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Singapore’s Booming MICE Market to Hit $7 Billion by 2030

Alan Woinski
December 4th, 2023 at 9:09 AM EST

Skift Take

  • Coherent Market Insights reports that Singapore’s MICE (Meetings, Incentives, Conferences, and Exhibitions) market, valued at S$3.82 billion in 2023, is expected to grow to $6.97 billion by 2030
  • Marriott International will operate the new W Singapore – Marina View as part of a mixed-use development in Singapor
  • Wyndham Hotels & Resorts signed a franchise agreement for Ramada by Wyndham in Jim Corbett, Uttarakhand, India, enhancing its North Indian presence.

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Coherent Market Insights said the Singapore Meetings, Incentives, Conferences and Exhibitions market size was valued at S$3.82 billion in 2023 and is projected to grow to $6.97 billion by 2030. They expect the Singapore MICE market to experience a compound annual growth rate of 9% from 2023 to 2030. Conferences account for over 35% of Singapore’s overall market with the growth being driven by the expansion of corporate travel and events, infrastructure for hosting large events, government support and initiatives, and robust international connectivity. Both of the integrated casino resorts in Singapore are including additional MICE facilities in their multi-billion dollar expansion plans.

Marriott International has signed an agreement with Bursa Malaysia-listed property developer IOI Properties Group to operate a new 350 room luxury hotel, W Singapore – Marina View. The hotel will be housed within a 51 story mixed use development at the 99 year leasehold, 84,110 square foot Marina View site. IOI purchased the site for $1.508 billion in September 2021. The top of the W Hotel will have the 683 unit luxury condo Marina View Residences. Construction of the mixed-use development is scheduled to begin by the end of this year, with the hotel projected to operate by late 2028. This will be the second W Hotel in Singapore after the 240 room W Singapore – Sentosa Cove.

A central Christchurch site on the corner of Cashel and Manchester streets is going to get a new 120 room hotel with a rooftop bar. New Zealand Hotel Holdings will build the hotel on the site that has been sitting vacant since the earthquakes. The major shareholder of New Zealand Hotel Holdings is New Zealand Super Fund, the nation’s sovereign wealth fund. The other two partners are Russell Property Group and Lockwood Property Group. The hotel will have 10 accommodation floors with about 120 guest rooms and a rooftop bar. A brand and operator has yet to be chosen but the hotel is likely to be a four or five-star.

IHG Hotels & Resorts announced the signing of the seventh voco Hotel in Australasia, partnering with Sydney developer ALAND to open voco Gosford in regional New South Wales in early 2025. The new voco Gosford will form part of Archibald by ALAND, a landmark mixed-use development precinct overlooking the Brisbane Water. The development covers 5,656 square meters and will include 320 residential apartments, a 130 room lifestyle hotel, a portfolio of hospitality venues, and a podium outdoor pool with swim-up bar. The design-focused hotel will feature guest rooms of up to 41sqm and executive suites of up to 54sqm. This will be the second voco in regional NSW.

IHG also announced the opening of InterContinental Bangkok Sukhumvit, a new luxury lifestyle destination located in Thonglor in Thailand. The hotel offers 241 rooms and suites in what is widely regarded as one of Bangkok’s most upscale neighborhoods. The hotel offers three signature dining options, a selection of suites including the Presidential Suite, the SPA by HARNN, and extensive meeting facilities that accommodate up to 300 guests across 685 square meters.

IHG also signed a management agreement with Abu Estate Private Limited to open Holiday Inn Chennai Egmore in India. The 92 key conversion hotel is expected to be ready to open in the first quarter of 2025. Centrally located in Chennai, the Egmore area is described as an upcoming industrial area with convenient proximity to government offices, high-end residential complexes, railway station, and landmark buildings. Holiday Inn Chennai Egmore will feature modern and well-appointed guest rooms, a health club, all-day dining restaurant, a bar, and a lobby lounge, catering to a wide range of guest preferences. The hotel will also feature banqueting spaces, including a grand ballroom, and versatile breakaway rooms, ideal for both large and intimate social gatherings.

Finally, IHG said they joined forces with Nepal’s Swornim Hotels to present the inaugural Holiday Inn Express in KathmanduHoliday Inn Express Kathmandu Naxal is strategically situated in the bustling Naxal district, a 15-minute journey from Tribhuvan International Airport. The hotel includes 100 rooms, including a Suite.

Wyndham Hotels & Resorts signed a franchise agreement with SKI Hospitality Pvt. Ltd for a new hotel development under the midscale Ramada by Wyndham brand in Jim CorbettUttarakhandSKI is located in Delhi. The Jim Corbett National Park is the oldest national park in India, situated in the Nainital district of Uttarakhand State. Wyndham currently has hotels in all three locations and a resort in Jim Corbett National Park will further enhance their product offering in North India. Expected to open in 2025, Ramada by Wyndham Jim Corbett Belpadao will have a modern design of 66 contemporary rooms and a hotel of amenities including a lobby lounge, all-day dining restaurant & bar, health club, spa, swimming pool, meeting room, and a business center.

Kempinski Hotels announced they signed a management agreement for a luxury hotel and residences complex with owning company Xiong’an Xiongshang Real Estate Co., Ltd. The hotel will be located around 100 kilometers southeast of Beijing in Hebei Province. The new Kempinski Hotel is scheduled to open its doors by the end of 2026. The luxury hotel will add 403 rooms and suites as well as 121 residences to Kempinski’s portfolio of 19 hotels and residence projects spread over Greater China. The hotel will include an all-day dining restaurant, beer house, lobby bar, deli, and a Chinese restaurant as well as a ballroom with more than 1,000sqm and multiple meeting rooms. An indoor pool, spa, and gym will add to the options open for guests.

BWH Hotels announced the signing of Best Western Plus Patcharee Hat Yaiin Thailand. This will be the first internationally-branded midscale hotel in the Southern Thai city. The 210 room property is newly constructed and will include an onsite restaurant, bar, and function and meeting rooms. The hotel will be surrounded by world-class facilities and services, including residences, a community lifestyle mall with local and international brands, flagship stores, diverse food and beverage operations, close to Hat Yai National Park in Songkhla province.

Alan Woinski
December 4th, 2023 at 9:09 AM EST

Companies: Best Western Hotels & Resorts, Best Western Plus, Holiday Inn, Holiday Inn Express, IHG Hotels & Resorts, InterContinental, Kempinski Hotels, Marriott International, Ramada, Voco, W Hotels, Wyndham Hotels & Resorts

Locations: Bangkok, Chennai, China, Christchurch, Nepal, New South Wales, Singapore, Uttarakhand

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