SINGAPORE, 2 May 2014: Hotels in Singapore are attracting more international chains, while as many as 11 hotels were sold to international investors, according to a Bloomberg report earlier this week.
Accor SA and the InterContinental Hotels Group are both adding new properties in the island-state.
Average daily hotel room rates are now among the highest in Asia, a good benchmark for hotel investors, but not so alluring for leisure travellers on a strict budget.
Targeting business travellers, Accor will open its Sofitel So brand in the business district next month and its first Ibis Styles brand arrives in Singapore in 2016.
InterContinental opened its Holiday Inn Express in the city’s nightlife hub of Clarke Quay in March.
Bloomberg noted that 11 hotels were sold in Singapore last year amounting to a sale value of S$2.45 billion or US$1.95 billion.
Read full report here.
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Singapore attracts hotel investors
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