July 20, 2024

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F1 Race Boosts Singapore’s Hotel Industry

F1 Race Boosts Singapore’s Hotel Industry

The Singapore Grand Prix was only resurrected in 2008 after almost 30 years of being at rest. It was formerly referred to as the Formula Libre event during the 1960s. But upon Singapore’s independence in 1965, this race held at the Thomson Road circuit was renamed as the Singapore Grand Prix. This phenomenon thrived for many years, attracting thousands of fans from different parts of the globe.

However, the phenomenon ceased in 1974 because of collaborative issues that bombarded the management responsible for the Race. The fatal accidents that occurred in the 1972 and 1973 races raised concerns from many citizens. These accidents even intensified the complaints received from many people criticizing the inconvenience caused by closing main roads, rerouting transportation and heavy traffic jams for the duration of the race.

However in 2007, the five-year deal signed by Singapore GP Pte Ltd, the Singapore Tourism Board and Bernie Ecclestone marked the Singapore Grand Prix’s return to the limelight. The race was co-funded by the Government of Singapore, investing S$90million out of the S$150 million total cost. Singapore Grand Prix, Formula One’s first night race, is currently held in the Marina Bay area, Singapore. F1 race cars take the circuit route in Singapore’s downtown area.

When the comeback of the Singapore Grand Prix was first announced in early 2007, thousands of fans and tourists expressed their excitement and enthusiasm for the event. As early as November 2007, hotel packages and hospitality suites were opened for booking and immediately got full reservations. Patrick Fiat, general manager of Royal Plaza on Scotts, said that the resurrection of the Race would provide a big boost for tourism in Singapore. Fiat also added that this Race was one of the best things that could happen for the country.

It would provide a new branding for Singapore and would increase its stance in the global market. Fiat was correct in saying this because a total of around 110,000 tickets were released for Singapore’s first Formula One race. With the flooding of tourists, airline companies and hotels were the most likely beneficiaries of this phenomenon. Ms. Ng of Pan Pacific Hotel said that this race is extremely encouraging, not only for the hotel but for the outlook of the hospitality industry as a whole.

Hotels in the Marina Bay area are said to have the most advantage because they provide a very good view of the race from their rooms. Tourists are quick to book their accommodations even as far as a year before to ensure their stay and get a good room that would provide a perfect view of the race. Other hotels along the route which also provide commanding views of the races are Ritz-Carlton Millenia, the Fullerton and Swissotel the Stamford. But even If tourists failed to acquire a room from these noted hotels or failed to buy a ticket to the race, they can still try their luck and steal glimpses of the race in Suntec City, the Esplanade theatres or Padang.