Singapore Hotels, March 2020

By Robert Hecker on March 27, 2020

Singapore Covid cover

This sentiment survey was conducted by Horwath HTL Singapore, in conjunction with the SHA (Singapore Hotel Association) to gauge the initial impact of the COVID-19 pandemic.

Hotel Sentiment Survey 2020, Singapore
The survey received an unprecedented 66 responses, representing 23,924 rooms, with the following key takeaways:

  • 62% of respondents believe the impact will be felt for more than 6 months and 55% felt it’s ‘much worse’ than any previous health scares
  • Total revenue performance for 1H2020 is expected to be down 50% or more (83% of respondents)
  • Total revenue performance for FY2020 is expected to be down 50% or more (62% of respondents)
  • All market segments are expected to bounce back post pandemic with the fastest being Corporate, followed by Leisure FIT, Leisure Group and finally MICE
  • Significant majority (> 90%) of respondents have implemented contingency plans from both cost and revenue perspectives
  • Government assistance sought (top 3): subsidies (54%), reduction of levies (34%), tax breaks (25%)
Robert Hecker

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Robert Hecker