Published:
Hotel room shortage forecast as tourism numbers set to grow 6.6% p.a. by 2015
But bad news for visitors as room demand at 6.4 % will outstrip enw room construction at 3.7 % to 2015.
In a release, OCBC said that STB has a target of 17m visitor arrivals by 2015, implying a growth rate of 6.6% p.a. from 2011. Even with a “leakage” from the conversion of visitor arrivals into hotel rooms nights because cruise passengers are much less likely to book hotel rooms, it is estimated that hotel room demand will grow by an enviable 6.4% p.a., easily outstripping the growth in hotel rooms, which is estimated at 3.7% p.a. The 6.4% estimate conservatively assumes no change in hotel room nights per hotel guest.
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