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S'pore's hotel room rates will keep increasing in 2013: Survey

Hotel room rates in Singapore projected to keep increasing in 2013.
Asia One - February 1, 2013
By: Karen Lim
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S'pore's hotel room rates will keep increasing in 2013: Survey

Hotel room rates in Singapore projected to keep increasing in 2013 despite the rest of the Asia-Pacific hotel market experiencing a period of slow growth this year.

Singapore's room rates are currently the third highest in the region, behind Hong Kong and Tokyo, revealed Hogg Robinson Groups latest annual hotel survey.

The average room rate is now $337.50, up from $329.50 in 2011, and is expected to rise this year as numerous mega-conferences attract an increased number of business travellers.

Beijing also recorded a continued rise in average room rate (3%) but not at the levels seen in previous years. Shanghai has seen a marked decline in average room rates from its peak in 2010 and the World Expo when many new hotels were built.

Room rates in Hong Kong were flat but it remains one of the world's most expensive corporate travel destinations.

Room rates across the globe have also increased by 1.4 per cent, compared to 1 per cent the previous year.

The Brazilian cities of Rio de Janeiro and San Paulo showed the highest increases at 19 per cent and 16 per cent respectively, followed by Tokyo (11%), San Francisco (10%), and Mexico (9%).

For the 9th consecutive year, Moscow hotels remain the most expensive in the world for business travellers, while in the United States, strong convention business at San Francisco and Atlanta have contributed to the increase in room rates.

Having seen significant declines in average room rates during 2010 and 2011, rates in Dubai rose 2 per cent and are beginning to return to levels not seen since before the Arab Spring.

Europe is showing uneven, patchy room rate variances in various cities. Germany fared better than Barcelona and Athens, with Frankfurt and Berlin both reporting higher demand leading to increased room rates.

In contrast, room rates at Washington D.C. have dropped by 14 per cent due to a softening in corporate demand. Indian cities Bangalore and New Delhi also registered a drop in room rates due to a weak demand for exports.

Hotel room rates at Abu Dhabi also dropped by 11 percent, followed by Istanbul (10%), and New Delhi (9%).

klim@sph.com.sg

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