24 Oct '11, 2am

Higher demand for hotel rooms leads to 12% increase in hotel rates from last year

Higher demand for hotel rooms leads to 12% increase in hotel rates from last year

The hotel-room inventory continues to grow, with new hotels like Oasia (above) catering to the influx of tourists, whose numbers are set to reach up to 13 million this year. -- ST PHOTO: TERRENCE LIM By Ng Kai Ling Hotel rates in Singapore have climbed by more than 12 per cent since last year, with the supply of rooms unable to keep up with rising demand. Last year, tourists paid an average of $212 a room - which was $20 more compared with 2009. The average rate has climbed to about $240 this year and industry players expect this to reach $250-$270 by the year end, which is still lower than in cities like Tokyo, Shanghai and Hong Kong. Background story ON THE WAY Equarius Hotel at Resorts World Sentosa The seven-storey building is due to open by the year end. It will have 172 rooms that, at 50 sq m each, are bigger than the 30 sq m to 40 sq m rooms at average hotels. They ...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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