Quincy, a new 108-room boutique property on Mt Elizabeth, held its grand opening on Wednesday morning.

The Far East hospitality hotel had its soft opening in February and has been achieving average monthly occupancy of 76 per cent.

It kicked off with a rate of $198++ for its opening month and has since raised it to $208++.

About 80 per cent of the clientele are corporate guests, with a small minority of leisure guests.

Quincy is one of at least eight new hotels opening this year, against the backdrop of a global economic downturn.