Singapore travel agency moves into hotels
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CTC Holidays, one of Singapore’s largest travel companies, is venturing into the hotel business.
The Straits Times reported that the agency would be opening ‘@ Gallery Suites’, a 40-room deluxe hotel, in Shanghai next month. The US$4 million venture is the first of 20 planned for various cities in the region, over the next five years, the report said.
The report said the company was confident that by the end of the fifth year, its hotel operations would turn over annual revenue of at least US$50 million.
CTC Managing Director, Wee Hee Ling, told the newspaper; “The intensely saturated tourism landscape in Singapore presents CTC Holidays with a multitude of competitors, all of which by and large provide similar products and services. Having carved a foothold in the travel sector, we feel the decision to expand into hospitality is a timely and appropriate one.”
The report added that despite the slowing economy, many are still spending on travel, evident through the overwhelming response to recent travel fairs. Wee was quoted saying that it was this desire to travel that was a key factor in the company venturing into hotels.
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