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United States

Singapore hotels feel the squeeze as corporate budgets tighten

Photographer
TIM CHONG

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...more

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
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Photographer
VIVEK PRAKASH

A guest swims in the infinity pool of the Skypark that tops the Marina Bay Sands hotel towers in Singapore in this June 24, 2010 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...more

A guest swims in the infinity pool of the Skypark that tops the Marina Bay Sands hotel towers in Singapore in this June 24, 2010 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/Vivek Prakash/Files
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