Only 3 out of 15 hotels report full occupancy during Grand Prix stretch AS SINGAPORE hoteliers gear up for the nation’s first ever Formula 1 night race later this week, the initial euphoria about a potentially huge tourist windfall has given way to more realistic expectations. Of the management teams at 15 hotels Today spoke to, only three — The Fullerton, Ritz Carlton and St Regis — report full...
Hotel
The Swissotel Merchant Court Hotel in Singapore is being offered for sale by international tender. The sale is managed by Jones Lang LaSalle Hotels. The 476-room hotel is located on the banks of the Singapore River and is within walking distance to the city's business and financial districts. Jones Lang LaSalle Hotels expects investor interest in the property to be strong from regions such as Europe and...
KOP Capital is moving from residential and commercial property development into hotel business for the first time. The Singapore-based developer has recently acquired a 50 per cent stake in a small luxury hotel operator, Stein Group, which is based in Spain. The investment is valued at US$250 million. Last year, KOP Capital launched Asia's first high-end residential project that features a car park right...
The Urban Redevelopment Authority (URA) has released detailed sales conditions for a reserve site at Short Street for hotel development. The site, located within the Bras Basah and Bugis district, is one of two new hotel sites scheduled for release for application under the reserve list of the Government Land Sales programme for the second half this year. Developers interested in purchasing the site can...
Former Changi Camp buildings to be transformed into tourist hotel HOTELS operators are being sought to give these two rundown barracks buildings near Changi Village a new lease of life. They used to be part of a military camp in Hendon Road. However, the Singapore Land Authority (SLA) believes they can be readily adapted into a hotel and is inviting a public tender. Since last year, SLA has awarded four...
The former Changi Military Camp at Hendon Road has been offered for development as a hotel. This is the second state property that has been put up for hotel use. The first state property that has been converted for hotel use is No. 175A Chin Swee Road. It is now a boutique business hotel called Hotel Re!. The former military camp has a land area of 9,666 square metres – slightly larger than a football...
Demand for hotel rooms around the Marina Bay area this weekend is high as many Singaporeans will be checking in to watch the National Day parade. Many view the hotels as vantage points to watch the parade in air-conditioned comfort. Some Singaporeans are willing to splurge, as rooms with a view at the Mandarin Oriental are going for a minimum of US$564. Demand for such rooms is also strong for Ritz...
Millennium & Copthorne Hotels has reported a 22.4 per cent decline in first-half earnings, due to slower growth in UK and New Zealand. Profit for the six months ended June came in at 45 million pounds or US$88 million. The bottomline was also weighed down by costs of refurbishing hotels in Boston and Chicago. M&C's revenue rose by 4.5 per cent to 338 million pounds. The group owns, manages and...
No-frills establishments offering high-tech amenities aimed at business travellers MILLENNIUM and Copthorne Hotels (M&C) may build up to five more “limited service” hotels in Singapore, if the one currently under construction along Mohammed Sultan Road takes off. The London-listed hotel group’s chief executive Richard Hartman, revealing this yesterday during an interview, said more may also pop...
Asia is likely to register a sharp slowdown in hotel investments across the region this year, according to Jones Lang LaSalle Hotels. The hotel investment advisory company said hotel sales in Asia may drop by as much as 75 per cent, compared to last year. Some US$11 billion worth of deals were transacted across Asia in the hotel investment market last year. But Jones Lang LaSalle has forecast that hotel...