Wishing You a Very Happy New Year 2018!

We take this opportunity to wish all our readers, clients and friends a wonderful New Year holiday.

Hilton Kuala Lumpur Sold for RM497 Million to Daito Trust Construction

Japan-based Daito Trust Construction Co., Ltd. (“Daito”) has acquired the 503-key Hilton Kuala Lumpur for RM497 million (RM988,000 per key) from Japanese billionaire, Katsumi Tada, through the acquisition of Daisho Asia Development (M) Sdn Bhd (“Daisho Asia”), which owns the hotel. Daito, a company founded by Tada in 1974, also owns the Le Meridien Kuala Lumpur, located adjacent to the Hilton in Kuala Lumpur Sentral. Tada is said to have cut ties with Daito in 2011. The 35-storey hotel, with ten F&B outlets and nine function rooms, occupies approximately 12,300 square meters of freehold land with a gross floor area of 53,700 square meters, exclusive of the carpark. Its 15-year management contract with Hilton is also set to expire in 2019.

Israel-based Dan Hotels Debuts in India with The Den, Bengaluru

Israeli hotel group, The Dan Hotels, opened its first property outside of Israel with The Den hotel in Bengaluru, India. Located in Whitefield, the hotel features 226 rooms and suites with base category rooms measuring 360 square feet. On the food and beverage front, the hotel features an all-day dining restaurant, a bar & lounge, a delicatessen, a specialty restaurant, over 10,000 square feet of indoor meeting and event space that includes a 75-seater auditorium, and an amphitheatre. Other facilities at the hotel include a swimming pool, a fitness centre, a spa, a game room and a 15-seater cinema theatre. The Den was built at a cost of INR490 crore (including land) under the company Den Hotels India Pvt. Ltd., which received 100 per cent investment from The Dan Hotels, Israel. 

Minor Hotels Signs AVANI Hotel in Muscat, Oman

Thailand-based hotel operator, Minor Hotels has signed a management agreement with Safari International Group for a new AVANI hotel in Muscat, the capital of Oman. Slated to open by mid-2020, the Avani Muscat Hotel will be located to the west of the city in Seeb, near the Muscat International Airport. The hotel will be connected to the upcoming Al Araimi Boulevard Mall, scheduled to open in 2018, which will feature over 250 retail and dining outlets, a medical center and a cinema complex. With an investment of USD50 million, the 250-key property will be developed in two phases. The first phase will include 160 guest rooms and suites, a rooftop lounge, an all-day dining restaurant, a swimming pool and health club, as well as meeting facilities and a 1,000-square-meter ballroom. The second phase, commencing two years after the opening of the hotel, will offer 90 serviced apartments ranging from studios to three-bedroom apartments. 

Hotel Nikko Set for Bali Return in 2018

Okura Nikko Hotel Management Co., Ltd., a subsidiary of Hotel Okura Co., Ltd., has reached an agreement with P.T. Karya Tehnik Hotelindo to operate one of their existing properties in Bali. To be rebranded as Hotel Nikko Bali, the property is sited along the coastline of Badung peninsula in south eastern Bali, and is accessible via a 30-minute drive from Ngurah Rai International Airport. The rebranded hotel will offer 188 rooms averaging 45 square meters of floor space, each offering private balconies or porches. with an average size of 45 square meters, including 20 luxury guestrooms which are double the size of the standard rooms. Other facilities at the hotel comprise a nursing room, an outdoor pool for children, six dining outlets, a spa and a fitness centre. Hotel Nikko Bali is part of Hotel Okura Co., Ltd.’s expansion plan to increase its portfolio to 100 properties in Asia.

Royal Orchid Forays into Dwarka, Gujarat, with the Opening of the Regenta Inn The Dwarika

Royal Orchid Hotels opened its first property in Dwarka, Gujarat, with the opening of the Regenta Inn The Dwarika. The hotel features 57 rooms and suites with base category rooms measuring 154 square feet.  Other facilities at the hotel comprise an all-day dining restaurant, a vegetarian restaurant, two banquet halls, a swimming pool, a fitness centre, a spa and a game room. Dwarka is a small city located in the Devbhoomi Dwarka District of Gujarat and is an important Hindu pilgrimage destination, famous for its Dwarkadheesh temple.

Absolute Share Price Performance, as on 22 December 2017