16 October 2008

Singapore hotels revved up by inaugural F1

SINGAPORE - Hotels in Singapore reported spectacular results over the weekend of the inaugural SingTel Singapore Formula 1 Grand Prix.

A review of hotel performance by Deloitte shows that revenue per available room (revPAR) on the final day of the event rose 376.4% to US$570.

Occupancy reached 87.9%, the best performing day during the month of September, while average room rates increased just short of 300% to US$648.

The two days leading up to the main race also reported strong occupancy and average room rates as the city saw an influx of visitors.

Predictions that the sky-high rates being demanded by hotels would deter many potential Grand Prix visitors appear to have been ill founded.

The room rates were boosted because hotels in the vicinity of the race were slugged with an extra government tax.

The Singapore Grand Prix marked the first night race in the history of Formula 1.

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