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Don't hold breath for fire sales by owners of Singapore hotels

Published Wed, Jul 8, 2020 · 09:50 PM

Singapore

SINGAPORE'S hotel business continues to be pummelled by Covid-19 with buyers on the sidelines waiting to pounce if owners throw in the towel.

Despite staycation offers, Singapore hotels are struggling, given their reliance on international travellers. Foreign visitors in May numbered 880; 1.49 million visitors was recorded in May 2019. In 2019, Singapore had 19.1 million visitors.

Still, investors may wait in vain if they are looking for fire sales, as Singapore remains attractive for regional and global travellers - who will resume travel once the pandemic is contained, say consultants.

Most hotel owners here are financially strong, so only those which are over-leveraged - and these are scarce - may have to slash prices by up to 30 per cent to attract buyers, sai…