Paramount Hotel and Paramount Shopping Centre are up for sale at an indicative price of $200 million. Located at 25 Marine Parade Road and 30 East Coast Road, Paramount Hotel and Paramount Shopping Centre make up a 229-room hotel-and- shopping complex. The freehold property in District 15 was last put on the market in May 2007 at the same price but did not sell. The 102,685 square foot site is zoned for...
Hotel
The Virgin Group, founded by British billionaire Richard Branson, formed a partnership to spend as much as US$500 million ($663 million) on high-end hotels over the next three years, banking on brand recognition to lure affluent clients. Virgin Hotels, intended as a four-star chain, will cater to "high income, well-educated, metropolitan 'creative class'" customers, according to a brochure on its website...
The Formula One (F1) night race in Singapore is less than two weeks away and hotels in the Marina Bay area are filling up fast, with some predicting a full house over the race weekend. Most of the fencing has gone up in the downtown circuit area, as organisers and businesses gear up for yet another weekend of high-speed action. With the newly-opened Marina Bay Sands integrated resort and Fullerton Bay...
Two new boutique hotels are coming up. The 40-room Santa Grand Hotel Chinatown, located on the third floor of a shophouse at 20 Trengganu Street, had its soft opening just last month. 'We just started, so the occupancy rate right now is about 40 per cent,' said Alan Lim, general manager of the Santa Grand group of hotels. 'We anticipate that through September, a big month for Singapore tourism with the...
Luxury hotel brand Langham is doubling the number of hotels in its global portfolio to 50 within the next five years. The hotelier said year-to-date, its revenue has grown by over 20 per cent compared to a year ago. And it's looking for more room to grow, including in the Chinese market, which Langham said will be driven by domestic demand. A night's stay at the Langham hotel in London will cost at...
The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Clemenceau Avenue/Havelock Road to RB Capital Hotels. The company submitted the highest bid of S$101.1 million for the site. This translates to S$8,751 per square metre per plot ratio. The site had attracted a total of 13 bids, with the remaining bids ranging from some S$50.1 million to S$96 million. The tender for the...
The buoyant economic conditions today have caused hotel room rates in major Asian cities like Hong Kong and Singapore to become more expensive. Corporate travel firm Hogg Robinson Group said the rates grew 3.1 per cent on-year in the first half of the year. It added that the increase in rates would likely hit five per cent by the end of the year. A stay in a Hong Kong hotel may cost US$304.66 on...
The Urban Redevelopment Authority has received 13 bids for the hotel site at Clemenceau Avenue/Havelock Road at the close of the tender on Tuesday. RB Capital Hotels submitted the top bid at S$101 million. This translates to S$8,751 per square metre per plot ratio (psm ppr). The second highest bid of S$96 million came from Tampines Court, a unit of Golden Development. The bid works out to S$8,308 psm...
Hotel room rates in major Asian cities are largely trending upwards, led by Singapore, Hong Kong and Tokyo. Overall, room rates in Asia grew 3.1 per cent for the first half on a year-on-year basis, according to corporate travel firm Hogg Robinson Group. And industry experts expect the rates to increase further - to a maximum growth rate of 5 per cent for the full year. They agree that the better economic...
Observers said there could be a shortage of hotel rooms in the next six to 12 months because of more visitors coming to Singapore. In the first half, tourist arrivals grew 23 per cent on-year, but the supply of hotel rooms rose just 16 per cent. 6.5 million visitors arrived in Singapore in the last seven months. Observers said Singapore also has a fairly large captive market, with some three billion...