| Four Seasons to manage hotel in Mumbai | Return to Headlines |
| 27 October 2003 - Four Seasons Hotels and Resorts has entered into a long-term management agreement with India’s Magus Estates and Hotels Private Limited to manage a hotel in Mumbai, India. The 35-stories Four Seasons Hotel Mumbai, located at Worli, is expected to be completed in 2005. The construction cost of the hotel is approximately CAD70 million. | |
| Star Cruises plans to build terminal complex in Shanghai | Return to Headlines |
| 27 October 2003 - According to the China Daily Reports, Malaysia’s Star Cruises is still in talks with the Shanghai government to build a terminal complex on Shanghai’s landmark Bund waterfront with a total investment of US$10 billion. The project will include hotels, shops, restaurants and entertainment facilities on the city’s North Bund area. However, no timetable has been established so far. | |
| Chiang Mai hotel market is surging | Return to Headlines |
| 27 October 2003 - The luxury hotel market in Chiang Mai, Thailand, is expected to experience strong competition over the next few years. Three hotels have been proposed, including a Shangri-La Hotel, a Darathevi Hotel operated by the Oriental group and a Banyan Tree Hotel. Furthermore, the Chiang Mai Westin resort will be re-branded Sheraton Hotel, the Regent Chiang Mai will be rebranded Four Seasons Hotel and the Krisda Doi Resort will be managed by Aprime Hotels and Resorts. | |
| Grand Plaza Hotel Corporation buys back shares | Return to Headlines |
| 27 October 2003 - According to Dow Jones, Grand Plaza Hotel Corporation, which operates a five-star hotel in the Philippines, has completed a stock buyback program approved by its board in September 2003. Shareholders took advantage of the buyback offer before 14 October, tendering 4.10 million common shares repurchased by the company at 50 pesos each, or a total PHP205.2 million. The shares repurchased represented 88.48% of Grand Plaza. | |
| Hotel Properties Limited to increase share in Luxury Holdings | Return to Headlines |
| 28 October 2003 - Singapore-based Hotel Properties Limited (HPL) agreed to buy from Transmarco Hong Kong 16 million shares or a 20% stake in HPL’s subsidiary Luxury Holdings at S$0.28125 per share totalling S$4.5 million. The principal assets of Luxury and its subsidiaries are Le Meridien Hotel Singapore and certain commercial units in Meridien Shopping Centre Singapore. | |
| Hotel tower at Melbourne Casino to be converted into property trust | Return to Headlines |
| 28 October 2003 - According to the Australian Financial Review, Publishing & Broadcasting Ltd, an Australian media group, plans to spin off a yet-to-be completed second hotel tower at its Crown Casino complex in Melbourne into a A$136 million property trust. The 465-room new tower, which will be connected by a bridge to the company’s casino and entertainment complex, is expected to be completed next month. | |
| Raffles Holdings’ net profit up 5% in Q303 | Return to Headlines |
| 28 October 2003 - Singapore’s Raffles Holdings reported a net profit of S$9.5 million in the third quarter 2003 as the tourism industry recovers from SARS. Moreover, earnings were boosted partially by an S$1.8 million final payment following the sale of its Brown’s Hotel in London. At the same time, revenue increased by 5% to S$96.1 million in the July-September period 2003 compared to the same period last year. | |
| Vietnam aims to attract 7.5 million tourists by 2010 | Return to Headlines |
| 28 October 2003 - According to the Vov News, Hanoi, Vietnam aims to attract 7.5 million tourists and receive US$660 million revenue by 2010. To accomplish this goal, Hanoi tourism sector is gearing up cultural activities, seminars and business operations as well as opening more representative offices in major markets including Japan, the US, Korea, Europe and Southeast Asia. | |
| MBK diversifies portfolio to residential housing | Return to Headlines |
| 29 October 2003 - Thailand-based MBK Plc is developing two residential projects to be completed by next year. The group aims to generate 20% of its revenues from these projects in three years. MBK owns three hotels, namely, the Patumwan Princess Bangkok, Royal Princess Ranong and Sheraton Krabi Beach Resort. | |
| The Metropolitan Hotel Bangkok opens | Return to Headlines |
| 29 October 2003 - The Metropolitan hotel has opened in Bangkok. The hotel, located along South Sathorn Road, is managed by COMO Hotels and Resorts. The hotel comprises 174 rooms, food and beverage outlets as well as recreational facilities. Moreover, the hotel’s Shambhala spa is expected to open in mid November. | |
| NTUC to develop new hotel on Sentosa Island, Singapore | Return to Headlines |
| 29 October 2003 - According to the Business Times, Singapore-based NTUC club is expected to invest approximately S$50 million in total to develop a 250-room beach club on the Sentosa Island, Singapore. The group is expected to sign a deal with Sentosa Leisure Group to buy a 3.5-hectare site on Palawan Beach. The proposed beach club is expected to be completed in 2006. | |
| Ascott Group’s net profit rose in Q303 | Return to Headlines |
| 30 October 2003 - Singapore’s Ascott Group Ltd reported a 59% rise in thirdquarter net profit on improved occupancy levels at its properties. For the three months to September, net profit rose from S$2.8 million in 2002 to S$4.4 million in 2003 despite a 21% drop in revenue to S$46.6 million. | |
| PDC Corporation to acquire Wealthfort | Return to Headlines |
| 30 October 2003 - According to the Business Times, PDC Corporation has agreed to buy over from Goldsmith Enterprises the entire capital of Wealthfort for S$2 million. Wealthfort owns Silver Bay International Finance, which owns the rights and title to a project known as Silver Beach Water Park in Beihai City, China. The value of the project is estimated between HK$630 million and HK$670 million. | |
| RGR to increase ownership in Regent Bangkok & Maerim Terrace Resort | Return to Headlines |
| 31 October 2003 - Thailand’s Royal Garden Resort plans to increase its stakes in two hotels with a total investment of THB 163 million. The group has entered into a share purchase agreement with Rajadamri Hotel PCL, which owns Regent Bangkok Hotel, to purchase 2.79 million shares for THB 125.5 million, increasing its stake from 42.84% to 49.05%. The company will also increase its stake in Maerim Terrace Resort Ltd. from 36.98% to 58.08% through the purchase of 250,000 shares valued at THB37.5 million. | |
| Swiss-Belhotel International to manage new hotel in Hoi An, Vietnam | Return to Headlines |
| 31 October 2003 - Swiss-Belhotel International has signed a management agreement with the Danang Business & Consultant Corporation to operate a hotel in Quang Nam province, Vietnam. The Swiss-Belhotel Golden Sand Resort, located in Hoi An, is expected to be completed by the end of 2003. The hotel comprises 212 rooms, three restaurants as well as conference and recreational facilities. | |
