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SilverNeedle not eyeing Singapore hotel deals now

CEO Jumabhoy wonders whether costs here will match yields; focuses on NZ and Australia

Singapore

SINGAPORE-BASED SilverNeedle Hospitality, which recently opened the first Next Hotel in Brisbane and is adding more properties in Thailand and Sri Lanka, is less keen on Singapore hotel deals, however.

In a recent interview, CEO Iqbal Jumabhoy said that while he wouldn't rule out building or buying hotels in Singapore, higher costs and lower yields compared to the other Asia-Pacific regions it is exploring make the republic a less compelling option.

"Singapore has had a very good run in the hotel area, and one of the issues is whether costs will match the required yield in the years to come," he said.

"Hotel investment is a long-term investment and it has a cycle. The trouble is that as...

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