Friday, October 06, 2006
[RealEdge] TodayOnline : Rooms at $600 a night
 This story was printed from TODAYonline | |
 | |
| Rooms at $600 a night West Paces targets the rich for its Capella Singapore hotel on Sentosa Friday ? October 6, 2006 West Paces Hotel Group Asia ? a luxury hotel management company that will open its first property in Singapore in 2008 ? is targeting affluent travellers willing to pay rates four times that of the Republic's average. The company, a venture between Singapore-based developer Pontiac Land Group and Atlanta-based West Paces Hotel Group, will open hotels under the Capella and Solis brands. West Paces Hotel plans to manage 25 hotels in Asia in 10 years, including a Capella in both Singapore and the Indonesian resort island of Bali. Other investments are planned in Phuket, Shanghai, Hong Kong and Dubai. The Capella Singapore, which will be located on the resort island of Sentosa, plans to charge about $600 daily for rooms, said Mr Horst Schulze, co-chairman of the venture. The hotel's 110 villas and suites will come with private outdoor showers and bathtubs, Mr Horst said. West Paces Hotel expects to benefit from Singapore's efforts to draw wealthy individuals to travel to the Republic. The Government has amended tax laws here to attract more overseas money and develop its private banking industry. Mr Schulze, who is the former president of the Ritz-Carlton hotel chain, expects 80-per-cent occupancy at the Capella Singapore when it opens. Capella's rates are "in the realm of possibility" "But still an ambitious target." Singapore's hotel rates rose 19 per cent to an average of $154 in the past year, according data compiled by the Singapore Tourism Board. Occupancy at the city's hotels averaged 85 per cent in the past 12 months. Five star hotel rates in Singapore range from $180 for a night's accommodation in a deluxe room at the Pan Pacific Hotel, to $700 for a suite at the 119-year-old Raffles Hotel, according to the hotels' websites. "We know that 2 per cent of the guests that stay in all hotels would rather stay in a more private hotel," Mr Schulze said. Pontiac has a $4-billion portfolio that includes the Ritz-Carlton, Conrad and Regent hotels, the Millenia office and retail development, as well as the Camden Medical Centre. ? Bloomberg | |
| Copyright MediaCorp Press Ltd. All rights reserved. | |
Real Estate News Provided Freely
Change settings via the Web (Yahoo! ID required)
Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional
Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe
SPONSORED LINKS
.
__,_._,___
// posted by Shajahan @ 11:13 AM 