Singapore hotel sector to stabilise in 2010
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Hotel occupancies in Singapore could well stabilise as soon as early as next year, according to hotel consultancy, Horwath HTL. According to a Straits Times report, Horwath based its prediction on the two integrated resorts leading to an increase in visitor numbers when they open in Marina Bay and Sentosa next year.
In the first three months of this year, occupancy fell 12% to 67% for mostly three- to five-star hotels. The global economic downturn has already prompted a 16% decline in average daily rates to SG$260 (US$185), the report added.
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