Singapore Hotel Figures H2 2021

14 Jan 2022

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  • Singapore has further extended its Vaccinated Travel Lane (VTL) scheme to include Qatar, Saudi Arabia, the UAE, Hong Kong, Israel, the Philippines, Greece, and Vietnam.
  • Increasing usage of the VTL scheme helped push up visitor arrivals for December 2021 by 283% y-o-y. India, Malaysia, Indonesia, Australia, and the U.K. comprised the top five markets for VTL applications.
  • Premium segments including luxury and upscale outperformed in H2 2021 amid a nascent recovery in the hotel market.
  • Investors continue to explore alternative uses for hotels, with conversion to co-living properties among the most popular strategies.
  • The hotel market outlook for 2022 is upbeat amid the release of pent-up travel demand; the expansion of Resorts World; the renewal of the Formula One Singapore Grand Prix contract; and plans to host more MICE events.
  • Downside risks include the emergence of new COVID-19 variants; the prolonged border closure in China; and rising labour and energy costs.