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Featured
in this Asia Pacific Hospitality Newsletter - Week Ending 28
November 2008 |
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Bangkok’s Suvarnabhumi International Airport Closed After
Protesters’ Intrusion |
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to Headlines |
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| The
anti-government protests in Bangkok, Thailand which resulted
in the closure of Bangkok’s Suvarnabhumi International
Airport had plunged Thailand into its worst national crisis
in the last decade. The political turmoil is expected to damage
the country’s image and economy which is highly-related
to foreign investment and driven by tourism. All inbound and
outbound flights from Suvarnabhumi International Airport were
temporarily suspended resulting in foreign visitors and Thai
tourists being stranded inside Thailand. The airport is expected
to lose approximately US$1.43 million of daily revenue, and
the Association of Thai Travel Agents (ATTA) expects Thailand’s
tourism industry to continue to suffer in 2009 due to the political
instability. |
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| According
to the Singapore Tourism Board (STB), visitor arrivals to Singapore
fell by 8.1% year-on-year in October 2008 to 843,000 amid the
global economic slowdown. During the same observed period, hotels
were estimated to record total room revenues of approximately
US$117 million, a 0.3% decline compared to the same period in
2007. Average room rate in October 2008 was estimated at approximately
US$158, an 8.4% increase compared to October 2007, while average
occupancy rate in October 2008 was estimated at 82%, a 6.8-percentage-point
drop compared to the same period in 2007. Singapore had witnessed
a decline in visitor arrivals since June 2008 and the tourism
industry is not likely to meet its 2008 target of 10.8 million
visitors. |
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| According
to Tourism Malaysia, the tourism promotional programmes for
2009 are expected to focus on the local market to lessen the
impact of the global economic crisis on the tourism industry
in Malaysia. The local market has shown good response especially
during the school holiday period, representing approximately
60% of hotel visitors. Besides the domestic market, promotional
programmes will also focus on regional markets, including Singapore,
Thailand and Indonesia, and emerging markets such as China,
India, Middle East and Russia. |
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Integrated
Development With Casino To Be Constructed In Subic Bay, Philippines |
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to Headlines |
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| A
US$120-million integrated development, Ocean 9 Casino and Hotel
Resort, comprising 9,137 square metres of hotel component, a
4,200-square-metre casino with 500 gaming tables and a convention
centre, is undergoing construction in Subic Bay, approximately
100 kilometres northwest of Manila Bay, the Philippines. Located
in close proximity to Subic Bay's Alava Pier, which is being
developed as a passenger terminal for cruise ships, the integrated
development is also expected to feature between 60 and 120 high-end
retail shops and a central stage for live entertainment and
performances. The development, which is developed by Grand Utopia
Incorporated, is scheduled to be completed by 2010. |
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| The
Board of Investment (BOI) of Thailand has approved tax incentives
for the development of a five-star hotel by City Resort (Bangkok)
in which United Arab Emirates-based property group, Nakheel
International (Nakheel), is a major shareholder. To be located
on a 20,800-square-metre plot of land along the Chao Phya River,
the hotel is likely to feature 15 storeys and 195 rooms. The
development is scheduled to complete its constructions and commence
operations by 2011. |
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| According
to industry experts, profits of hotels in Mumbai, India, are
expected to fall by as much as 20% in the aftermath of the terrorist
attacks on Mumbai’s Taj and Oberoi-Trident hotels. Inbound
tourism during this current peak season has already declined
by 20% due to the effects from the global slowdown and recession
on business travel, while hotels in Mumbai are likely to experience
a 30% to 40% decline in tourist arrivals led by leisure travellers
staying away from the carnage. Meanwhile, the Taj Hotel in Mumbai,
which was the focal point of the terrorist attacks, has resolved
to rebuild the hotel but the negative effects of the incident
are likely to linger for some time. |
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Absolute
Share Price Performance, as at 28 November 2008 |
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Closing Share Price as at |
November
28 2008 |
November
21 2008 |
%
Change |
| Australia
Stock Exchange (ASX) |
| Amalgamated
Holdings |
4.10 |
4.20 |
-2% |
| General
Property Group |
0.94 |
0.89 |
6% |
| Mirvac
Group |
1.37 |
1.23 |
11% |
| Ocean
Capital Limited |
0.35 |
0.35 |
– |
| Thakral
Holdings Group |
0.50 |
0.51 |
-3% |
| Living
and Leisure Australia Group |
0.02 |
0.02 |
10% |
| Bangkok
Stock Exchange (THB) |
| Central
Plaza Hotel Public Co Ltd |
3.20 |
3.40 |
-6% |
| Dusit
Thani Public Co Ltd |
20.50 |
21.00 |
-2% |
| The
Erawan Group Public Limited |
1.47 |
1.65 |
-11% |
| Grande
Asset Development |
1.90 |
1.90 |
– |
| Laguna
Resorts & Hotel Public Co Ltd |
22.60 |
25.00 |
-10% |
| Minor
International PCL |
6.45 |
6.20 |
4% |
| Hong
Kong Stock Exchange (HK$) |
| Miramar
Hotel International Ltd |
4.89 |
4.70 |
4% |
| Regal
Hotels International Holdings Ltd |
1.79 |
1.70 |
5% |
| Sino
Hotels Holdings Ltd |
2.60 |
2.50 |
4% |
| The
Hong Kong & Shanghai Hotels Ltd |
5.66 |
5.42 |
4% |
| Singapore
Stock Exchange (S$) |
| Amara
Holdings Ltd |
0.20 |
0.19 |
5% |
| ART
Management Pte Ltd |
0.53 |
0.50 |
5% |
| Banyan
Tree Holdings Limited |
0.40 |
0.41 |
-2% |
| CDL
HTrust |
0.61 |
0.64 |
-4% |
| Hotel
Grand Central Ltd |
0.46 |
0.45 |
2% |
| Hotel
Plaza Ltd |
1.26 |
1.23 |
2% |
| Hotel
Properties Ltd |
0.89 |
0.89 |
0% |
| Mandarin
Oriental International Ltd (US$) |
1.00 |
1.00 |
0% |
| Shangri-La
Asia Ltd |
9.10 |
8.50 |
7% |
| Stamford
Land |
0.24 |
0.23 |
4% |
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Return to Headlines |
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| Disclaimer:
Information provided above has been gathered from various market sources.
HVS has not independently verified the accuracy of the
information provided. Interested parties should not rely on the information
as statement of facts and are advised to make their own independent
checks to verify the information provided. For further information,
please feel free to contact HVS
Singapore. |
