Why are Hotel Bookings Increasing by More Than 200% in Singapore?
The Singapore Grand Prix 2024 is set to take place on September 20-22, bringing the excitement of Formula 1 racing to the Lion City. Bookings for the Grand Prix began as early as December 2023, significantly impacting hotel demand. This early surge in reservations has led to an unprecedented increase in hotel occupancy rates, with many premium and centrally located hotels reporting near-full bookings months in advance. Consequently, this has led to a marked rise in room rates and a bustling hospitality sector gearing up to cater to the influx of international visitors.
Sharp Spike in Hotel Bookings
Hotel Bookings are seen to be spiking for the Grand Prix week. Data from World on Holiday shows a 214% growth in hotel bookings compared to a week before the race. The demand restores to the usual as the event ends.
A similar trend can be observed in the year-over-year growth of hotel bookings. The bookings are 240% higher than last year.
How Expensive Are the Hotels Getting?
As Singapore gears up for the highly anticipated Grand Prix weekend, the city is experiencing a significant surge in hotel prices. The average daily rate of hotels is skyrocketing from USD 273 to USD 689. This dramatic increase reflects the immense demand from racing enthusiasts and tourists eager to witness the electrifying event.
The Singapore Grand Prix is considered F1’s toughest race due to its high heat, humidity, and relentless layout of 19 corners over 4.94km, forcing drivers to maintain intense focus with minimal respite. The challenging conditions, including tight barriers and the longest race duration, test drivers' endurance and skill, often leading to dramatic and unpredictable outcomes making it a popular event for the spectators.
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