HVS - ASIA PACIFIC HOSPITALITY NEWSLETTER - For The Week Ending 27 May 2016 (May 29, 2016)

Hong Kong Gambling Tycoon Purchases Cuscaden Bungalow for S$145 Million

The Hong Kong-listed conglomerate Shun Tak Holdings Ltd., founded by gambling billionaire Stanley Ho, has made its first foray into the Singapore property market. Shun Tak Real Estate (Singapore), a subsidiary of Shun Tak Holdings paid S$145 million (S$2,145 per square feet per plot ratio, including development charges) – one of the highest sums ever paid for a landed house – for 9 Cuscaden Road, a bungalow put up for sale by the descendants of famed philanthropist Tan Tock Seng. The site is flanked by The St. Regis Singapore and Four Seasons Hotel, and is located within a prestigious enclave about 200 meters off Orchard Road. The 25,741 square feet freehold site is zoned for hotel development and is the first hotel redevelopment site on sale in the Orchard area in more than a decade. However, the plot could also be used for residential development, subject to approvals.

Grand Nikko Bali to be Rebranded as Hilton Bali

Hilton Worldwide announced the signing of a management agreement with PT. Caterison Sukses to manage and re-brand the Grand Nikko Bali as Hilton Bali. The 408-room resort, located at Jalan Raya Nusa Dua Selatan, is slated to open on December 2016. The rebranded resort will have 408 rooms, including 19 villas. “We are confident that Hilton Bali will be a magnet for business and leisure, and international and domestic travelers, as well as corporate meetings and wedding planners” commented Charles Djunaidi, Director, PT. Caterison Sukses. The hotel will join Conrad Bali and Hilton Garden Inn Bali to be the third Hilton property in Bali, Indonesia.

Premier Inn Opens in Surabaya, Indonesia

The UK’s largest economy hotel chain Premier Inn, has announced the opening of its 129-key hotel in Surabaya. A five-minute drive from Juanda International Airport, and in the vicinity of Surabaya City Centre and the Surabaya Night Carnival Theme Park, the Premier Inn Surabaya is poised to capture both business and leisure demand segments, including transient travelers in-between flights. With upcoming launches in Singapore, Thailand and Indonesia, Premier Inn aims to open 50 hotels outside of the UK by 2020.

HVS Releases the China Hotel Investment Watch 2016

HVS released the China Hotel Investment Watch 2016 last week. Authored in collaboration with the China Tourism Academy (CTA), this research publication covers 30 cities, across seven geographic regions in the country. Distribution and characteristics of hotel markets in each city, from the perspective of hotel submarkets, have been illustrated; performance and financial profiles of different star-rated categories have also been studied, in order to provide investors with an accurate and detailed market assessment. The annual China Hotel Investment Watch, now in its seventh edition, serves as an important indicator of the investment climate in the Chinese hotel market for stakeholders in their effort to evolve the Chinese hotel industry to the next level.
To read more and to download three of the market reports, please click here
For more information, please contact: Daniel J Voellm and Cathy Nie

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