Millennium & Copthorne Hotels chairman Kwek Leng Beng is optimistic Singapore’s hospitality industry will recover this year.
He is seeing improved occupancy rates at his Singapore hotels and expects average room rates to recover soon, he told BT.
And with the opening of the two casino resorts, the local hospitality sector will be transformed, he believes.
The resorts will attract new and different types of visitors and the number of leisure and MICE arrivals is expected to increase, he said.
Many of these people will extend their stay to take in other attractions, so the hotel industry as a whole will benefit.
Mr Kwek, who was speaking during the New Year weekend, also believes all hotels that have been operating for more than two years should be making profits because of their low ‘cost-base’.
Millennium & Copthorne Hotels owns or manages more than 120 hotels worldwide.
Source: Business Times, 5 Jan 2010
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