| Featured in this Asia Pacific Hospitality Newsletter - Week Ending 22 December 2006 |
| Bali Enjoys Best November Ever | Return to Headlines |
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Despite the first ten months of 2006 delivering significantly fewer international arrivals to Bali than recent years, November 2006 turned out to be a record in foreign direct arrivals for the month -- 113,844, more than +3% higher than the previous record in November 2004. The November figures are encouraging for the destination, which has had to fight against a lacklustre performance from one of its significant source markets Australia and clearly indicate that Bali is back on the road to recovery. |
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| Regal Looks To Equities For REIT Cash | Return to Headlines |
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Hong Kong based Regal Hotels International Holdings will look for suitable financial investments, including shares, to park its expected cash mountain from the proceeds of its upcoming REIT, while it looks for suitable projects in the mainland. Chairman and Managing Director Lo Yuk-sui said Regal Hotels will put the money in balanced short, medium and long term investments to get a reasonable return." Lo also said Regal Hotels would remain focused on hotel properties. In November 2006 the company announced plans to raise between US$705.1 million and US$756.4 million by placing five of its Hong Kong hotel properties in a REIT. The five properties are: Regal Airport Hotel on Lantau Island, Regal Hongkong Hotel in Causeway Bay, Regal Kowloon Hotel in Tsim Sha Tsui, Regal Oriental Hotel in Kowloon City and Regal Riverside Hotel in Sha Tin. |
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| Oberoi Group Selected To Operate 5-Star Hotel At Bangalore Airport | Return to Headlines |
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The Bangalore International Airport Limited (BIAL) has selected the Oberoi Group to operate a 5-star hotel under the brand name Trident Hilton. "This truly will be the first airport hotel in India, within walking distance from the terminal building," a BIAL statement said end December 2006. |
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| Hong Kong-Listed Far East Consortium In Deal To Build Two Hotels In Malaysia | Return to Headlines |
| Far East Consortium International Ltd says it has agreed to buy for US$42.5 million the entire issued share capital of Jade River Profits Ltd, which plans to develop a 179-room hotel in Kuala Lumpur and a 310-room hotel in Johor Bahru, Malaysia. Far East Consortium chief financial officer and company secretary Bill Mok said the acquisition "will provide an opportunity for the company to increase its hotel interests in Malaysia in accordance with the group's strategy to build up its recurring income base by expanding its hotel portfolio." He said that in addition to owning seven hotels in Hong Kong, the group owns the Dorsett Regency Hotel in Kuala Lumpur and recently acquired the Sheraton Subang Hotel, also in the Malaysian capital. | |
| Packer And Ho's $1.65 Billion Winner | Return to Headlines |
| James Packer's Publishing & Broadcasting and Melco International Development, run by billionaire Stanley Ho's son, raised US$1.14 billion - more than they originally sought - for a hotel casino in Macau. The venture plans to invest US$3.31 billion in five years in three properties in Macau, which in the third quarter overtook the Las Vegas Strip as the world's largest gambling centre by revenue. The venture said it is scheduled to open the US$512.6 million, 220-gaming table Crown Macau casino in the second quarter of 2007. The venture has started work on the 2,000-room, 450-table City of Dreams, scheduled for completion in phases starting in late 2008 at a total cost of US$2.1 billion. | |
| Australian Mirvac Wins Tender For Carlton Hotel Portfolio | Return to Headlines |
| Mirvac and BOS International (BOSI) have acquired the Carlton Hotel's portfolio of four hotels in Brisbane, Sydney, Parramatta and Melbourne for US$257.3 million. The Carlton Hotel portfolio together with some of the hotel assets from the Mirvac Property Trusts investment portfolio, will form the basis of the new Mirvac Hotel Wholesale Fund. The fund will invest in hotel assets in Australia and New Zealand providing investors the opportunity to buy into in an integrated property vehicle with in-house hotel management expertise. The fund is expected to be launched in March 2007. | |
| Absolute Share Price Performance, as at 22 December 2006 |
