Hospitality stocks look set to get a short-term boost these couple of months as tourist arrivals continue to rise. Experts said they expect some tourists to re-route their vacation to Singapore instead of Japan as the country is still grappling with the aftermath of the March 11 earthquake. And this will only mean that the long-term prospects of the hospitality industry remain good. An average hotel...
Singapore Hotels
It was once where he had lunch in the canteen in between working and learning from first-generation political leaders like Dr Goh Keng Swee. But now The Fullerton Hotel has evolved into a thriving commercial and heritage space in the Central Business District that will help give Singapore a "significant competitive edge" to grow the financial sector, said Senior Minister Goh Chok Tong. Having prime space...
Singapore recorded the highest percentage jump worldwide for hotel room prices last year - a 29 per cent increase over 2009 - according to a local study by hotels.com. This was based on bookings through its Singapore site, and does not take into account the bookings made overseas. Singaporeans paid an average of S$244 for a hotel room night last year. Johan Svanstrom, vice president and managing...
A hotel site at Robertson Quay has attracted a total of nine bids from developers at the close of its tender by the Urban Redevelopment Authority (URA). The highest bid of S$127.8 million was jointly handed in by Novel Developments and New Vista Realty. That translates to S$10,098 per square metre. The second highest bid of S$127.1 million came from RB Capital Robertson City, while the third highest bid...
CDL Hospitality Trusts has said it is planning to buy Studio M Hotel in Singapore for S$154 million. This works out to about S$428,000 per room. CDL said the acquisition is expected to be immediately yield-enhancing and would also broaden the earnings base of its portfolio. It added that the hotel has achieved impressive occupancy of 88.9 per cent since starting full operations in June last year. The...
New Changi Hotel, a freehold non-residential redevelopment site along Changi Road, has been put up for sale by public tender. Situated in an established mix of residential and commercial area, the strata-titled development sits on a land area of about 2,456 square metres (26,433 square feet). The site is located near Paya Lebar and Eunos MRT stations and is well served by the Pan Island Expressway and...
Tourism in Sentosa is being given an additional boost with the S$80-million makeover of Shangri-La's Rasa Sentosa Resort. It reopened after a 10-month facelift in January. The resort, one of 11 hotels on Sentosa, is the only resort in Singapore that has a beach front location. It undertook the renovation to raise the profile of the island. Ben Bousnina, GM of Shangri-La's Rasa Sentosa Resort, said:...
CDL Hospitality Trusts (CDLHT) is widely seen by analysts as poised to acquire Studio M Hotel in the Mohamed Sultan area, possibly this year. The hotel, which opened in April last year and is owned by CDLHT's sponsor, London-listed Millennium & Copthorne Hotels, is seen by the market as a logical acquisition target for CDLHT. The trust manager's CEO Vincent Yeo said yesterday that typically it takes...
UOL Group has acquired Lion City Hotel, a freehold property at the junction of Tanjong Katong Road and Geylang Road, for S$313 million. The property, which has a site area of 147,910 square feet, is also near the existing Paya Lebar MRT interchange. UOL says that its wholly-owned subsidiaries UOL Residential Development and UOL Property Investments have successfully tendered for the site. The company...
Parent company, however, quietly changes name to Beach Road Hotel He had initially thought Singapore's grand dame Raffles Hotel was to be renamed Beach Road Hotel, after reading a memo last month from the hotel to its tenants. Tenants were told to address their cheques to Beach Road Hotel (1886) Ltd instead of Raffles Hotel (1886) Ltd. As the letter "wasn't very clear", the employee checked with the...