Hotel transaction volumes in Singapore soared 415.6%

Here are its two biggest sales.

According to Savills, investment sales in Singapore and Japan increased, with transaction volumes surging 415.6% and 34.9% respectively year-on-year (YoY).

Singapore witnessed S$606 million (US$483.41 million) worth of investment transactions in Q4/2013, with two hotel sales, bringing the total for 2013 to 11 hotels and an investment volume of S$2.45 billion (US$1.96 billion), 4.15 times higher than the total volume for 2012.

In the largest deal of 2013, The Westin Singapore, located in Asia Square Tower 2 at Marina Bay, was sold to Japan-based Daisho Group from BlackRock for a total of approximately S$468 million (US$372.88 million) or S$1.5 million (US$1.22 million) per key, just over a month after its official opening.

There is a certain premium attached to The Westin Singapore given its location and strong pool of office tenants, the ongoing planning of the Marina Bay area mixed-use district, and its prestige branding from Starwood Hotel Group.

According to the latest statistics from the Singapore Tourism Board, year-to- date November revenue per available room (RevPAR) only increased in the luxury segment by 9.74%, while the upscale, mid-tier and economy segments declined by 10.57%, 3.08% and 8.64% respectively.

Also Read

Singaporeans want sustainable travel, but only 4 in 10 will pay more

Up to the stars: 6 in 10 plan trips based on astrology

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit