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Singapore hotels feel the squeeze as corporate budgets tighten


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A general view of Raffles Hotel in Singapore is seen in this September 10, 2012 file photo. The best may be over for Singapore's booming hotel market as tightening corporate budgets and bank job cuts leave more luxury rooms empty, crimping profits at firms. Hong Kong's occupancy rate may pull ahead of Singapore's in 2013, largely because it has fewer new hotels slated to open. If Singapore's demand stays lukewarm next year, as many hotel operators expect, room rates and profits will slip. REUTERS/Tim Chong/Files