Hotel occupancy picks up in F1 season – but race may play smaller-than-expected role
With bookings down islandwide on weekend of event, this year’s numbers could owe more to general tourism than boost from Singapore Grand Prix
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AS SINGAPORE’S roads empty to make way for Formula 1 (F1) festivities, hotels along the track have filled up fast, with room rates also up.
Yet across the island, occupancy rates are slightly lower for the race weekend itself – suggesting that this week’s strong hotel performance may be driven by a general tourism recovery more than the Singapore Grand Prix per se.
About a month ago, islandwide hotel occupancies on the books for the F1 week – defined here as Sep 18 to 23 – hit about 50 per cent, according to data from hotel industry research firm STR. They have continued to climb, reaching approximately 70 per cent two weeks ago and almost 90 per cent this week.
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