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Here are 4 new hotels everyone should watch out for
Should existing hotels be threatened?
According to DBS, of the eight hotels that are expected to be completed in 2014, more than half or c.1,600 rooms are in the mid-tier and upscale segment which are likely to cater to a good mix of corporate and leisure travellers.
Noteworthy hotel chain openings located in the vicinity of the city centre include the Sofitel So Singapore (134 rooms, in 2H14), which is likely to target mainly corporate travellers.
Here's more from DBS:
However, we understand from industry sources that a typical strategy for new hotels is to take in a higher wholesale/leisure patronage in the first year of operations to build a base business. In addition, it is not likely to be a major threat to existing hotels, given its small operational footprint.
Holiday Inn Clarke Quay (448 rooms in 2Q14) is understood to be already accepting bookings. We expect the hotel to have an impact on nearby hotels (CDL HT, FEHT and ASHT) operationally in the interim as the hotel ramps up. However, we believe given its smaller-sized rooms and branding, the hotel will more likely target the leisure/wholesale crowd compared to the corporate-driven hotels held by the hospitality REITs in the vicinity.
Nevertheless, together with recently opened Westin SG @ Asia Square (305 rooms) and the 386-room Carlton City Hotel, we expect competition to remain stiff but should see a y-o-y improvement, given expected higher corporate travel volumes in the CBD.
Traders Hotel Singapore (502 rooms), built on the former Phoenix Hotel site, will open in the heart of Orchard Road only towards the end of 2014. Part of the Shangri-La group, Traders Hotel is an upscale brand, and given its location and links with the Shangri-La group, will be a popular choice for travellers. We believe that this hotel should achieve operational stability earlier than the norm, within a year of opening.
One Farrer Hotel (250 rooms) is expected to open only from end of 3Q14 (understood to be only taking bookings from Aug’13 onwards) and is part of an integrated complex that houses a hospital, spa and medical facilities. As such, we believe the hotel will be positioned to cater mainly for medical tourists and leisure travellers.
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