Singapore Hotels average $220 a night as tourism booms
Singapore Tourism Board expects the target of 12.5 million tourists to be comfortably met this year.
Continued strong demand for hotel rooms is due to the increasing number of visitors to Singapore, Li Hiaw Ho, Executive Director of CBRE, said.
Some 963,000 tourists came to Singapore in November 2010, up 16% as compared to November 2009. From January to November of the previous year, around 10.51 million tourists came to Singapore.
In the hotel sector, the average occupancy rate gained 3.9 percentage points y-o-y to 89% in November 2010. Average room rate grew by 10.5% y-o-y to $220 in November 2010.
"In light of the demand for hotel rooms, we are likely to see other well-located sites on the reserve list being launched for tender." said Li Hiaw Ho.
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