Hotel room rates expected to keep rising
HOTEL room rates are expected to remain buoyant, thanks to the boost from the integrated resorts and the opening of the new International Cruise Terminal.
Although more hotels are being built, CB Richard Ellis (CBRE) Hotels expects average room rates to rise by 10 to 15 per cent this year, from last year’s levels.
Last year, average room rates islandwide rose by 11.3 per cent.
Data from the Singapore Tourism Board (STB) shows that average room rates for mid-tier hotels made the greatest gain, with a 22.4 per cent rise in rates to $168.50.
CBRE also expects islandwide occupancy levels to come in at between 83 per cent and 86 per cent for the full year this year – an improvement on the 81.8 per cent and 83 per cent occupancy levels recorded in the first two months of the year.
‘The projected range average occupancy rate for 2011 is still indicative of a very busy year for the hospitality market,’ CBRE said on Tuesday.
Source: The Straits Times, Singapore, 3rd May 2011
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