Clear Winners Emerge From Trump-Kim Summit: Singapore Hotels
(Bloomberg) -- The June meeting between U.S. 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 percent in the April-to-June period, higher than the average 70 percent in Asia Pacific and Singapore’s best 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 percent 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. That’s the area where the two leaders stayed during their Singapore meeting, with Trump choosing the Shangri-La hotel and Kim the St. Regis. The June 12 summit itself took place at the Capella resort on the country’s Sentosa island.
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 percent, its highest second-quarter number on record while Indonesia’s second-quarter occupancy rate of 61 percent was its best since 2014.
©2018 Bloomberg L.P.