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Ascott’s net profit down 54% in 2003
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Crescat Developments and Asian Hotels Corporation merge
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Nikko Hotel International and Beijing Capital Tourism jointly establish a hotel management company
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Orient-Express Hotels invest in Hosia Company
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Marco Polo Hotel Group to manage a hotel in Shenzhen
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Accor opens Hotel & Residences in Indonesia
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Fraser Serviced Residences to manage first hotel property in Thailand
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Visitor arrivals to New Zealand up 3% in 2003
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Indian Hotels Company raises US$150 million
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Starwood adds one more in Thailand
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Vietnam Saigon Hotel’s net profit down 22.7% in 2003
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Hotel developments on Koh Yao Yai and Koh Yao Noi islands, Thailand
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Visitor arrivals to Indonesia down 9.8% in 2003
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Four Seasons H&R to manage a hotel in Langkawi Island, Malaysia
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Raffles to open new hotel in the Caribbean
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Tourism project on East Coast, Australia
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03 February 2004 – Ascott Group, the serviced residences arm of CapitaLand Limited, reported a net profit of S$18.5 million in 2003, a decline of 54% compared to 2002. This decline was mainly attributable to the S$3.2 million revaluation deficit from its UK properties and S$3.9 million one-off charges from a lease rental adjustment in Singapore and pre-opening expenses in Australia.
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03 February 2004 – Sri Lanka’s Crescat Developments Ltd and the Asian Hotels Corporation (AHC) have merged. The new entity, Asian Hotels and Properties Ltd, was listed on the Colombo Stock Exchange January 31, 2004. The group owns the Colombo Plaza hotel, the Crescat Apartments and Boulevard and a controlling stake in Trans Asia Hotel. John Keells Holding, one of the biggest public companies in Sri Lanka, is Asian Hotels and Properties Ltd main shareholder following its acquisition last year of an 86% stake in AHC for Rs. 5.5 billion.
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03 February 2004 – JAL Hotels Company, the operating company of Nikko Hotels International will form a 50/50 joint venture corporation with Beijing Capital Tourism Co. to provide hotel management services in China. The joint corporation, BTG Nikko International Hotel Management Company will be based in Beijing. BTG Nikko International will first concentrate on 11 cities in China where Japan Airlines provides air access. Currently, there are three hotels in Beijing under the management of BTG Nikko International including the Jinglun Hotel, the Beijing New Century Hotel and Minzu Hotel Beijing.
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03 February 2004 – Orient-Express Hotels Ltd. announced it has invested in Hosia Company Ltd., a Hong Kong company which owns 5 hotels in Southeast Asia under the Pansea brand. These properties include the Pansea hotels in Luang Prabang, Laos; Koh Samui, Thailand; Rangoon, Myanmar; Siem Reap, Cambodia and Bali, Indonesia. Furthermore, the group has plans to build additional hotels in Bali, Vietnam and Myanmar. Simon Sherwood, President of Orient-Express Hotels, explained that the company in the first phase was injecting US$8 million of capital into Hosia by way of a 5% interest per annum convertible loan. Orient-Express Hotels has the right to convert this loan into approximately 25% of Hosia’s equity in three years time at a 50% premium per share on today’s paid in capital.
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04 February 2004 – The Marco Polo Hotel Group signed an agreement with China Tobacco Company to manage a five-star hotel in Shenzhen, Guangdong province, China. The hotel, located in the Futian Central Business District of Shenzhen, is scheduled to open in mid- 2005. The 41-story property will comprise 375 rooms, 3 food and beverage outlets and banquet facilities for up to 1,200 persons.
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04 February 2004 – Accor Group announced the opening of the Novotel Palembang Hotel & Residences in Sumatra, Indonesia. The hotel, located in Palembang, comprises 140 rooms and 54 serviced apartments. Furthermore, the hotel offers 8 food and beverage outlets and recreational facilities including a swimming pool, tennis courts, health club and spa.
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04 February 2004 – Fraser Serviced Residences, the serviced apartment arm of Fraser & Neave Ltd., signed an agreement to manage a boutique resort in Thailand. The first full-service hotel to be managed by Fraser, Fisherman’s Village is located in Pechaburi, between Bangkok and Hua Hin. The luxury property covers a land area of 6,400 square metres and comprises 30 villas. Other facilities include a state-of-the art spa facility, water sports fine dining restaurant.
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04 February 2004 – According to Statistic New Zealand, 297,280 international visitors arrived in New Zealand in December 2003, a 12 % increase compared to 2002. For the full year, visitor arrivals totalled 2,106,229 for 2003, a 3% increase compared to the previous year. The main feeder markets include Australia, the UK, the US, China and Singapore.
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05 February 2004 – Indian Hotels Company (IHCL) has successfully raised US$150 million through a foreign currency convertible bonds issue. The 5-year bonds will be listed on the London Stock Exchange, where IHCL's foreign traded shares or global depository receipts (GDRs) are also listed. The bonds are convertible into either ordinary shares or GDRs of the company, at the option of the bondholders, at a conversion price of approximately Rs502 per share which is at a 19% premium to the company’s closing share price of Rs421 on 3 February 2004 on the Bombay Stock Exchange. The bonds carry a coupon rate of 1% at a yield to maturity of 3.15% per annum at the end of five years if not converted into ordinary shares or GDRs during the period, IHCL’s official statement said. The group plans to use the proceeds to expand operations and renovate existing properties.
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05 February 2004 – Starwood Hotels and Resorts Worldwide signed an agreement with Honor Business Co., a fully owned subsidiary of Grande Asset Development Plc, to manage the Sheraton Hua Hin Resort Hotel. The new 250-room resort is scheduled to open in September 2005. Furthermore, the group will add another five hotels to its portfolio in Asia Pacific region with a total number of 1,471 rooms this year. These include the Sheraton Hanoi Hotel in Vietnam, which will open in March, the Sheraton Jiuzhaigou Resort and the Four Points Sheraton in Shenzhen in China, the W Seoul at Walker Hill in South Korea and the Sheraton Pattaya Resort, in Thailand.
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05 February 2004 – Vietnam Saigon Hotel reported a net profit of VND1.94 billion in 2003, a decline of 22.7% compared to 2002. Furthermore, the revenue decreased by 10% from VND 12.15 billion in 2002 to VND 10.88 billion in 2003.
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05 February 2004 – Thailand’s Phang Nga Government plans to build a THB8-million bridge to connect Koh Yao Yai and Koh Yao Noi islands to the continent in order to improve the local tourism industry. As such, confirmed tourism projects already under development include a proposed five-star hotel on Koh Yao Noi Island and a soon-to-be completed 30-room four-star hotel on Koh Yao Yai.
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05 February 2004 – According to Indonesia’s Central Statistical Agency, visitor arrivals to the country decreased significantly by 9.8% from 4.09 million in 2002 to 3.69 million in 2003. This decrease was mainly attributable to fears of terrorism, the SARS epidemic and the Iraq war last year.
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06 February 2004 – Four Seasons Hotels & Resorts announced the opening of Four Seasons Resort Langkawi in Malaysia in the 3rd quarter of 2004. The hotel, located in Tanjung Rhu, comprises 91 pavilions and villas, of which 20 Beachfront Villas come with private pools, ponds and spa treatment rooms. Furthermore, the hotel has 4 food and beverage outlets as well as recreational facilities.
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06 February 2004 – Singapore’s Raffles International signed an agreement with Canouan Resorts Development to manage a hotel in the Caribbean. The Raffles Resort Canouan will comprise 156 rooms. Designed by Italian architect Luigi Vietti, the resort - formerly known as Carenage Bay – will comprise a mix of one-bed rooms, suites and villas. Raffles Resort Canouan is set on 300 acres of a 1,200-acre private estate.
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06 February 2004 – A Tasmanian consortium has plans to develop an A$20 million marina and residential complex at Triabunna on the East Coast, Australia. The Spring Bay Marina Village will include a residential complex, marina, boardwalk, restaurant and retail area, pedestrian swing bridge and a deepened harbour. Furthermore, an A$130 million golf course and tourism project has been proposed by Victorian-based Bayport Group for Louisville near Orford and Federal Hotels plans a $25 million resort at Coles Bay.
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Absolute Share Price Performance, as at 06 February 2004
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