Question
The hotel sector in Singapore has benefited from rising tourism numbers, with hotel room revenue for the six-month period gaining around nine per cent to
The hotel sector in Singapore has benefited from rising tourism numbers, with hotel room revenue for the six-month period gaining around nine per cent to S$1.94 billion. The Singapore Tourism Board (STB) is the main agency that tracks hotel occupancy rate. Moreover, STB needs ensure adequate supply of rooms in order for Singapore MICE (Meetings, Incentives, Conferences and Exhibitions) sector to grow. STB says that the tourism industry should benefit this year from a strong pipeline of MICE events. As the sector champion for the hotel industry, STB focuses on industry development, capability enhancement, and the regulation of hotels in Singapore.
Your company has been engaged as a consultant to a China-based boutique hotel chain to aid them in making business decision on whether they should setup their flagship hotel in Singapore by performing some data analysis. One of your team members has provided you with selected data extracted from STB's website for you to analyse (refer to the images attached below). It contains two key indicators:
? Paid Lettings (monthly)
o This refers to Room Nights paid for by hotel guests (rooms blocked or occupied multiplied by the number of nights each room is reserved or occupied in a month)
? Total Room Revenue ($ m)
o This refers to paid lettings multiplied by the hotel room rate per night and is expressed in millions.
Discuss which method you would use to forecast the monthly Paid Lettings in 2019 and which time period of data is relevant to the forecasting.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started