Press: Singapore hotels to hike rates by 10%

Hotel operators here plan to hike rates by up to 10 percent this year on top of last year’s 20 pct rate rise in view of increasing tourist arrivals and room supply shortage, the Business Times said in a weekend article. It quoted operators as saying they expect room rates to climb a further 7-10 pct this year, having risen by 15-20 pct last year.

“Many see rate increases as long overdue, saying rates in Singapore have long lagged those in other major Asian cities such as Hong Kong,” the Business Times reported.

Property consultancy firm Jones Lang LaSalle Hotels (JLLH) was quoted as saying that even after factoring in all the new hotel sites being put up for tender last year, Singapore is still short of at least 15,000 rooms.