New travel rules likely to boost Singapore hotels from mid-2022
It could take until end of next year before occupancy rates approach pre-Covid levels, they add
Singapore
SINGAPORE'S hotel sector may only start seeing a boost from the new Vaccinated Travel Framework (VTF) in the second half of 2022, and it could take until end-2023 before occupancy rates near pre-Covid levels, industry analysts told The Business Times.
"Despite much anticipation, we do not expect the impact of the VTF to become significantly apparent until after an initial settling-in period in Q2 2022," said Govinda Singh, Colliers executive director of valuation and advisory for Asia. He added that the first half of 2022 will be "a term of adjustment and limited change" for the Singapore hotel market, in terms of visitor arrivals and industry performance.
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