It is turning out to be an encouraging year for hotels here, with occupancy rates higher than they have been over the last four years. And the fillip is being felt during the Formula One (F1) period.

According to figures obtained by The Straits Times from global data and benchmarking firm STR, occupancy level for this year is set to hit 83 per cent, bringing it up to 2014 levels before a slight dip in the intervening period - which had raised some worries over whether there was an oversupply of rooms here.