THE Ministry of Trade and Industry (MTI) has decided on the the rates for the Formula One (F1) levy on hotel room revenues, after consulting the Singapore Hotel Association.
For trackside hotels, levy rates would be 30 per cent of the total revenues from rooms and room packages.For all other tourist hotels, the levy would be 20 per cent of the total revenues from rooms and room packages.
The F1 levy stretches over five nights. For the first F1 race to be held in Singapore on Sept 28 next year, the five-night period will be from Wednesday (Sept 24) to Sunday (Sept 28).
Based on the current circuit design, the trackside hotels for 2008 are:
a. Swissotel The Stamford, Singapore
b. Raffles The Plaza, Singapore
c. The Pan Pacific Hotel Singapore
d. The Fullerton Hotel
e. The Ritz-Carlton, Millennia Singapore
f. The Oriental Singapore
g. Marina Mandarin
h. Raffles Hotel
i. Conrad Centennial Singapore
j. Carlton Hotel
k. Peninsula-Excelsior Hotel
MTI said the list of trackside hotels will be revised, if necessary, when the circuit design is finalised with FIA approval.
'In setting the F1 levy rates, MTI is mindful that hotels should still be able to keep a significant share of the upside,' it said.
'However, as the F1 race in Singapore will be held on a street circuit, some hotels are likely to benefit more from the event than others due to their proximity to the circuit or because their rooms have a good view of the track.
MTI said these trackside hotels 'should contribute more towards the organisation of the race'.
In May, Minister of State for Trade and Industry, Mr S. Iswaran, had announced that hotels would be making such a contribution through a levy to defray some of the cost of staging the F1 race in Singapore.
It is common for hotels in F1 host cities to be near full occupancy and to raise their room prices by up to two to three times during the race period because of the high demand, said MTI.
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