Singapore hotels lure buyers with Asia’s best rates

Eleven hotels sold last year.

According to Bloomberg, Singapore is attracting hotel chains such as Accor SA and the InterContinental Hotels Group Plc., which are both adding new properties in the island-state, where the average daily hotel room rate is the highest in Asia. Accor will open its Sofitel So brand in the business district next month and its first Ibis Styles brand in Singapore in 2016, while InterContinental opened its Holiday Inn Express in the city’s nightlife hub of Clarke Quay in March.

Bloomberg noted that eleven hotels were sold in Singapore last year amounting to S$2.45 billion.

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