Singapore Is a Regional Recovery Standout

STR’s global bubble chart for October 22 showed Singapore standing out in the Asia Pacific region while noting continued, steady recovery for most of the world. Among the 48 countries with room supply of more than 50,000 hotel rooms, 11 reported occupancy above 75%, one less than the previous 28-day period. Average daily rate was a bit softer as one less country reported US$250 or more. Singapore was the star of AP, joining the top five performing countries on a RevPAR basis, a first for an Asian country in 2022. Grand Prix week was the catalyst, lifting ADR to US$271 for the period. STR said China and Vietnam remain 25% below pre-pandemic levels in occupancy while most other Asia Pacific countries continue to recover from the pandemic slowly.

IHG Hotels & Resorts announced a partnership with Shenzhen Bay Area Urban Construction and Development Co. Ltd. to develop a new luxury and lifestyle hotel, the Regent Shenzhen Bay. The hotel is located in Shenzhen Bay Super Headquarters by Shenzhen Bay. Upon completion, it will be the tallest Regent hotel, expected to open in 2028. The hotel will have 175 rooms in three distinctive room types.

The Fullerton Ocean Park Hotel Hong Kong officially opened The Fullerton Spa, offer