WASHINGTON – 10 April 2024 – The host of six Taylor Swift concerts, Singapore’s hotel industry posted its highest March average daily rate (ADR) and revenue per available room (RevPAR) on record, according to preliminary data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
March 2024 (year-over-year % change):
- Occupancy: 79.1% (+5.1%)
- Average daily rate (ADR): SGD358.91 (+12.7%)
- Revenue per available room (RevPAR): SGD284.03 (+18.5%)
Historically, Q1 and Q2 daily occupancy levels are lower post-Chinese New Year and prior to events picking up in Q3. The Eras Tour gave a much-needed boost to Singapore hotel occupancy, with the highest daily levels seen during the six concert dates (2-4 and 7-9 March). Saturday, 2 March, and Sunday, 3 March, led with occupancy at 92.7% and 92.5%, respectively.
Overall, the market’s daily occupancy levels came in above the 70% mark in all but three days.
Swift’s performances also pushed ADR levels as high as SGD438.36 on Saturday, 2 March.
A full APAC Eras Tour analysis can be found here.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
