| Imperial Hotel Tokyo to complete major renovations | Return to Headlines |
| 21 November 2003 - The Imperial Hotel in Tokyo, Japan will undergo a 17 billion yen 5-year renovation project. The project will include the upgrade of its 1,059 rooms, restaurants and banquet halls. | |
| Malaysia’s Matrix International Berhad plans to acquire Berjaya Times Square | Return to Headlines |
| 21 November 2003 - Malaysia’s Matrix International Berhad plans to acquire Berjaya Times Square for RM993.9million (US$261.6 million) in an all-share deal. The group will borrow some RM800 million to buy the Berjaya Times Square. Following the acquisition, the group will be able to diversify its earnings base from its gaming firms to property investment. | |
| IHG takes over management of Novotel Hindley Adelaide | Return to Headlines |
| 27 November 2003 - InterContinental Hotels Group will take over the management of the 181-room Novotel Hindley Adelaide and re-brand it as Holiday Inn on Hindley Adelaide in December 2003. Opened in 1990 as the Hindley Parkroyal under the management of Southern Pacific Hotel Corporation (SPHC), the hotel was re-branded Novotel Hindley Adelaide in January 2000. The re-branding exercise follows the acquisition of SPHC by the InterContinental Hotels Group in April 2000 and the recent sale of the hotel to Singapore-based Cockpit Hotels. | |
| Arrivals from Mainland China to Hong Kong to reach 10 million visitors in 20 | Return to Headlines |
| 27 November 2003 - The Hong Kong government has estimated that the number of tourist arrivals from Mainland China will reach 10 million visitors in 2004 following the relaxation of travel restrictions last June. Furthermore, a recent study completed by the government forecasts tourism arrivals will rise to 37 million by 2011, 47 million by 2016 and 70 million by 2030. | |
| Century Legend acquired a 5% interest in two casino projects in Macao | Return to Headlines |
| 27 November 2003 - Hong Kong-based Century Legend (Holdings) Ltd acquired a 5% interest in two casino projects in Macao for a total US$1.5 million. The two projects consist of the operation of gaming facilities at the Holiday Inn and Lisboa Casino. Century Legend bought the stake from its former shareholder Ng Kwan. | |
| Apollo Enterprises Limited reported S$1.39 million net loss in Q3 2003 | Return to Headlines |
| 27 November 2003 - Apollo Enterprises Limited, a Singapore-based firm engaged in property development and hotel management, reported a net loss of S$1.39 million for the three months to September 30, 2003, compared to a net loss of S$2.4 million for the same period last year. The improvement was primarily due to an increase in revenues, from S$11.85 million in 2002 to S$13.27 million in 2003. | |
| Visitor arrivals to Hong Kong up 7% in October | Return to Headlines |
| 28 November 2003 - Tourist arrivals to Hong Kong totalled 1,695,633 visitors in October 2003, a 7.0% increase compared to October last year. According to the Hong Kong Tourism Board (HKTB), this is the highest number of tourist arrivals ever recorded in Hong Kong for a single month. The performance was boosted by strong arrivals from Mainland China during the National Day "Golden Week" holiday at the beginning of October. In total, there were 878,581 Mainland arrivals in October, a 31.2% growth on the same month in 2002. Average occupancy rate across all categories of hotels and tourist guesthouses in October was 85%, in line with October 2002. However, the average achieved room rate across all hotels declined by 2% compared to last year, to HK$919. | |
| Universal Enterprises launches Per Aquum Resorts & Spas | Return to Headlines |
| 28 November 2003 - Universal Enterprises Pvt Limited in the Maldives, has formed a new subsidiary, Per Aquum Resorts & Spas, which will manage their portfolio of new luxury retreats. The company currently has ten resorts. Recently, Per Aquum Resorts & Spas launched Dhoni Mighili. Furthermore, the firm will open the new Huvafen Fushi on the Universal property of Nakatchafushi in March 2004. | |
| CDL’s net profit doubles during Q3 2003 | Return to Headlines |
| 28 November 2003 - Singapore-based property and hotel group, City Developments Ltd, announced its quarterly profit more than doubled as property sales and hotel occupancies rebounded in the aftermath of SARS. Profit at the group jumped to S$41.2 million in the three months to September 30 from S$17.0 million a year earlier. The result was also higher than the second quarter profit of S$10.68 million, when the outbreak of Severe Acute Respiratory Syndrome had a negative impact on the group’s hotel and property businesses. City Developments owns 52.6% of London-listed Millennium & Copthorne Hotels Plc (M&C), which operates 91 hotels worldwide and accounts for a third of group earnings. M&C recently reported a pretax profit of 6.6 million pounds in the September quarter after a loss of 6.3 million pounds in the first half of 2003. | |
| Visitor Arrivals to Hainan Island up 9.8% | Return to Headlines |
| 28 November 2003 - Foreign visitors to China's Hainan Island increased by 9.8% in October 2003 compared to the same month last year. In particular, arrivals from Japan, South Korea, Russia, Malaysia, Thailand, Singapore, Canada, France, Italy and the UK, recorded strong growth. As such, in order to meet the rising international demand, Hainan Airlines and China Southern Airlines have made plans to open more international routes to major cities in Japan and South Korea. | |
| Indonesia puts on hold plans to charge tourist visa | Return to Headlines |
| 01 December 2003 - Indonesia has put on hold plans to charge tourists for visas to the country. According to the plan, tourists from certain countries would be charged US$35 to enter the country from 1 January 2004 onwards. However, with fears that the tax would result in tourist arrivals from key feeder markets such as Japan and Australia to decline, the government stalled the project. | |
| Hotel Properties’ net profit reaches S$3.2 million in Q303 | Return to Headlines |
| 01 December 2003 - Hotel Properties announced a net profit of S$3.2 million for the three months ending September 2003. Turnover declined some 9% versus the previous quarter from S$86.08 million to S$78.36 million. | |
| Visitor arrivals to Singapore up 1.1% in October | Return to Headlines |
| 01 December 2003 - Having weathered the SARS outbreak Singapore announced that in October this year arrivals increased by 1.1%, based on the previous month. However, in comparison to October 2002 arrivals are approximately 8.2% lower. Growth in October 2003 was recorded from neighbouring Southeast Asian markets such as Thailand and the Philippines. | |
| Central Hotels and Resorts to build convention hotel in Bangkok | Return to Headlines |
| 02 December 2003 - Central Hotels and Resorts announced it will build one of Asia’s largest hotel and conventions centres at the Central World Plaza at a cost of Bt2.5 billion. The project is anticipated to be completed in 2006 and will be the flagship hotel of Central Hotels and Resorts. The project will form part of the mixed use Central World Plaza Project, the hotel will have 500 guestrooms and a 16,000 square-metre convention hall, making it one of the largest convention hotels in Asia. The project is located adjacent to the Bt3-billion Siam Paragon shopping centre, currently under construction, this complex will also have a 10,000 square-metre convention hall and a luxury hotel, to be managed by Kempinski. | |
| Maneeya Realty to revive the Royal Rajdamri project | Return to Headlines |
| 02 December 2003 - Maneeya Realty announced that the Royal Rajdamri, an unfinished condominium and office complex on Rajdamri Rd Bangkok, is to be revived during the course of 2004 at a cost of Bt4 billion. Maneeya Realty has joined forces with a new partner, US real-estate developer Gannon. The project is likely to include a luxury hotel, serviced apartment, office and shopping centre components. | |
| Air travel to be liberalised between the United States and Vietnam? | Return to Headlines |
| 02 December 2003 - A historic agreement is expected to be signed in Washington DC that will liberalise air travel between the United States and Vietnam. The agreement is expected to act as a catalyst to resume air travel between the countries, following a 28-year interruption since the end of the Vietnam War in 1975. | |
| Daiei to sell a baseball stadium/hotel complex to Colony Capital | Return to Headlines |
| 03 December 2003 - Retailer Daiei Inc. announced it has agreed to sell a baseball stadium/hotel complex to U.S. investment fund Colony Capital LLC, offloading mounting debts. Daiei said that Colony will acquire the Fukuoka Dome and the Sea Hawk Hotel and Resort in Fukuoka Prefecture. Daiei also said it intends to sell the Shin-Kobe Oriental Hotel to the U.S. securities firm Morgan Stanley for some 12.5 billion yen. | |
| Hotel Santa Fe, Guam reopens | Return to Headlines |
| 03 December 2003 - Under the ownership and management of GL Commercial Real Estate I LLC, and Flexstay Services Inc, respectively, the Hotel Santa Fe, Guam, reopened yesterday. The hotel closed in July following a foreclosure process and bankruptcy involving its former owner, Santa Fe Corporation. | |
| Marriott International to manage a hotel in Fiji | Return to Headlines |
| 03 December 2003 - Marriott International will manage a new 250-room property in Fiji under an agreement reached with Unitava Limited. When the property opens in 2005, it will be Marriott’s first branded property at the destination. The Fiji Marriott Resort will be located on Momi Bay, a 45-minute drive from Nadi International Airport. In addition to the hotel, the resort property will also include an 80-berth marina, a Town Centre providing retail facilities and an 18-hole golf course. | |
| Bulgari Hotels & Resorts to develop a six-star resort in Bali | Return to Headlines |
| 03 December 2003 - Bulgari Hotels and Resorts plan to develop a six-star resort in Bali. The 58-all villa property will be located at the village of Pecatu, within close proximity to Jimbaran. Indonesia’s MRA Group will develop the hotel. | |
| Banyan Tree to list on the Singapore Stock Exchange | Return to Headlines |
| 04 December 2003 - Following various news and speculation of the impending initial public offering (IPO) Banyan Tree Holdings has announced the following: UBS and DBS have been appointed jointly as co-ordinators for the IPO, no decision has been made on the size of the issue or the share offering date, and, shareholders of Banyan Tree Holdings include, Ho Kwon Ping and family, Japan Asia Investment Co Ltd, PAMA Group Inc and Kilby Associates Ltd. | |
| China Real-Estate Development Corp to convert flats to apartments | Return to Headlines |
| 04 December 2003 - China Real-Estate Development Corp intends to convert some 20,000 vacant home ownership scheme flats into apartments. The apartments, to be operated under a time-sharing scheme, will be positioned to target predominately Mainland Chinese tourists. | |
| Regent hotels in Bangkok and Chiang Mai to be reflaged Four Seasons | Return to Headlines |
| 04 December 2003 - Four Seasons Hotels and Resorts have announced that the Regent properties in Bangkok and Chiang Mai will take the names of The Four Seasons Hotel Bangkok and the Four Seasons Resort Chiang Mai. | |
| Merchant Court Hotel Sydney renamed Swissotel Sydney | Return to Headlines |
| 04 December 2003 - Raffles International this week has re-branded the Merchant Court Hotel Sydney as The Swissôtel Sydney on Market Street. | |
| Swiss-Belhotel International to manage a hotel in Hue, Vietnam | Return to Headlines |
| 05 December 2003 - Vietnam's former capital and imperial city Hue will have it's first International Hotel opening in April 2004. Managed by Hong Kong based Hotel Management Company Swiss-Belhotel International, the Swiss-Belhotel Abalone Spa & Resort is now under construction near the beach in Hue and features 80 Rooms and Suites, a 120-seat restaurant, a fully equipped Fitness Centre and Spa and Meeting facilities. The developers anticipate the number of tourists to increase by as much as 12%-15% per year as more International Hotels will be opened in the next two years. | |
| Duxton Hotel Sydney sold | Return to Headlines |
| 05 December 2003 - Property and construction company Low Keng Huat (Singapore) Ltd. announced it has sold the Duxton Hotel North Sydney in Australia for A$33.5 million. The company expects to realize a gain of S$2.9 million from the sale. Low Keng Huat said the buyers have paid a 10% deposit or A$3.35 million with the remaining 90% to be paid on sale completion, expected at the end of January 2004. Low Keng Huat bought the then Rest Hotel in North Sydney in 1994, which it renamed as the Duxton in 1996, from Austotel Trust for just under A$30 million. | |
| Visitor arrivals to the Maldives up 17% | Return to Headlines |
| 05 December 2003 - The Maldives has recently welcomed its 500,000th visitor in 2003. The year-to-date November growth in arrivals during 2003 is some 17% higher in comparison to the same period in 2002. | |
| Visitor arrivals to Tasmania up 29% Q303 | Return to Headlines |
| 05 December 2003 - Tasmania reported an estimated 129,000 visitors by scheduled air and sea transport in the quarter to September 2003, an increase of 29% on the 3-months to September 2002. | |
| Official land valuations in Thailand expected to raise 10%-30% | Return to Headlines |
| 05 December 2003 - Official land valuations in Thailand are expected to rise 10% to 30% once the new figures are announced by the Treasury Department on 1 January 2004. The new figures will be effective through the end of 2007, and replace the existing valuations in use since January 2000. The new valuations have been arrived at by assessing market transactions nationwide in a bid to bring official valuations, used for the payment of transfer fees, in line with actual market prices. | |
