The Shanghai Disney Resort comprising six themed lands, a 420-key Shanghai Disneyland Hotel, an 800-key Toy Story Hotel, Disneytown and the Wishing Star Park, will soon open its gates to visitors, with its grand opening celebration scheduled on 16th June, 2016. This world-class resort, located in the Pudong District of Shanghai, will be Disney’s first destination resort in mainland China. Reportedly worth US$5.5 billion, the Shanghai Disney Resort is a joint venture between Disney and Shanghai Shendi Group, a Chinese state-run consortium. Besides the Disney Resort, two other large theme parks are expected to come up in Shanghai − the Hydron Polar Ocean Park in Pudong area, which is slated to open in 2017 and will be the biggest polar ocean park in China; and the first Legoland Discovery Center in Shanghai, announced by Merlin Entertainments Group last year. The opening of these theme parks will provide a solid thrust to the leisure segment and significantly contribute to hotel performance in the Shanghai market.
India’s largest online travel agency, MakeMyTrip, announced an agreement under which Ctrip.com International Ltd., a leading travel service provider in China, will invest US$180 million in MakeMyTrip through convertible bonds. Additionally, the Chinese company, which is backed by US travel website Priceline.com, is expected to pick up additional shares of MakeMyTrip in the open market that will see the US$12.7 billion travel major own a 26.6% stake in the company, and assume the position of its largest stakeholder, ahead of SAIF Partners, T Rowe Price, Tiger Global and Founder and CEO, Deep Kalra. On completion of the investment, Ctrip will also have the right to appoint a director to the MakeMyTrip board. According to a statement, MakeMyTrip will use proceeds to strengthen its market share in the Indian online travel market, especially through the mobile platform, and on further building its technology.
Best Western Hotels & Resorts has unveiled plans to open a new upscale resort in the Kamala area of Phuket Island. The company has penned an agreement to operate the Best Western Premier Himalai Resort, slated to open in 2019. The resort will offer 425 rooms and suites, an outdoor swimming pool, a fitness center, two food and beverage outlets, as well as meetings facilities and a business center to cater to corporate guests. Best Western Hotels & Resorts currently operates three properties in Phuket and a total of nine hotels and resorts across Thailand.
American hospitality chain Hyatt Hotels has opened the new Hyatt Place in Goa, which is the fourth hotel under their select-service brand ‘Hyatt Place’, after Hampi, Gurgaon and Pune. The hotel is located in north Goa, proximate to the state’s beaches − Calangute and Candolim, approximately 36 kilometers northwest of Goa’s Dabolim Airport and 21 kilometers southwest of Thivim Railway Station. The hotel features 147 rooms, three food and beverage outlets, 1,006 square feet of meeting space, a 24-hour gym, and an outdoor swimming pool. The hotel is the brand’s third hotel in Goa after Grand Hyatt and Park Hyatt.
Carlson Rezidor has opened the Radisson Blu Udaipur Palace Resort & Spa, at the Lake City Mall of Riddhi Siddhi Group, in the heart of Udaipur. The hotel is situated in close proximity to the city’s key attractions and is less than an hour’s drive from the airport and ten minutes’ from the railway station. Radisson Blu Udaipur features 56 guest rooms, a 3,000 square feet banquet hall, an all-day dining restaurant, a lounge bar, a fitness center, a spa and a swimming pool. With the opening of this hotel, Carlson Rezidor now has 75 operational hotels in India and another 45 under various stages of development.
Fairfax Financial Holdings, which owns Thomas Cook India, will discontinue the Kuoni brand name in India, in the coming months. Last year, Fairfax had acquired Kuoni Group’s travel businesses in India and Hong Kong. Under the agreement, Fairfax was granted access to the Kuoni name for one year in India and for five years in Hong Kong. Kuoni Hong Kong will remain in use. According to Madhavan Menon, Chairman and Managing Director − Thomas Cook India, SOTC and SITA are better known brands in India and therefore they would drop the Kuoni name going forward. Additionally, Kuoni India’s inbound business, Kuoni Destination Management, which operates under the SITA brand, will be merged with Fairfax’s Travel Corporation of India. Meanwhile, its outbound businesses, Thomas Cook India and SOTC India, will continue to operate as two different companies but share back-end services.
Closing Share Price as at
14 Jan 2016
7 Jan 2016
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