Singapore hotels emerge winners from Trump-Kim summit

SINGAPORE (July 23): 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 Southeast Asian city-state reached 81% in the April-to-June period, higher than the average 70% 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% 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.

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