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HVS has released the results of its Hotel Management Contract Survey. The survey collates and compares the key terms and clauses of management contracts across the USA, Europe and the Asia Pacific region and offers a truly global perspective on the structure of management contracts. The survey sample set comprises 236 contracts representing 57,055 hotel rooms, and 38 branded hotel companies (in addition to a few independent operators and several third-party management companies). The full 35-page report (approx.) offers an insight into six principal sections of a management contract, which are recognised to be critical areas for owner-operator negotiations. Commenting on the report, HVS’s founder, Steve Rushmore, said, “We believe that it will enable hotel owners across the globe to understand management contracts better, in addition to being a credible reference document that presents and distinguishes the key terms and clauses of management contracts across three major regions of the world.” To download excerpts of the report, please click here. Visit the HVS Bookstore to purchase the full HVS Hotel Management Contract Survey Report (available both in PDF and in Print) for US$2,000.
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Over the years, land and building costs in Singapore have increased beyond affordable for many boutique hotels. Hotel yields are compressed making it hard to justify the investment at a time when interest rates look to be rising and competition increasing. Boutique hotels have less economies of scale compared to large branded hotels, and such new business environment means cost pressures and competition will increase. Loh Lik Peng, CEO of Unlisted Collection highlights the importance of embracing change and looking at the traditional strengths in marketing and public relations, agility and flexibility in order for boutique hotels to progress. Boutique hotels also need to continue to be interesting and relevant.
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In coming years, Suvarnabhumi Airport is planned to expand its existing facility. Airport of Thailand (AoT) is working on a 24 billion baht (US$752.3 million) proposal for the new terminal and monorail system that will give Suvarnabhumi the ability to handle 20 million more passengers a year, to be submitted to the Thai cabinet by end-2014. The completion of the project is expected to be by 2018. The expansion was aimed at increasing the international airport’s capacity from the existing 45 million annually to 60 million by 2017, especially with ASEAN economic integration expected to happen in 2015.
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Since visa exemption by Japan was introduced to Malaysians in last July, Malaysia is now Japan’s second greatest source market following after Thailand. Malaysian arrivals climbed 62.5 per cent during January to July this year as compared to 2013. Susan Ong, deputy director Singapore Office, Japan National Tourism Organization (JNTO), said the NTO expects between 50 and 60 per cent year-on-year growth in the Malaysian market for the rest of 2014. JNTO is also encouraging travel consultants to sell incentives beyond Tokyo and Osaka, promoting new destinations to the Malaysian market such as Kobe, Okinawa and Sapporo.
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The third boutique hotel of the Mirmar Group’s collection is set to open in 1 January 2015. The 50-key Mira Cube is situated in the heart of Knutsford Terrace in Tsim Sha Tsui close to The Mira Hong Kong. Targeting at mainly well-travelled and tech-savvy individuals, Mira Cube’s features and services are customised to what defines the 21st century urban lifestyle hotel experience. The group also owns The Mira Hong Kong and Mira Moon Hotel.
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The 141 room hotel will be Kempinski Hotel’s first in the Myanmar market this November. It aims to cater to international NGO and government delegates besides leisure travellers. Being located in the National Guest House Compound in Hotel Zone 1 in the Myanmar capital, the hotel places a high emphasis on security. The hotel invested US$1.2 million in firesafety and also provides bulletproof glass in its Royal Suite. The hotel is 50-50 owned by KBZ Group of Companies and Jewellery Luck Company, and is managed by Kempinski. This makes it the second international hotel chain in Naypyidaw after Pan Pacific Hotels Group, which launched Parkroyal Nay Pyi Taw.
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As part of South Korea’s MICE Master Plan since 2013, Dongdaemun Design Plaza (DDP) commenced its operations in March in Seoul’s fashion core. DDP’s establishment has attracted fashion and design-related conferences and exhibitions to Dongdaemun, and also bolstered the hospitality sector. There is an expectation of MICE Chinese travellers to surge. South Korea being a popular attraction, 4.3 million visitors from China travelled to Seoul last year. Seoul’s tourism authority estimates Chinese arrivals will exceed five million in 2014 and 10 million in subsequent years.
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| Closing Share Price as at |
22 August 2014 |
16 August 2014 |
% Change |
| Australia Stock Exchange (ASX) |
| Amalgamated Holdings Limited |
9.63 |
9.37 |
3% |
| General Property Group |
4.09 |
4.05 |
1% |
| Mirvac Group |
1.86 |
1.85 |
1% |
| Bangkok Stock Exchange (THB) |
| Central Plaza Hotel Public Co Ltd |
38.00 |
37.75 |
1% |
| Dusit Thani Public Co Ltd |
61.00 |
58.50 |
4% |
| The Erawan Group Public Co Ltd |
4.66 |
4.62 |
1% |
| Grande Asset Hotels and Property Public Co Ltd |
1.59 |
1.52 |
5% |
| Laguna Resorts & Hotel Public Co Ltd |
32.75 |
32.75 |
- |
| Minor International Public Co Ltd |
33.75 |
33.00 |
2% |
| China Shanghai Stock Exchange (RMB) |
| Shanghai Jinjiang International Hotels Development |
19.80 |
19.23 |
3% |
| BTG Hotels Group Co Ltd |
15.22 |
14.68 |
4% |
| Jinling Hotel Corporation Ltd |
9.51 |
9.49 |
- |
| China Shenzhen Stock Exchange (RMB) |
| Huatian Hotel Group Co Ltd |
6.16 |
5.77 |
7% |
| Guangzhou Dong Fang Hotel Co Ltd |
9.20 |
8.64 |
6% |
| Shenzhen Century Plaza Hotel Co Ltd |
4.99 |
4.99 |
- |
| NASDAQ (US$) |
| Huazhu Hotels Group Ltd |
26.39 |
27.03 |
-2% |
| Home Inns & Hotels Management Inc |
34.46 |
33.99 |
1% |
| Hong Kong Stock Exchange (HK$) |
| Miramar Hotel & Investment Co Ltd |
10.04 |
9.99 |
1% |
| Regal Hotels International Holdings Ltd |
4.73 |
4.73 |
- |
| Sino Hotels Holdings Ltd |
2.51 |
2.51 |
- |
| The Hong Kong & Shanghai Hotels Ltd |
11.40 |
11.32 |
1% |
| Shangri-La Asia Limited |
12.24 |
11.92 |
3% |
| Dorsett Hospitality International |
1.64 |
1.52 |
8% |
| National Stock Exchange |
| IHCL (Taj Hotels, Resorts & Palaces) |
89.90 |
81.80 |
10% |
| EIH (Oberoi Hotels & Resorts) |
99.00 |
91.75 |
8% |
| Hotel Leela Ventures |
24.75 |
21.75 |
14% |
| Korea Exchange (KRW) |
| The Shilla |
128,000 |
124,000 |
3% |
| Singapore Stock Exchange (S$) |
| Amara Holdings Ltd |
0.57 |
0.57 |
- |
| Ascendas Hospitality Trust |
0.74 |
0.75 |
-1% |
| Ascott Residence Trust |
1.23 |
1.23 |
- |
| Banyan Tree Holdings Limited |
0.64 |
0.63 |
2% |
| CDL Hospitality Trusts |
1.65 |
1.65 |
- |
| Far East Hospitality Trust |
0.83 |
0.83 |
- |
| Hotel Grand Central Ltd |
1.33 |
1.36 |
-2% |
| Hotel Properties Ltd |
4.29 |
4.22 |
2% |
| Mandarin Oriental International Ltd (US$) |
1.77 |
1.74 |
2% |
| OUE Hospitality Trust |
0.89 |
0.90 |
-1% |
| Shangri-La Asia Limited (HK$) |
12.02 |
12.02 |
- |
| Stamford Land Corporation Ltd |
0.60 |
0.59 |
2% |
| Taiwan Stock Exchange (NT$) |
| Formosa International Hotels Corporation |
340.50 |
328.00 |
4% |
| The Ambassador Hotel, Ltd |
27.60 |
27.85 |
-1% |
| Tokyo Stock Exchange (JPY) |
| Japan Hotel REIT Investment Corp. |
63,600 |
59,400 |
7% |
| Imperial Hotel, Ltd |
2,240 |
2,223 |
1% |
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