Singapore hotel prices soar to $2,000 a night thanks to Formula 1
Singapore has never been the cheapest city to spend a night in, let alone the cheapest city to watch a Formula 1 race – but hotel prices are rising to ridiculous levels as bankers, the jet set and revheads are flocking to the city ahead of the 2022 Singapore Grand Prix.
Since its addition to the F1 calendar in 2018, the Singapore Grand Prix has carved out a place for itself. Marina Bay Street Circuit, F1’s first-ever night race, is widely regarded as one of the toughest and most unique circuits in the world, and regularly draws huge crowds thanks to its host city’s nature as a as an international travel center.
The Singapore Grand Prix was canceled in 2020 and 2021 due to COVID, and is set to return to the Formula 1 World Championship this year – and fans are absolutely rushing to watch the race, driving up hotel prices at heights.
According Bloombergrooms in high-profile locations, including the iconic Marina Bay Sands or the legendary Raffles Hotel, have sold out for much of the coming month – many at over $2,000 a pop – although even before that this surge, accommodation costs in Singapore had reached their highest in a decade, they explain.
It’s not just F1 that draws people to The Garden City. A number of major investment conferences are also held in the city in September and October, including SuperReturn Asia, Milken Institute Asia Summit, Forbes Global CEO Conference, and several crypto-related events.
Singapore’s insane demand for hotel rooms and busy calendar of events contrasts sharply with the barren calendar of events in rival Asian financial hub Hong Kong. The Chinese city has been reluctant to lift strict COVID guidelines, which are crippling the city’s attractiveness as a tourist destination as the rest of the world returns to “business as usual”.
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Indeed, two major Hong Kong marathon events have just been canceled at the last minute, with organizers saying the government took too long to give them certainty about permission and citing COVID transmission concerns. , South China Morning Post reports.
The 2022 Singapore Grand Prix will take place from September 30 to October 2, with lights out on the 2 scheduled for 11:00 p.m. ‘ not get caught).