ACCOMMODATION - Trend in luxury hotels to continue upward climb: industry experts

eTN, Dec 26, 2007

There may be worries about the world economy – especially with the ongoing subprime crisis and rising standards of living – but that hasn't stopped interest in luxury hotels from making a steady comeback.
With the recent entry of a new player in Singapore's luxury hotel industry, the exclusive St Regis, competition looks set to heat up.
St Regis opened the Saturday before Christmas, but even before it officially commenced business, the hotel has already sold out almost all its year-end dinner parties.
Singapore's hospitality sector is experiencing one of its strongest recoveries in over a decade despite the US subprime setback.
In November, the average room rate (ARR) set a new milestone of S$226 per night, the highest ever in any month and up 29.8 per cent over last year, according to figures from the Singapore Tourism Board (STB).

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