From F1 Grand Prix To Big Business Forums: Why Major Singapore Hotels Are Charging Over $2,000 A Night This Month

As Singapore lines up a slew of conferences and other events including the Formula One Grand Prix, hotel room rates have soared in the island nation, Bloomberg reported.

What Happened: As of Thursday, digs at top spots from the Marina Bay Sands to the Raffles Hotel were sold out for much of the coming month, many at upwards of $2,000 a night, the report said.

What's Going On: Singapore is playing host to a whole line-up of conferences, including the SuperReturn summit — a leading networking event for private equity and venture capitalist partners — which is charging delegates $4,000, and the much-awaited Formula One event from Sept. 30 to Oct. 2. The island nation will also host the Milken Institute Asia Summit, Forbes Global CEO Conference and several crypto events in September, followed by Gamescom Asia in October.

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Singapore would also be hosting big names in entertainment later this year including Justin Bieber, Maroon Five and Guns N’ Roses, according to Bloomberg.

According to the Singapore Tourism Board, the island nation expects to receive between 4 and 6 million visitors in 2022. In the first half of the year, Singapore clocked 1.5 million visitor arrivals, nearly 12 times more than a year earlier. 

Why It Matters: The SuperReturn summit will draw not just financiers but also start-ups at a time when funds in China, especially the smaller ones, are facing trouble raising capital after Beijing’s crackdown on the nation’s internet sector, the report said.

Sean Xiang, founder-CEO of Hermitage Capital, told Bloomberg it’s a bit over the top, but Chinese fund managers have been held back for three years. “It’s a conference you cannot miss,” Xiang said.