% in China. Australia fared best with a 5.3% fall in occupancy and 13% drop in RevPAR. It seems that the rate of decline has slowed. "Asia showed slight signs of improvement in July, with many markets falling less than the previous month," said James Chappell, Managing Director of STR Global. More …
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