{"id":204897,"date":"2022-05-19T02:15:54","date_gmt":"2022-05-18T19:15:54","guid":{"rendered":"https:\/\/www.ttrweekly.com\/site\/?p=204897"},"modified":"2022-05-19T03:32:12","modified_gmt":"2022-05-18T20:32:12","slug":"singapore-hotels-declare-healthy-outlook","status":"publish","type":"post","link":"https:\/\/www.ttrweekly.com\/site\/2022\/05\/singapore-hotels-declare-healthy-outlook\/","title":{"rendered":"Singapore hotels declare healthy outlook"},"content":{"rendered":"\n<p>SINGAPORE, 19 May 2022: Singapore\u2019s mid-market hotel sector\nwill continue to post healthy post-pandemic growth performance, fueled by\nincreased tourist demand and reflected by heightened investment. <\/p>\n\n\n\n<p>According to JLL&#8217;s Singapore mid-market hotels outlook 2022,&nbsp;occupancy and investment in the sector will continue to recover in the second half of the year despite broader economic challenges, including staffing shortfalls, inflationary-driven supply issues, and more industry-specific requirements such as digital upgrades to properties.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img decoding=\"async\" data-src=\"https:\/\/www.ttrweekly.com\/site\/wp-content\/uploads\/2022\/05\/jll-reimagining-singapores-mid-market-hotels-social-600x314.jpg\" alt=\"\" class=\"wp-image-204918 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 600px; --smush-placeholder-aspect-ratio: 600\/314;\" \/><\/figure><\/div>\n\n\n\n<p>Over the past 18 months, the stable performance of\nSingapore&#8217;s mid-market hotel segment has been linked to various drivers,\nincluding demand for staycations and soaring demand for longer-term temporary\naccommodation.<\/p>\n\n\n\n<p>JLL data and analysis suggest that the resiliency of the\nmid-market sector will be further reflected in a solid rebound in investment\nvolumes in 2022, forecast to end of the year at SGD400 million (USD288\nmillion). In the first quarter of 2022 alone, mid-market hotel transactions\ntotalled SGD103 million (USD74 million), representing the entire half-year\nvolume of 2021 in three months.<\/p>\n\n\n\n<p>\u201cSingapore\u2019s mid-market hotel segment is firmly on\ninvestors\u2019 radars as they take a longer-term view on changing consumption habits\nand new conversion opportunities available to operators. The pandemic\nhighlighted the sector\u2019s role in accommodating longer-term stays, and we see a\nbroader push from the mid-market space to transform properties into co-living\nspaces,\u201d said JLL Hotels &amp; Hospitality Group head of Singapore mid-markets,\nNoel Neo.<\/p>\n\n\n\n<p>The trend of co-living conversion has been highlighted by\nthe launch of LHN Group Four Star\u2019s joint venture under the Coliwoo brand and\nthe more recent partnership between SLB Development Ltd and Weave Living to\nconvert the Hotel Clover in Jalan Sultan into a co-living property.<\/p>\n\n\n\n<p>According to JLL, for the Singapore mid-market to\ndifferentiate offerings and address a slowdown in new supply, various\noperational issues must be addressed to enhance the opportunity to attract\nguests and investors.<\/p>\n\n\n\n<p>Staff shortages in Singapore&#8217;s hospitality industry will\ncontinue to present challenges for mid-market hotels. According to JLL,\noperators that enhance benefits and provide a clear career path will attract\nand retain talent with greater success. Additionally, offsetting rising\ninflationary-influenced supply chain costs will push smaller hotels in\nSingapore to seek partnerships with larger brands to influence better pricing\non goods and services. Furthermore, the digitalization of the mid-market\nsegment will also need to ramp up for the industry&#8217;s acceleration to continue,\nincluding the adherence to a property management system (PMS) and other\ntech-inspired experience tools.<\/p>\n\n\n\n<p>\u201cThere is a unique opportunity for Singapore\u2019s mid-market hotel sector to address challenges swiftly and decisively with a clear operational strategy and a forward-looking lens. Macro-economic factors will continue to influence the fortunes of the sector, but by taking a partnership approach with asset management providers, many mid-market operators can better future proof their assets and attract more guests and capital,\u201d says Pierre Marechal,&nbsp; JLL Hotels &amp; Hospitality Group vice president, advisory and asset management, Asia Pacific. <\/p>\n\n\n\n<p>For more details, check out JLL&#8217;s <a href=\"https:\/\/www.jll.com.sg\/en\/trends-and-insights\/research\/singapore-mid-market-hotels\">Singapore mid-market hotels outlook 2022<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE, 19 May 2022: Singapore\u2019s mid-market hotel sector will continue to post healthy post-pandemic growth performance, fueled by increased tourist demand and reflected by heightened investment. According to JLL&#8217;s Singapore mid-market hotels outlook 2022,&nbsp;occupancy and investment in the sector will continue to recover in the second half of the year despite broader economic challenges, including [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[640,246],"tags":[],"class_list":{"0":"post-204897","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-hotels","7":"category-singapore"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Singapore hotels declare healthy outlook - TTR Weekly<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ttrweekly.com\/site\/2022\/05\/singapore-hotels-declare-healthy-outlook\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Singapore hotels declare healthy outlook - TTR Weekly\" \/>\n<meta property=\"og:description\" content=\"SINGAPORE, 19 May 2022: Singapore\u2019s mid-market hotel sector will continue to post healthy post-pandemic growth performance, fueled by increased tourist demand and reflected by heightened investment. 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