Chart of the Day: Singapore’s 2,221 new hotel rooms to gather dust in 2015

Tourists are travelling elsewhere.

The Singapore Tourism Board has acknowledged that the uncertain global economy and the volatility in global currencies will continue to negatively affect tourism numbers in Singapore, against the backdrop of stronger competition for visitors in regional markets.

As for Singapore's hospitality sector as a whole, Moody’s analysts expect the sector's operating environment to remain challenging at least over the next 12 months, as the supply of new hotel rooms continues to grow, while demand for accommodation tapers.

According to research published by Horwath HTL and CDL Hospitality Trust, an estimated 2,221 hotel rooms will complete in 2015.

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