Tender for Clemenceau Ave hotel site awarded to RB Capital Hotels
The Urban Redevelopment Authority (URA) has awarded the tender for the hotel site at Clemenceau Avenue/Havelock Road to RB Capital Hotels. The company submitted the highest bid of S$101.1 million for the site. This translates to S$8,751 per square metre per plot ratio. The site had attracted a total of 13 bids, with the remaining … Read more
Hotel room rates rise in major Asian cities
The buoyant economic conditions today have caused hotel room rates in major Asian cities like Hong Kong and Singapore to become more expensive. Corporate travel firm Hogg Robinson Group said the rates grew 3.1 per cent on-year in the first half of the year. It added that the increase in rates would likely hit five … Read more
13 bids received for hotel site at Clemenceau Ave/Havelock Rd
The Urban Redevelopment Authority has received 13 bids for the hotel site at Clemenceau Avenue/Havelock Road at the close of the tender on Tuesday. RB Capital Hotels submitted the top bid at S$101 million. This translates to S$8,751 per square metre per plot ratio (psm ppr). The second highest bid of S$96 million came from … Read more
Hotel room rates in major Asian cities trending upwards
Hotel room rates in major Asian cities are largely trending upwards, led by Singapore, Hong Kong and Tokyo. Overall, room rates in Asia grew 3.1 per cent for the first half on a year-on-year basis, according to corporate travel firm Hogg Robinson Group. And industry experts expect the rates to increase further – to a … Read more
Tourism surge may cause hotel room shortage
Observers said there could be a shortage of hotel rooms in the next six to 12 months because of more visitors coming to Singapore. In the first half, tourist arrivals grew 23 per cent on-year, but the supply of hotel rooms rose just 16 per cent. 6.5 million visitors arrived in Singapore in the last … Read more
New hotels popping up at Little India
STANDING head and shoulders above the tired facades of an electrical shop and a coffee shop in Dickson Road in Little India is a shiny 29-room hotel, Wanderlust. Not the only new kid on the block, it faces a brand-new branch of the Hotel 81 chain of budget hotels. Just a few paces away, workers … Read more
M&C’s H1 post-tax profit up 45%
Millennium and Copthorne (M&C) Hotels, the hotel arm of mainboard-listed City Developments (CDL), has reported that its post-tax headline profit rose some 45 per cent on-year to £36.5 million ($78.4 million) for the first half of this year. This came on the back of 11 per cent rise in group revenue to about £350.5 million. … Read more
Ibis Singapore on Bencoolen sold to private investor
IBIS Singapore on Bencoolen, a three-star hotel, has been sold just 18 months after it opened its doors. Details were not disclosed but it is understood a Singapore private investor paid a figure above $200 million for it. The hotel was put up for sale via a private tender in June by joint owners LaSalle … Read more
City Developments acquires New York’s Renaissance Syracuse Hotel
Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which … Read more
Amara to develop first hotel in central Bangkok
Mainboard-listed Amara Holdings’ hospitality arm, Amara Hotels & Resorts, says it will develop its first hotel in central Bangkok. The 272-room hotel will be located on Surawong Road, an area known for its rich and colourful local entertainment and shopping activities, as well as the financial district of Bangkok. Amara says the location was also … Read more
