Hotel prices are surging as the Formula 1 Grand Prix weekend draws near. Held from 20 to 22 September this year, the annual event, which draws crowds from all around the globe, has caused demand to spike. Hotels near the city’s F1 circuit, such as Marina Bay Sands and Fullerton Bay, are either fully booked or charging significantly higher prices than usual. According to an article by Lianhe Zaobao, hotel prices were as high as S$15,000 for a three-night stay. Mothership conducted an online search on 5 September 2024 for various hotels along the F1 Grand Prix circuit in the city centre, looking at prices for travellers who would fly into Singapore a day prior to the event and leave a day after, for a 5D4N stay from 19 to 23 September 2024.
Popular hotels fully booked, prices more than triple for others
Popular hotels Marina Bay Sands and Fullerton Bay Hotel were unavailable for booking from 20 to 22 September, while a single night’s stay on 19 September would cost S$2,148 as opposed to the usual price range of S$800 to S$1,000. A stay at the Pan Pacific hotel from 19 to 23 September is priced at a rate of S$1,625 per night. A similar room booked a week later, from 26 to 30 September, is going at a rate of S$399.50 per night — less than a third of its price during the F1 week. Meanwhile, at Swissôtel The Stamford Singapore, standard rooms over the F1 weekend will cost around S$6,460 for a 5D4N stay, while staying in a similar room — with a balcony on a high floor — would cost approximately S$2,075 a week later. Taking things up a notch, if you do wish to watch the race in luxury, there is the option of staying in the hotel’s Stamford Crest Suite during the F1 peak period — which will cost approximately S$28,000 for non-members.
F1 packages
To capitalise on the demand from F1 fans, hotels like Pan Pacific and ParkRoyal are offering F1-specific packages, promising premium track-facing rooms and additional perks like complimentary breakfast. One such hotel is Pan Pacific Singapore. Their “Night Race Track-facing Room Offer” package for a 4D3N stay is priced at S$1,873.33 per night for non-members, and comes with complimentary breakfast. ParkRoyal Collection Marina Bay is offering a similar package. The hotel’s “Night Race (Trackside) package” costs around S$1,700 per night for an individual, and works out to over S$8,300 for a 5D4N stay after GST and service charge.
Economic impact
According to the Ministry of Trade and Industry, the F1 Singapore Grand Prix has attracted over 550,000 visitors and generated approximately S$2 billion of incremental tourism receipts. Let’s see if this year’s attendance breaks 2022’s record of 302,000 attendees.
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The Ritz Carlton Millenia offers the ultimate Grand Prix hotel experience, located just a few minutes’ walk from the pits and favoured by F1 teams. Similarly, the Mandarin Oriental is another top choice, known for its proximity to the action and popularity among F1 teams. For those looking for promotions and discounts, Trip.com provides options for booking rooms near the F1 circuit with real guest reviews and authentic pictures. The Clan Hotel Singapore by Far East Hospitality is another notable mention, offering a fitness centre, terrace, restaurant, bar, and free WiFi, located just 1.2 miles from the Formula 1 Singapore Grand Prix.
