| Djarum Group takes over Hotel Indonesia and Hotel Inna Wisata | Return to Headlines |
| 16 February 2004 – Indonesia’s Djarum Group took control of Hotel Indonesia and Hotel Inna Wisata in Jakarta. Djarum emerged as the only bidder in the final stage of the tender on the hotels, each owned 100% by the Indonesian government. PT Cipta Karya Bumi Indah (PT CKBI), a subsidiary of Djarum, will inject Rp. 1.3 trillion (US$154.7 million) in the hotels. Rp. 230 billion will be allocated to the refurbishment of the hotels whilst the remaining Rp. 1.07 trillion will be used to develop a new shopping mall linking the two hotels. Upon completion of the refurbishment, the two hotels will be combined under one entity, namely Hotel Grand Indonesia. PT CKBI will receive 51% of the profits generated by the new entity whilst the government will retain the remaining 49%. | |
| Goodwood Park Hotel reports S$46.6 million net profit in 2003 | Return to Headlines |
| 16 February 2004 – Singapore’s Goodwood Park Hotel reported a net profit of S$46.6 million for the quarter ended December 31, 2003, compared to a net loss of S$680,000 during the same period in 2002. The gain was mainly attributable to the distributions from a subsidiary under liquidation. | |
| Raffles Holdings net profit up 20% in 2003 | Return to Headlines |
| 16 February 2004 – Singapore-based Raffles Holdings plans to return a total of S$416 million to its shareholders through a dividend of 2 Singapore cents a share and one-off capital distribution of 18 cents a share. Raffles’ profits increased by 20% in 2003 to S$54.1 million while revenues increased by 9% to S$420.1 million. | |
| Mandarin Oriental to manage hotel in Chiang Mai, Thailand | Return to Headlines |
| 17 February 2004 – Mandarin Oriental International Limited will manage a luxury resort currently under construction in Chiang Mai, Thailand. The Mandarin Oriental Dhara Dhevi covers a land area of 52 acres and is scheduled to open in the fourth quarter of 2004. The resort will comprise 142 villas and suites, 2 swimming pools as well as 4 food and beverage outlets. Furthermore, the hotel will be equipped with a 3,100 square metre spa, health club and a ballroom to accommodate up to 600 people. | |
| Best Western adds six in Melbourne, Australia | Return to Headlines |
| 17 February 2004 – Best Western has added six properties in its portfolio in Melbourne, Australia. These include the 82-room Best Western Causeway Inn on the Mall, the 32-room Best Western City Limits Hotel, the 44-room Best Western City Park Hotel, the 100-room Best Western Travel Inn Hotel, the 24-room Best Western Taylors Lakes Hotel Motel and the 17-room Best Western Sandown Heritage Motor Inn. | |
| Laguna Resorts & Hotels reports THB500.55 million net profit in 2003 | Return to Headlines |
| 17 February 2004 – Laguna Resorts & Hotels, in Phuket, Thailand, has reported a net profit of THB500.55 million for 2003 versus a net gain of THB152.54 million in 2002. The company's board has approved payment of a THB2 dividend for shareholders whose names appear in the share registration book on April 9. | |
| Wonderland Sydney to close | Return to Headlines |
| 17 February 2004 – Australia-based International Theme Park Pty Ltd, a unit of SunCity Berhad, will be closing the Wonderland Sydney theme park in Australia by mid-year 2004 due to persistent losses incurred and difficult market conditions. The group intends to sell the New South Wales property that was currently occupied by the theme park, comprising a 58.87-hectare site, buildings, structures and theme park rides. | |
| Accor to open Novotel Denarau Island in Fiji in 2005 | Return to Headlines |
| 18 February 2004 – Accor announced the opening of the Novotel Denarau Island Resort in Fiji. The hotel is located on Denarau Island and is scheduled to open in mid-2005. The F$73.5 million hotel is a joint-venture between Fiji's International airline - Air Pacific and a financial services group - Colonial. The hotel will comprise 300 rooms, 5 food and beverage outlets as well as recreational and conferences facilities. | |
| Visitor arrivals to Macau up 35.1% in January | Return to Headlines |
| 18 February 2004 – According to the Macau Statistics and Census Bureau, visitor arrivals to Macau reached 1.33 million in January, a 35.1% increase year-on-year. The increase was mainly boosted by an influx of mainland tourists during Chinese New Year. The key feeder markets are Hong Kong and Taiwan which account for 34.3% and 6.5% of total arrivals. | |
| Mirvac’s net profit up 16.5% in second half of 2003 | Return to Headlines |
| 18 February 2004 – Listed property group Mirvac has reported a net profit after tax of A$117 million for the six months to December 2003, an increase of 16.5% on the previous corresponding period. Mirvac are now forecasting a net profit for the full year of A$252 million. According to Mirvac Group managing director Mr. Robert Hamilton, Mirvac is on track to produce a net profit for the full year of A$252 million compared with A$223 million in 2003. | |
| CDL reports NZ$17 million net profit in 2003 | Return to Headlines |
| 19 February 2004 – CDL Hotels New Zealand Limited (CDL) reported a net profit after tax of NZ$17 million in 2003, in line with 2002. The result was attained despite a NZ$22 million decline in revenues to NZ$168 million. During the 2003 calendar year, CDL shares have risen from 25 cents to 48 cents, up 92%. | |
| Ho Chi Minh City expects 1.5 million visitor arrivals in 2004 | Return to Headlines |
| 19 February 2004 – The department of tourism in Ho Chi Min, Vietnam is expecting international arrivals to increase from 1.3 million in 2003 to 1.5 million this year. According to the director of the Municipal Department of Tourism, Nguyen Thi Lap Quoc, the 15% growth forecast for 2004 will be achieved thanks to promotional activities to be organized in Japan, Sweden, the UK, France, Thailand, Singapore and South Korea. | |
| Accor to manage hotel in New Zealand | Return to Headlines |
| 20 February 2004 – Accor Group signed an agreement with Perron Development Ltd to manage a 5-star hotel under its Sofitel brand in Queenstown, New Zealand. Construction of the Sofitel Queenstown will commence in July and is scheduled to be completed in mid-2005. The hotel will comprise 82 suites, including two penthouses, as well as a restaurant, bar, day spa and gym. | |
| Jinjiang to go international | Return to Headlines |
| 20 February 2004 –Jinjiang International, China’s largest hotel group, has plans for international expansion through mergers and acquisitions. The firm, which was launched last year as part of Shanghai's overall efforts to restructure state-owned assets, hopes to take over hotels in Amsterdam and Hong Kong. Furthermore, in order to finance its growth, the company plans ultimately to list in China or abroad. | |
| Friday | Friday | % | ||
| Closing Share Price as at | February 20, 2004 | February 13, 2004 | Change | |
| Singapore Stock Exchange (S$) | ||||
| CDL | 6.70 | 6.60 | 2% | |
| Hotel Grand Central Ltd | 0.39 | 0.39 | 0% | |
| Hotel Plaza Ltd | 0.54 | 0.53 | 2% | |
| Hotel Properties Ltd | 1.02 | 1.01 | 1% | |
| Mandarin Oriental International Ltd | 0.55 | 0.53 | 3% | |
| Raffles Holdings Ltd | 0.64 | 0.64 | 0% | |
| Shangri-La Asia Ltd | 7.50 | 7.90 | -5% | |
| Hong Kong Stock Exchange (HK$) | ||||
| Miramar Hotel International Ltd | 7.55 | 7.45 | 1% | |
| Regal Hotels International Holdings Ltd | 0.27 | 0.24 | 11% | |
| Sino Hotels Holdings Ltd | 3.13 | 3.00 | 4% | |
| The Hong Kong & Shanghai Hotels Ltd | 5.40 | 5.30 | 2% | |
| Bangkok Stock Exchange (THB) | ||||
| Central Plaza Hotel Public Co. Ltd | 29.50 | 30.00 | -2% | |
| Dusit Thani Public Co. Ltd | 41.00 | 40.25 | 2% | |
| Laguna Resorts & Hotel Public Co. Ltd | 49.00 | 50.00 | 2% | |
| Royal Garden Resort Public Co. Ltd | 14.90 | 14.90 | 0% | |
| Kuala Lumpur Stock Exchange (MYR) | ||||
| Grand Central Enterprises Berhad | 0.53 | 0.51 | 4% | |
| Landmarks Berhad | 0.63 | 0.60 | 5% | |
| Australia Stock Exchange (ASX) | ||||
| Australian Hotel Fund | 0.41 | 0.41 | 1% | |
| Breakfree Ltd | 1.85 | 1.63 | 13% | |
| Club Corcodile Holdings Ltd | 0.23 | 0.22 | 5% | |
| General Property Trust | 2.97 | 2.99 | -1% | |
| Grand Hotel Group | 0.61 | 0.61 | 0% | |
| Hamilton Island Ltd | 3.25 | 3.25 | 0% | |
| Koala Corporation Australia Ltd | 0.20 | 0.20 | 0% | |
| Mirvac Group | 4.55 | 4.53 | 0% | |
| MFS Hotel Property | 0.22 | 0.20 | 10% | |
| Travel Holdings | 0.01 | 0.01 | 0% | |
| Port Douglas Reef Resorts Ltd | 0.11 | 0.11 | 0% | |
| Stockland | 5.32 | 5.29 | 1% | |
| Sundowner Group | 0.16 | 0.16 | 0% | |
| Thakral Holdings Group | 0.67 | 0.66 | 2% | |
| Tourism and Leisure Trust | 0.69 | 0.65 | 6% | |
