IHG to Add 58 Hotels in Southwest Asia Over Five Years
Skift Take
- Singapore Formula 1 Grand Prix expects lower attendance in 2023 but higher receipts compared to pre-Covid levels, with foreign attendees driving up hotel room rates.
- Rosewood Hotels & Resorts is expanding into New Zealand, adding three properties to its portfolio in the Oceania region.
- Mana Hotels expands beyond Rajasthan with a new homestay in Rishikesh, while IHG Hotels & Resorts plans to add more hotels to its Indian portfolio, with a focus on Holiday Inn and Holiday Inn Express brands.
Attendance is expected to be down for this year's Singapore Formula 1 Grand Prix, but receipts are expected to exceed pre-Covid levels and be up year over year. About 250,000 spectators are expected to attend the three-day night race, which starts February 15, down 17% from 2022's record turnout of 302,000 attendees. The Bay Grandstand is closed for the redevelopment of The Float at Marina Bay. Hotels report occupancy rates consistent with last year, with the increase in foreign attendees resulting in higher room rates. Traveloka said their data suggests room rates are up more than 10% over 2022's race. The two Fullerton hotels are reporting near-peak occupancy. At the same time, Fairmont Singapore and Swissotel The Stamford said they have seen a slower occupancy rate increase this year than in 2022. Spending on food and beverage and other amenities is expected to be up across the board.
Rosewood Hotels & Resorts annou
