$2000 PER ROOM! F1's Singapore return shoots up hotel rates to 10-year high

F1's return to Singapore has led to hotel prices shooting through the roofs to a 10-year high. The Singapore GP is returning post-two-year hiatus after getting free from the shackles of the pandemic. In a report by Bloomberg, the investment conference, 'The SuperReturn Summit', is also making a comeback.

The report read,

"Deal-makers tired of years of Covid restrictions are converging on Singapore for the year’s biggest investment conferences and Formula 1 -- a massive party-in-the-making that’s helping push hotel rates to unprecedented heights. Over the next 30 days, the affluent island nation plays host to a slew of conferences including the SuperReturn summit, which is charging delegates $4,000, then Formula One -- the first after a two-year hiatus. It’s an ideal setting for a celebration for the well-heeled, after years of punishing pandemic restrictions and dismal markets have taken their toll."

According to the reports, the hotel rooms were sold out at price upwards of $2,000 per room. It said,

"As of Thursday, digs at top-flight venues from the Marina Bay Sands to the storied Raffles Hotel were sold out for much of the coming month -- many at upwards of $2,000 a pop. Even before that surge, accommodation costs had reached their highest in a decade."

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F1 - the bigger draw as Singapore breaks the shackles of the Pandemic!

While the investment conference is bringing in a massive number of fans, the key attraction is Formula 1. The race is expected to see its biggest turnout since the 2008 F1 season. To add to the attraction of the race, the entertainment line-up of Westlife, Green Day, and Maroon 5 are expected to perform as well. The report said,

"But it’s F1 that might prove the bigger draw. This year’s night race is set to see its biggest turnout since the inaugural event in 2008. Away from the track, the entertainment lineup includes performances by Westlife and Green Day. Other big names coming to Singapore later this year include Justin Bieber, Maroon Five and Guns N’ Roses."

The report further said,

"That stands in stark contrast with rival financial center Hong Kong’s own barren events calendar, which includes a Rugby Sevens tournament and a financial summit at the center of controversy over the city’s reluctance to do away with pandemic-era curbs. It’s Super Return and F1. Everyone wants to be in town,” said Ian Lee, deputy CFO of Chinese biotech startup XtalPi."

The 2022 F1 Singapore GP will be a grand spectacle as it welcomes Max Verstappen, the first non-Mercedes champion in almost a decade.