Singapore hotel room rates hit six-year high as tourism recovers

Hotel room rates in Singapore jumped last month to their highest level in nearly six years. (PHOTO: ROSLAN RAHMAN/AFP/Getty Images)

By Ranjeetha Pakiam

(Bloomberg) – Hotel room rates in Singapore jumped last month to their highest level in nearly six years as tourism recovers in the city-state after the government relaxed measures against coronavirus.

The average rate in June was S$238.32, the highest since September 2016, according to Data from the Singapore Tourism Board. This represents a 63% increase on the previous year, when quarantine rules were still in place.

Singapore in April became one of the first major regional economies to announce that it end all testing for incoming vaccinated travelers as the government continued its efforts to live with Covid-19. A resumption of major conferences and events has also drawn visitors, and STB data showed a nearly 12-fold increase in arrivals in the first half of 2022 compared to the same period a year ago.

Singapore expects to receive between 4 and 6 million visitors in 2022, although tourist flows will face headwinds for the rest of the year due to the volatility of the global political and economic environment, as well as of the evolving health situation, the STB said last week.

© 2022 Bloomberg L.P.

Comments are closed.