Singapore regular shoppers on Orchard Road would have seen the brand-new and rebranded hotels there in 2022.
While the Mandarin Orchard Singapore at 333 reopened early in 2022 as Hilton Singapore Orchard, the original Hilton Singapore at 581 Orchard Road is now voco Orchard Singapore, a new brand by IHG Hotels & Resorts.
Accor’s Pullman Singapore Orchard is opened at the former Grand Park Orchard, 270 Orchard Road; in contrast, Far East Hotel opened its Vibe Hotel Singapore Orchard. It’s located in Mount Elizabeth on the site of the former Elizabeth Hotel.
Another nine brand-new hotels will be built nearby in the following two years.
According to hotel research company STR, several will make their debuts here, including The Singapore Edition, Artyzen Singapore, and The Standard, Singapore.
According to STR’s senior director for Asia-Pacific, one strategy for hotel owners and brand operators to raise interest in Singapore is negotiating new contracts for new and higher-end hotel brands.
It will result in more reservations when travelers increasingly pick accommodations that suit their wants.
80% of recent user searches for accommodations in Singapore are for hotels and resorts that are relatively new, have recently undergone renovations, or are rebranded. Also, they are searching for hotels that offer them value beyond pricing and deliver something extra, especially during important occasions or celebrations. And the supply of rooms is anticipated to increase by just 1.2% annually over the next five years.
According to CBRE, that is half the growth rate of the 2.3% a year reported from 2012 to 2022.
Demand generally determines the room rates, and visitor numbers will increase as China reopens. A strong pipeline of business and leisure events scheduled for Singapore in the upcoming years will further support the higher rates.
With long-term growth anticipated, hotel owners will be able to charge higher rates and attract a more extensive customer base if they can meet the expectations of their guests by updating their services and amenities.
I am Tyson Yuk, the founder of the blog Commercial Realty Singapore. With over 15 years of experience, my forte is in the commercial and luxury property line. With my blog, I aim to educate, advise and share tips and tricks with potential property buyers and investors to help them make successful property ventures.
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