Ascott Acquires Additional 60% Stake in Quest

The Ascott Ltd., CapitaLand’s wholly owned serviced residence unit, has acquired an additional 60 per cent stake in Quest Apartment Hotels (Quest) for A$180 million (S$191 million). Following the acquisition, Ascott's existing stake of 20 per cent in Quest will increase to 80 per cent, making it the largest serviced residence provider in Australasia. Additionally, Ascott has the option to purchase the remaining 20 per cent interest in Quest, subject to certain conditions. With 180 properties across Australia, New Zealand and Fiji, the acquisition will boost Ascott’s portfolio by over 11,000 to more than 67,000 units across 507 properties and 124 cities globally. In collaboration with Quest, Ascott has also bought its first 100-unit freehold serviced residence in Brisbane for A$24 million. Slated to open in 2018, the property, called Quest Cannon Hill, will be operated as a Quest franchise. In mid-2016, Ascott acquired the 221-unit Quest NewQuay Docklands in Melbourne for A$71 million, which will be Quest's biggest property in its portfolio when it opens in 2019. 

Singtel’s Gets Greenlight for Hotel Project on Hill Street Site

Singapore’s telecom giant, Singtel has received the approval to redevelop its Hill Street property into a hotel, paving the way for the sale of the asset. The existing property encompasses three buildings – a black tower block where Singtel’s Central Exchange is located, and two lower-rise buildings that are used as offices. The development sits on two adjacent land parcels: a 25,021-square-foot site with 999-year leasehold tenure and a 14,717-square-foot plot with 99-year leasehold tenure beginning January 1, 1955, with a balance lease term of 36 years. In February 2017, the Urban Redevelopment Authority (URA) granted provisional permission to Singtel for a proposed development of a 172-room hotel with a gross floor area (GFA) of 12,730 square meters (approximately 137,024 square feet) and 190 square meters (2,045 square feet) for retail space. The average room size is estimated to be around 37 square meters, after factoring in the common areas, facilities and back-of-house operations areas. 

Dusit’s Flagship Bangkok Hotel to Undergo Redevelopment

Dusit Thani Bangkok, the flagship hotel of Thailand-based global hospitality brand, Dusit International, will officially cease operations on April 16, 2018. The 48-year old property, once the city’s tallest building and largest hotel, will make room for a brand-new version. The new Dusit Thani Bangkok will form part of a mixed-use development to be built in partnership with Central Pattana PLC. In addition to the hotel, the project will feature office spaces, retail areas, residences as well as a large green space. Development will start on the land adjacent to Dusit Thani Bangkok, which currently houses dilapidated buildings. The new hotel is slated for completion in 2022, and the rest of the project by 2024. 

AccorHotels to Open Three Properties in Myanmar

AccorHotels and LP Holding have signed a joint agreement to develop three new hotels in Myanmar. The three new hotels are the 206-key Mercure Mandalay Hill Resort, the 300-key Pullman Yangon Centrepoint and the 150-key Mandalay Hill Resort MGallery by Sofitel. Set to open later this year, the Mercure Mandalay Hill Resort will feature three restaurants, two bars, a conference center, a ballroom and three meeting rooms. Also slated for opening in 2017, the Pullman Yangon Centrepoint will have an all-day-dining outlet, two specialty restaurants, a destination sky bar, a lobby lounge, a ballroom, 10 meeting rooms, a pool, a fitness center and a spa. Last but not the least, the Mandalay Hill Resort MGallery by Sofitel, scheduled to open in 2020, will have a restaurant, a bar, an outdoor pool and spa, among other facilities. In the next 10 years, the World Travel and Tourism Council forecasts that Myanmar's tourism industry will rank second out of 184 countries for long-term growth; it was ranked 15th globally in 2016.

Carlson Rezidor Opens Country Inn & Suites by Carlson in Kota, India

Carlson Rezidor Hotel Group announced the opening of the Country Inn & Suites by Carlson in Kota, Rajasthan. With 85 rooms and suites, the Country Inn & Suites by Carlson Kota is the first branded hotel in the city, and is located approximately 2.5 kilometers south of Kota Airport. Food & Beverage facilities at the hotel include an all-day dining restaurant, a specialty restaurant, a lobby lounge, a poolside bar, a café and approximately 10,000 square feet of indoor meeting space. The hotel will also feature a spa, a fitness center, and a swimming pool. Kota, the third most populated city in Rajasthan, is located approximately 250 kilometers south of Jaipur, and is known for its palaces and gardens. 

HVS Set to Host 5th THINC Indonesia Conference This September

Having rightfully created a niche for itself as the 'premier hospitality event in the region', THINC Indonesia convenes an impressive conglomeration of business leaders, think tanks and industry top brass. Each year, the conference brings together nearly 250 industry stakeholders, including owners, investors, developers, lenders and key decision-makers, from close to 15 nations. The conference brings to fore the most relevant subject matter, key issues and latest industry trends that shape and transform the future of hospitality businesses in Indonesia, as well as in Southeast Asia. The 2017 event will continue to provide accurate and relevant content, through an exciting series of panels discussions, master classes and keynotes by industry leaders. Besides, the delegates have a lot to look forward to in terms of ample networking opportunities; coordinated meetings with influential decision makers; and making deals in a collaborative atmosphere.
6 & 7 SEPTEMBER, BALI | REGISTER NOW

Absolute Share Price Performance, as on 7 July 2017