Singapore Hotels dangle F1 'best rates'

HOTELIERS here are dangling yet another carrot this year to get people to book their rooms early for the second run of the Singapore Formula One Grand Prix night race, which is taking place from Sept 25 to 29.
Race organiser Singapore GP has got 29 non-trackside hotels to agree to offer a "Best Rate Guarantee" for the early birds who book in advance. This scheme ensures that the early bird customers do not lose out should hotel room prices fall further closer to the race day.
Last year, during the first run of the race, hoteliers initially priced their rooms very high, leading to poor demand for the rooms. As the rooms remained empty in the weeks leading up to the race, hotels started massive discounting in a last-minute attempt to attract more customers. That led to a situation where those who booked early ended up having to pay higher prices than those who came last minute.
To prevent the same situation from happening again this year and to get people to book now instead of waiting for better deals to materialise, the hotels have come up with such a plan.
Singapore GP said in a statement on Tuesday that the Best Rate Guarantee initiative was a "result of feedback from corporate and general ticket-holders" who were unhappy at being penalised for having to pay a high rate for booking early.
Its chairman Teo Hock Seng called the scheme a "win-win solution" for participating hotels and customers and expects more hotels to join in the coming weeks.
He said: "Hotels will be able to manage their inventory better with early confirmations, while visitors who want to come here to watch the race will also have a greater degree of confidence, instead of having to wait and see whether there will be any last minute price deals."
Hotels across the board are having a difficult time this year with dwindling tourist arrivals as a result of the global economic recession and the global outbreak of H1N1. And the bookings for F1 race dates are trickling in rather slowly despite early bird offers which offer massive discounts on last year's prices.

For more information on the list of participating hotels, go to www.singaporegp.sg or www.visitsingapore.com/sgpseason/hotel_rates.html