Asia-Pacific hotel room rates for corporate customers are expected to skyrocket during 2008, a report by American Express says.
The report says demand for hotels across the region is expected to outstrip supply, driving an increase in rates by as much as 40 percent in Mumbai.
Rates in Delhi are expected to increase 36 percent, 26 percent in Singapore, 21 percent in Beijing and 14 percent in Sydney.
“A shortage of available sites, high construction costs and the current strength of the office sector continue to deter new hotel development,” the report says.
“High market-wide occupancy levels are expected and will lead to room rate growth over the next few years.”
By staff writer