Singapore Grand Prix helps drive up hotels' occupancy rates

Fireworks display at the conclusion of the Formula One 2018 Singapore Airlines Singapore Grand Prix night race at the Marina Bay Street Circuit as seen from Swissotel The Stamford on Sept 16, 2018.
Fireworks display at the conclusion of the Formula One 2018 Singapore Airlines Singapore Grand Prix night race at the Marina Bay Street Circuit as seen from Swissotel The Stamford on Sept 16, 2018. ST PHOTO: KEVIN LIM

It is turning out to be an encouraging year for hotels here, with occupancy rates higher than they have been over the last four years. And the fillip is being felt during the Formula One (F1) period.

According to figures obtained by The Straits Times from global data and benchmarking firm STR, occupancy level for this year is set to hit 83 per cent, bringing it up to 2014 levels before a slight dip in the intervening period - which had raised some worries over whether there was an oversupply of rooms here.

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A version of this article appeared in the print edition of The Straits Times on September 18, 2018, with the headline 'S'pore Grand Prix helps drive up hotels' occupancy rates'. Print Edition | Subscribe