Marriott to Become the World’s Biggest Hotel Company

The US$12.2 billion deal in which Marriott International will acquire Starwood Hotels & Resorts, follows months of speculations about the bid target. Of all the rumored suitors – Hyatt Hotels Corporation, InterContinental Hotels Group and a few Chinese companies, including the recently-merged Jin Jiang Hotels and Plateno Group – Marriott had not been seen in the list. The acquisition will make Marriott the world’s biggest hotel chain, operating or franchising more than 5,500 hotels with 1.1 million rooms across the globe – approximately 50% more than the closest contender, Hilton. The combined company’s fee revenue for the 12 months ended 30 September, 2015, totals over US$2.7 billion. The transaction would enable US$200 million in annual cost savings in its second full year after closing by leveraging back-office and operational efficiencies. Industry experts believe that this deal could spark further industry consolidation, as hotel chains focus on size and scale to compete with each other as well as online travel agents and aggregator models that have disrupted the industry. 

Plateno Signs Portofino Hotel in Chiang Mai

China’s Plateno Hotels Group has announced plans to expand in Thailand with the launch of its first Portofino property in Chiang Mai. Scheduled to open in March 2016, the Portofino Chiang Mai Business Park will become Plateno’s second property in Chiang Mai, following the launch of its ‘7 Days’ budget brand. The new Portofino Chiang Mai Business Park will offer 122 rooms and suites, a swimming pool, an all day dining restaurant, a bar, a gym and meeting rooms. Plateno Hotels Group also recently signed a long-term master franchise agreement with Aspira Hospitality to launch multiple 7 Days-branded hotels across Thailand. 

Share of Asian Airlines Dropped on Fear That Paris Attacks Will Curb Tourism

Global airlines' share prices were down on Monday, 16th November 2015, the first day of trading since the terrorist attacks in Paris the previous Friday night, in which 129 people were killed. Asia-Pacific listed airline operators were the first to feel the brunt, amid concerns over the consumer reactions towards the coordinated attacks in several locations in the French capital. Shares of Taiwan’s Eva Airways and Virgin Australia tumbled as much as 6.2% and 6.5% on Monday, while China Southern Airlines and Cathay Pacific were down by 2.6% and 2.7% respectively, in Hong Kong Hang Seng Index. Japan Airlines sank almost 3% and ANA was down 3.5%, while in Jakarta, the Indonesian flag carrier, Garuda also retreated more than 1%. 

Thailand Offering Six-Month Multiple-Entry Visa for Foreign Tourists

Absolute Share Price Performance, as on 19 November 2015