Hotel prices are surging as the Formula 1 Grand Prix weekend draws near.

Held from Sep. 20 to 22 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 did an online search on Sep. 5, 2024 for various hotels along the F1 Grand Prix circuit in the city centre.

We looked at prices for travelers who would fly into Singapore a day prior to the event and leave a day after, for a 5D4N stay from Sep. 19 to Sep. 23, 2024.

Here’s what we found:

Popular hotels fully booked, prices more than triple for others

Popular hotels Marina Bay Sands and Fullerton Bay Hotel were unavailable for booking from Sep. 20 to 22, while a single night’s stay on Sep 19. 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 Sep. 19 to 23 is priced at a rate of S$1,625 per night.

A similar room booked a week later, from Sep. 26 to 30, 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.

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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Top photo from Google Maps.