| Shangri-La Hotels & Resorts to manage second hotel in Australia | Return to Headlines |
| 8 December 2003 - Shangri-La Hotels & Resorts signed an agreement with Huntercorp Pacific to operate the Radisson Plaza hotel in Cairns, Queensland, Australia. The Radisson Plaza Hotel will undergo an A$25 million refurbishment program including the construction of a new executive floor, comprising 36 rooms. Once the renovation are completed in mid 2004, the 256-room hotel will be renamed the Shangri-La Hotel, the Marina, Cairns. | |
| Nomura Principal Finance Co. to take over the Huis Ten Bosch theme park in Japan | Return to Headlines |
| 8 December 2003 - Nomura Principal Finance Co. will take over Huis Ten Bosch, a theme park that filed for court protection earlier this year in Nagasaki, Japan. Nomura will invest Y8 billion (US$74.28 million) in the theme park in June next year when a restructuring plan is expected to be approved. Furthermore, Nomura will invest another Y3 billion in two instalments by spring 2007. | |
| Visitor arrivals to Australia down 2.9% in 2003 | Return to Headlines |
| 8 December 2003 - The Tourism Forecasting Council expects visitor arrivals to Australia to decline by 2.9% in 2003 compared to 2002. However, the council anticipates arrivals to recover in 2004, with a 7.6% growth boosted by strong arrivals from New Zealand, Japan, the UK and the USA. | |
| Novotel Darwin Sold | Return to Headlines |
| 9 December 2003 - Australia-based Thakral Holdings Group (THG) has sold the 138-room Novotel Darwin Hotel in Australia for A$13 million (US$9.62 million) or A$94,000 per room. The sale represents a A$1.6 million profit over book value. As a result, THG’s full year profit is expected to increase by 15% compared to 2002 following the sale of the hotel. | |
| New entertainment complex in Bangkok | Return to Headlines |
| 9 December 2003 - The Port Authority of Thailand (PAT) plans to build a THB 10 billion entertainment complex in Bangkok. The project will be undertaken by PAT’s Asset Management Co., PAT Logistic Co and the Provincial Port Co. The complex, which covers 360 rai of land area, will comprise pubs, restaurants, shopping centre and a movie theatre. | |
| Sky City Entertainment Group to redevelop Adelaide Casino in Australia | Return to Headlines |
| 9 December 2003 - Sky City Entertainment Group Ltd., a New Zealand-based casino operator, plans to invest approximately A$70 million to redevelop its Adelaide casino, in Australia in three stages. The company will spend A$20 million on the first stage of the redevelopment and another A$50 million for the second and third stages. The Adelaide casino is Sky City's only overseas casino and its second largest operation after its flagship casino in Auckland. | |
| Visitor arrivals to Thailand down 7% in 2003 | Return to Headlines |
| 9 December 2003 - The Tourism Authority of Thailand (TAT) expects international arrivals to Thailand to total 9.6 million visitors in 2003, a 7% decline compared to 2002. However, TAT anticipates arrivals to recover rapidly in 2004 with a target to attract 12 million tourists and generate THB480 billion in revenues. TAT expects the US and China to be the main feeder source markets of this recovery. | |
| New entertainment and leisure complex to be built in Tarlac city, the Philippines | Return to Headlines |
| 10 December 2003 - Philippines’ Clark Development Corporation has signed an agreement with the Dragon First Consolidated Inc. to develop an entertainment and leisure complex in the Philippines with an initial investment of US$2 million. The complex, located in Tarlac city, will cover a 15-hectare land area and will comprise hotels, theme parks, and recreational facilities. The total investment is estimated at US$20 million. | |
| Guangdong Government to sell islands | Return to Headlines |
| 10 December 2003 - Guangdong, located in the South of China, has a total of 1,434 islands and more than 90% of the islands have no residents. The Guangdong Government is planning to sell 604 islands, which are suitable to develop tourism, transportation, trade, warehouse and industrial projects. The land use right for the islands will be 50-year leases. | |
| Sheraton Nusa Indah in Bali re-branded Westin Resort | Return to Headlines |
| 10 December 2003 - The Westin Resort, Nusa Dua Bali formerly the Sheraton Nusa Indah Resort will officially start its operations from 10 December 2003 after having undergone a US$5 million refurbishment. The 355-room hotel is located on the southern coast of Bali and is adjacent to the Bali International Convention Centre. | |
| Principal Real Estate Investors (Australia) Ltd to sell hotel branch | Return to Headlines |
| 10 December 2003 - Principal Real Estate Investors (Australia) Ltd has entered into discussions with Macquarie Bank Ltd. to sell its Principal Hotel Group Property. At present, the Principal Hotel Group, owns four Australian hotels – the Hayman Island Hotel, the Intercontinental in Sydney, the Sheraton in Brisbane and the Hilton at Melbourne airport. | |
| Magnum to build a beach resort in Danang, Vietnam | Return to Headlines |
| 11 December 2003 - Malaysia’s Magnum plans to build a Vegas Beach Club and Resort in Danang, Vietnam, with an initial investment of US$12 million. Construction is scheduled to start in mid 2004 having been delayed after the local authority adjusted the development plan for the area. | |
| Thai property taxes and transfer fees to be raised in 2004 | Return to Headlines |
| 11 December 2003 - Following the growing concern of the overheating of the real estate sector in Thailand, Thai property taxes and transfer fees will be raised at the beginning of 2004. The property taxes and transfer fees will be raised to their previous level of 3.3% and 2% from 0.11% and 0.01% in 2001, respectively. | |
| New spa at Lilianfels Blue Mountains Hotel | Return to Headlines |
| 11 December 2003 - The Lilianfels Blue Mountains Hotel, Australia has been re-branded Lilianfels Blue Mountains Resort & Spa following the recent completion of new spa facilities within the hotel grounds. The spa facilities include 4 treatment rooms, sauna and steam rooms as well as 20-metre indoor heated pool. | |
| Intercontinental to expand in New Zealand and the Pacific Islands | Return to Headlines |
| 12 December 2003 - According to the New Zealand Herald, Intercontinental Hotels Group plans to invest as much as NZ$700 million to expand its portfolios in New Zealand and the Pacific Islands. The group plans to build three Holiday Inn Hotels and two Crown Plazas in New Zealand. Furthermore, the group is in talks to develop a new Crowne Plaza in Fiji and an Intercontinental resort in Noumea, French Caledonia. | |
| Government to sell Falettis Hotel in Lahore, Pakistan | Return to Headlines |
| 12 December 2003 - Pakistan’s Privatisation Commission invited prospective investors to bid for the sale of Falettis Hotel, a budget hotel, in Lahore. The deadline for the Expressions of Interest (EOIs) is set on January 3, 2004 and bidders have to deposit a Rs10,000 non-refundable processing fee along with the EOIs filing. | |
| New leisure and industrial complex to be developed in Seoul | Return to Headlines |
| 12 December 2003 - An artificial coastal lake southwest of Seoul, South Korea, and the surrounding reclaimed land will be developed into an advanced urban leisure and industrial complex by 2020, according to a blueprint released by the state-run Korea Research Institute for Human Settlements (KRIHS). KRIHS proposed transforming the 107.4-million-square-meter Sihwa district into a complex of urban towns, multimedia technology parks, R&D facilities, and tourism and leisure facilities over the next two decades. | |
