Clear winners emerge from the Trump-Kim summit: Singapore hotels

Clear winners emerge from the Trump-Kim summit: Singapore hotels

Hotel occupancy in the Southeast Asian city-state reached 81% in the April-to-June period, higher than the average 70% since 2013.

City views and general economy of Singapore as historic summit set to boost tourism and consumption. (Bloomberg pic)
SINGAPORE:
The June meeting between US President Donald Trump and North Korean leader Kim Jong Un has proven an unequivocal success — for Singapore’s hoteliers that is.

Hotel occupancy in the Southeast Asian city-state reached 81% in the April-to-June period, higher than the average 70%  in the Asia Pacific and Singapore’s highest second-quarter rate since 2013, according to research firm STR. The strong performance comes even after growth in Singapore’s hotel room supply, the consultancy said in an email.

In terms of revenue per available room, June was Singapore’s strongest month in the quarter, rising 6.9% from a year ago. In fact, hotels in the country’s Orchard Road tourist belt reported three consecutive days with double-digit growth in revenue per available room between June 10 and June 12, when the Trump-Kim summit took place.

Data from STR, which bases its research from a sample of nearly 62,000 hotels globally, also showed hotels in other parts of Asia performing well. Australian hotels recorded an occupancy level of 73%, its highest second-quarter number on record while Indonesia’s second-quarter occupancy rate of 61% was its best since 2014.

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