Singapore hotel occupancy was 51% in February, bringing RevPAR declines for the month to 41%. Performance is likely to deteriorate further as occupancies have since fallen to 20%. Worst even months expected in Mar/Apr. On track for worst-ever monthly performance: Singapore hotel RevPAR dropped 41% on average, according to data released by the Singapore Tourism board for the month of February. This was a result of average hotel occupancy shrinking 37ppt to 51% (ARR: +2% YoY). These numbers are about to worsen come March, which is shaping up to be the worst month in history for the industry. Deputy Prime Minister Heng announced on March 26 that Singapore hotel occupancy has since reached 20% – materially below the trough occupancy of 34% last seen during the SARS period (May-03). Assuming room rates stay unchanged in Mar-20, we estimate an unprecedented RevPAR decline of 76% for...