SINGAPORE'S largest bar chain operator Harry's Holding will open a boutique hotel in Ann Siang Road.
The new venture marks the entry of the company - well-known for its bars in the central business district - into the hotel business. Harry's will convert a row of shophouses into a hotel. The shophouses used to house the offices of advertising firm Batey Ads before they were bought by an investor, who has since leased them to Harry's for 10-20 years.
The hotel is expected to open in the first quarter of next year, BT understands.
Harry's chief executive Mohan Mulani said earlier this year that the group was looking for opportunities to buy a small hotel in Singapore as its food and beverage business was saturated. 'We are not looking to expand more Harry's. We are looking for a small boutique hotel to buy, a Harry's hotel,' he told Reuters in March, adding that he would like to find a property suitable for around 70-80 rooms.
Harry's is listed on the Phillip Securities OTC Capital market. The company's move to open a boutique hotel comes as interest in such hotels is picking up.
The 50-room Hotel Nostalgia was sold recently for $22 million, or $440,000 per room - a record for a boutique hotel. Singapore-based Lion Properties Group spent $20 million building the mid-tier hotel, housed in two conserved shophouses and a four-storey extension.
Another recent addition to the list is Aqueen Hotel Lavender. The 105-room hotel in Lavender Street opened last month. Its owner is Crescendas Group, which owns another three Aqueen sites.
Boutique hotels are becoming more popular as the profile of tourists arriving in Singapore changes, analysts say. More tourists are seeking mid-range accommodation.
'There is a certain promise that the tourism landscape will change from 2010 because of the upcoming integrated resorts,' said Cushman & Wakefield Singapore managing director Donald Han, noting that companies could be rolling out boutique hotels in anticipation of this.
Source: Business Times, 9 Oct 2009
No comments:
Post a Comment