15 Jan '13, 12am

Singapore's room shortage in Raffles Place district eases with Pan Pacific's newest property Parkroyal

Singapore's room shortage in Raffles Place district eases with Pan Pacific's newest property Parkroyal

Pan Pacific Hotels Group Ltd. via Bloomberg An artist's rendering of the Parkroyal on Pickering. Pan Pacific Hotels Group Ltd. (PPAC) , the hospitality company controlled by billionaire Wee Cho Yaw, will boost the number of rooms in Singapore’s Raffles Place financial district by 57 percent with its latest property. The Singapore-based company’s 367-room Parkroyal on Pickering , located at the edge of Raffles Place, opens tomorrow in the area where banks including Morgan Stanley, Wee’s United Overseas Bank Ltd. and BNP Paribas SA have their key offices. Occupancy rates in Singapore averaged 86 percent in the past three years, as a record number of visitors were lured to new attractions such as two casino resorts and a S$1 billion ($815 million) downtown park. The number of conferences hosted in the island-state jumped 46 percent in 2011, based on the latest figures availab...

Full article: http://www.bloomberg.com/news/2013-01-14/raffles-place-ro...

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