Relax - Dorsett regency to open here this year

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SINGAPORE - Kosmopolito Hotels International is making its first foray into the local market with a mid-scale business hotel - Dorsett Regency Singapore.

The 285-room, four-star hotel is situated at the junction of New Bridge Road and Cantonment Road. According to the hotel's general manager Philip Wong, rooms will be "competitively priced" at mid-$250 per night, targeting business travellers.

"Singapore is a strategic location for us to grow and to further radiate our presence as a growing hotel company. On top of this, we already have a strong presence in Malaysia and Hong Kong, so our entry into the Singapore market is a natural extension of our portfolio," Mr Wong said.

Facilities at the hotel will include an infinity swimming pool, a business centre as well as meeting and event facilities.

The hotel will open by the end of this year.

The Singapore Tourism Board expects a tourist boom this year, estimating that Singapore will attract 13.5 million to 14.5 million visitors.

It has set a 17 million target for tourist arrivals by 2015 and a target of $30 billion for tourism receipts.

A recent report by property consultancy CBRE Hotels revealed that the surge in tourist numbers has spurred hoteliers to open more new rooms here, with 10,422 expected to come on stream in four years.

Some 1,572 new rooms are slated to enter the market this year, adding nearly 4 per cent to the stock that stood at 49,719 last year.

"The large pipeline could potentially exert a downward pressure on occupancy, average daily rate, and revenue per available room (RevPAR) in the medium term, if the current growth in visitor arrivals is not maintained," CBRE noted in the report dated June 11.

The additional supply has led Maybank Kim Eng to raise the possibility of a hotel supply glut down the road, as it predicted in a report last month that occupancy rates could peak at 90 per cent in 2012 before easing to 84 per cent in 2014.

"This means that RevPAR could hit a new high of $233 in 2012F but fall to $227-$229 in 2013F-2014F," the report said.

This article was first published in The Business Times.

Dorsett regency to open here this year

By Kenneth Foo, The Business Times | Sun, Jul 29 2012

Four-star, 285-room hotel will target business travellers.

Keywords

hotel

business

singapore