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SINGAPORE: There are signs that the worst may be over for the hotel industry in Singapore, according to Millennium & Copthorne Hotels, a unit of Hong Leong Group.
It said revenues are showing signs of picking up. M&C also sees room for further growth next year despite the opening of the two integrated resorts in Singapore.
Kwek Leng Beng, executive chairman, Hong Leong Group, said: "I believe that when you operate and own a hotel, you shouldn't look at it on today's scenario.
"You've got to look at it on a medium to long term (basis). And we believe that the market has seen the worst and it's beginning to stabilise, and it has to be on the upward trend going forward. But it may not be at the pace that we all want."
M&C is launching a new international brand called the Studio M hotel to target the smart business traveller segment.
It is set to open its first property at Robertson Quay in the second quarter of 2010. It will have 365 rooms.
Each of the 270 square ft rooms will be priced at less than S$250 a night, and will feature fuss-free integrated technology and high connectivity.
Studio M will add to Millennium & Copthorne Hotels' current portfolio of over 120 properties worldwide.
The hotel group plans to launch the new brand in markets such as the Middle East, India and China. - CNA/vm
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