SINGAPORE (BLOOMBERG) - 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 Singapore reached 81 per cent in the April-to-June period, higher than the average 70 per cent 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 per cent 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 per cent, its highest second-quarter number on record while Indonesia's second-quarter occupancy rate of 61 per cent was its best since 2014.