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Singapore’s Hotel Market Thrived as Travel Rebounded in 2022
In 2022, Singapore’s hotel market surged as travel restrictions eased, with US$899.7 million in transactions predominantly in the mid-market segment. The rise in visitor numbers and luxury openings, like The Singapore Edition and Raffles Sentosa Resort & Spa, drove significant growth. Despite labor shortages, the sector thrived with increased room rates and revenue, reflecting a strong rebound in the tourism industry.