What was Singapore’s largest hotel opening in the first nine months of 2024?

This new hotel added 989 rooms to the market.

In the first three quarters of the year, JLL noted in a report that Singapore counted three new hotel openings, representing a total of 1,326 keys and a supply growth of 2.0%.

The largest opening of the year was the Mercure Icon Singapore City Centre with 989 keys.

Here’s more from JLL:

For the remainder of the year, two hotels totalling 205 rooms are expected to enter the market. Between 2024 and 2027, hotel room supply is expected to increase marginally at a CAGR of 2.0%.

Softening of RevPAR from its peak in 2023

As of YTD September 2024, Singapore hotels’ RevPAR has gradually moderated from its peak in 2023 as regional currency depreciation against the Singapore dollar slows leisure demand.

Deals recorded in the first half of 2024 already matched the total hotel transaction volume in 2023, leading us to forecast approximately USD 1.0 billion this year.

Outlook: Significant investment into developing new attractions

The upcoming infrastructure redevelopment of Sentosa and Marina Bay Sands is anticipated to improve Singapore’s standings among other regional tourist destinations.

The government has also expressed its commitment to bringing more major sporting events, concerts and festivals to Singapore, building on the success of the major concert events in the earlier half of the year and the Formula One Singapore Grand Prix.

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JLL

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Sydney hotel supply to increase by 5.1%

Kuala Lumpur hotel supply grows by 2.3% in the first nine months of 2024

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