PHUKET HOTEL DREAM Singapore Average Rates Skyrocket

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Posted: 09 Jun 2010 | 6:00 am

As the 'red' impact continues to suppress average rate growth in Phuket, Singapore hotel owners are looking at a 10-15% increase in 2010 as per leading consulting firm HVS.

While many naysayers have thought the island republics broad ambitions with the mega hotel destinations Marina Bay Sands and Sentosa's Resorts World would result in lower rates, the opposite has proved true as critical mass has increased demand and rates have shot up.

At the same time Singapore's hotel transaction market has been on fire with sales of the iconic Raffles Hotel, Swisshotel Merchant Court and now the IBIS which looks to trade at an extremely high number.

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