Singapore, Hong Kong Hotel Markets Competition Intensifies
Skift Take
Singapore's hotel market is thriving with high-end travelers and strong occupancy, while Hong Kong is focusing on budget-conscious visitors as its luxury sector struggles to recover.
The latest report from Global Asset Solutions said the hotel markets of Singapore and Hong Kong are in fierce competition, both working to recover and grow post-pandemic. We see two different markets as Hong Kong has been focusing more on budget-conscious visitors while Singapore still attracts more high-end travelers. The report says Singapore had occupancy rates surpassing 83% in early 2024, with an ADR rising to US$314 and some of the luxury hotels achieving record RevPAR. Hong Kong has seen its luxury hotel sector fail to rebound to pre-pandemic levels, forcing it to focus more on mid-range and budget-conscious travelers. Hong Kong's average occupancy sits around 73%. Hong Kong is pinning some of its hopes on the new 50,000-seat stadium that will open next year.
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