SINGAPORE Hotel operators here are expecting to charge higher rates as visitor arrivals are forecast to grow by 6% to 8% in 2001, with the supply of hotel rooms rising only marginally. The Singapore Tourism Board (STB) has forecast a record 8 million visitors for this year, up from 7.6 million in 2000. This figure is expected to remain strong in 2002, due to the numerous big exhibitions and conventions held in Singapore.
Full-year average hotel occupancy in 2000 will be around 84%, which is almost 10% higher than 1999 s 74.9%. STB s figures show that there were 36,375 rooms last year, which is expected to rise 0.6% to 36,589 in 2001 and a further 0.2% to 36,658 in 2002. Hotel operators are therefore expecting higher room rates this year, ending at an average of $74, or 7.5% higher than in 2000. RevPAR is also forecast to rise at least 15% this year. (1/25/01)
SOURCE:Wall Street Journal