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A room with a Formula One view – for US$20,000
SINGAPORE – A hotel room with a view of Singapore’s first Formula One Grand Prix race fetched a top bid of $S30,000 (US$20,800) in a charity auction this week.
The unidentified bidder will be able to stay at the Pan Pacific Hotel September 26-28 during next year’s night-time F1 street race.
The government will slap trackside hotels with a 30 percent levy during the event and not everyone is happy about skyrocketing hotel rates during F1.
As reported in TravelMole Asia, a prominent Australian wholesaler said he would not be taking any of his large incentive groups to the Singapore race next year.
He blames greed on the part of the Lion City’s hotels.
“Rates have gone way beyond what most large corporate groups can afford,” he told TravelMole. “A $400 room today will be $1200 during the Grand Prix,” he said.
“And when I complain to the hotels, they tell me, ‘There’s not much we can do because the government is taking 30 percent of the room rate’.”
In October, Singapore’s gazetted hotels were estimated to generate $S178.4 million in room revenue, representing an increase of 37.1 percent over October 2006. This set an all-time record for hotel room revenue.
The Average Room Rate (ARR) in October 2007 was estimated at S$219, representing an increase of 33.9 percent over October 2006 and setting a new record for ARR in any given month.
The Average Occupancy Rate for hotels was estimated to have reached 89 percent in October 2007, posting a 1.8 percentage point increase over October 2006.
-by Ian Jarrett
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