Thailand’s listed alternative energy firm, Inter Far East Energy Corporation Public Company Limited (IFEC), will acquire Dhara Dhevi Hotel Chaing Mai Group (DDVG) from existing shareholders for a total amount of 2.52 billion baht. DDVG includes Dhara Dhevi Hotel Co Ltd, A.P.K. Development Co Ltd and Dhara Dhevi Co Ltd. Of total investment, IFEC will purchase shares for 1.6 billion baht and IFEC’s subsidiary will acquire DDV’s debt from a financial institution for 860 million baht. This acquisition of Dhara Dhevi Hotel is expected to generate an additional 200 million baht from hotel operations and another 400 million baht from extra gains from debt restructuring, next year. According to Wichai Thavornwattanayong, IFEC Chairman and Executive Director, “It’s a good investment for IFEC as our core energy business will sometimes face policy and bidding uncertainties. The stable income from a reputable and luxury hotel like Dhara Dhevi will be a safeguard for us.” Dhara Dhevi recorded an average occupancy of 51% this year − the highest average occupancy since the hotel opened 11 years ago.
Anantara Hotels, Resorts & Spas opened its first Anantara resort in Sri Lanka − the Peace Haven Tangalle Resort, earlier this month. Located approximately 195 km southeast of Colombo on a 21-acre coconut plantation in Tangalle, the beachfront resort offers 152 rooms and pool villas, four restaurants, two bars as well as a private dining option, ‘Dining by Design’. The resort also features a swimming pool and the Anantara Spa. Tangalle encompasses a series of bay offering white sandy beaches, is one the largest coastal towns in the Hambantota District within the Southern Province of the country.
The U.A.E. based LuLu Group International, under its hospitality division Twenty14 Holdings, has acquired its first hotel in India for an undisclosed amount. The 54-room Abad Airport Hotel is located near the Nedumbassery Airport in Kochi. The group is currently in talks with Marriott International to rebrand the property under the Fairfield by Marriott brand.
InterContinental Hotels Group (IHG) has entered into a management agreement with Radius Developers to convert the existing 93-room Eaton Smart New Delhi Airport Transit Hotel into a Holiday Inn Express by the end of 2015. The hotel is located in Terminal 3 of the New Delhi Airport, and will be the first Holiday Inn Express in Delhi. The hotel is expected to offer a range of food and beverage options, at both domestic and international terminals, along with featuring the brand’s signature ‘Great Room’.
Taj Hotels, Resorts and Palaces opened the Taj Bangalore, located near the Kempegowda International Airport in Bengaluru, India. The hotel has 154 rooms, an all day dining restaurant, two specialty restaurants and a bar, in addition to approximately 25,000 ft² of meeting and conferencing space. With this new addition, the Taj portfolio in Bengaluru now comprises a total of six hotels.
In an effort to boost the country’s plan to increase its international visitor arrivals to 20 million by 2019, Indonesia is planning to expand the list of countries whose citizens are allowed to enter Indonesia without having to pay for a visa. The current list includes 90 countries and that number is set to increase to 174 with yesterday’s announcement by Indonesia’s Coordinating Minister for Maritime Affairs, Rizal Ramli. Australia – the largest visitor source market – is one of the new additions, along with Brazil, Mauritania, Pakistan and Ukraine. Although the number of tourist visits to Indonesia has continued to increase over the past few years, the country still lags behind other ASEAN members in absolute number of annual international visits. In 2014, Malaysia received 27.4 million foreign tourists, Thailand received 24.8 million and Singapore had 15.1 million inbound international travelers, compared to 9.4 million international arrivals recorded by Indonesia. This move is expected to help Indonesia boost its international arrivals and compete more effectively with other nations in the region.
Closing Share Price as at
23 Dec 2015
17 Dec 2015
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