Accommodation in boom city Singapore – where rooms at a budget property such as Ibis can cost S$270 or more – is set to get even more expensive with with no end in sight to hotel price rises, it was claimed at HICAP Update yesterday.
“I believe there is still good upside in terms of RevPAR growth,” said Mohd K. Rafin, senior VP of the Park Hotel Group. “I don’t think there is a price ceiling,” added Tan Kim Seng, Executive Vice President of Meritus Hotels and Resorts. They tipped RevPAR growth of between 5% to 8% in the year ahead.
“A lot of people come here to visit their money,” commented Robert Hecker of Horwarth HTL. Hde could have added: “And to spend it”.