CDLHT rides on staycation wave with W hotel acquisition
Occupancy at the 240-room hotel has reached up to 60-65 per cent on Fridays and Saturdays.
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Kalpana Rashiwala
LAST November, when CDL Hospitality Trusts (CDLHT) unveiled its plan to acquire the W Singapore - Sentosa Cove, its top brass could never have imagined the blow to international travel and tourism that was to come just a few months later with the outbreak of Covid-19.
However, a silver lining from that acquisition is currently in play. The completion of the acquisition on July 16 this year has proven to be well timed to tap the staycation business.
On July 3, the Singapore authorities announced that hotels here may apply to reopen for staycation bookings. On July 9, the W Singapore received the official nod to do so; a week later, CDLHT completed its purchase of the hotel and has since been welcoming holiday-starved Singapore residents.
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