| Featured in this Asia Pacific Hospitality Newsletter - Week Ending 21 July 2006 |
| Ascott Opens its First Serviced Residence in The Middle East | Return to Headlines |
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The Ascott Group opened the Somerset Jadaf Dubai in July 2006. The 84-unit property is located in Jadaf, a 15-minute drive from Dubai International Airport, close to the central business districts and the Dubai World Trade Centre. By 2010, the Singapore-based company plans to open about 15 serviced residences in key gateway cities in the Middle East including Bahrain, the United Arab Emirates, Qatar, Kuwait and Saudi Arabia. Group CEO and Managing Director, Mr Cameron Ong, added that Dubai was chosen as the entry point for Ascott's first property in the Middle East because of its "strong economic growth, the concentration of key businesses and a relatively limited supply of serviced residences". He said: "Statistics from Dubai's Department of Tourism and Commerce Marketing show there are about 20 deluxe hotel apartment properties in Dubai and the occupancy level is about 80%. This is a clear indication of the growth potential for premium quality accommodation and we believe there will be more opportunities for expansion." |
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| Westin Brand Back in Singapore | Return to Headlines |
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City Developments (CityDev) will spend US$366 million in total for a 99-year leasehold hotel, commercial and condo project called The Quayside Isle on Sentosa Cove, the group's executive chairman Kwek Leng Beng said announced. This sum includes the US$161 million land price that the listed property group will pay for the 48,662 square metre land parcel. CityDev has appointed Starwood to operate the 320-room hotel under its Westin brand. The seven-storey Westin Quayside Isle Resort & Spa will feature about 320 rooms and is expected to be operational in 2008. It will mark the return of the Westin brand to Singapore after an absence of about seven years. Westin Hotels & Resorts used to manage the two hotels in the Raffles City complex until its contract expired at the end of 2001. |
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| Celadon International Opens New Five-star Hotel in Hue, Vietnam | Return to Headlines |
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Vietnam's first international hotel management group, Celadon International Hotels, has signed an agreement to manage the Celadon Hotel Hue in Vietnam's ancient capital and a UNESCO-listed World Heritage site. The five-star hotel will be the first hotel under the new hotel group's management when it opens in the later part of 2006 and will feature 271 suites and rooms, executive floors, convention centre for up to 1,500 delegates, spa, shopping arcade and a museum explaining the city's rich history. |
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| Kenlynn to Build Brisbane Airport's First Hotel | Return to Headlines |
| The first hotel in Brisbane Airport will be developed by Kenlynn Properties and is expected to open early 2009. The four-star 120-room hotel will be located in the business park of Brisbane Airport Corporation's (BAC) operating under the Quality Inn banner. Kenlynn Managing Director said the hotel, valued at about US$11.3 million, will contain conference facilities, restaurant and wine bar, gymnasium and swimming pool. Kenlynn has leased the site until 2047 with the ground lease reportedly negotiated at less than US$150,000 a year. | |
| Commonwealth Property Hotel Fund | Return to Headlines |
| The future of the US$300 million Commonwealth Property Hotel Fund (CPHF) is under review but there are no immediate plans to sell off its assets, despite heavy industry speculation. The closed-end CPHF is due to wind up in March 2008 but a heated hotel market and management changes have fuelled speculation that the group is preparing to offload its assets or restructure the trust ahead of that deadline. Colonial head of wholesale property, Tim Stringer, said the trust had no immediate plans to take its assets - which include the Sydney Harbour Marriott, Brisbane Marriott, Surfers Paradise Marriott and Melbourne Marriott - to the market. "We can say for sure that the group is not preparing to put the hotels on the market," Mr Stringer said. However, he said the group was reviewing options for the trust and would look to exit before March 2008. | |
| China Names First Platinum Five-star Hotels | Return to Headlines |
| The China National Tourism Authority (CNTA) has unveiled the first four hotels to be awarded platinum five-star rating. They are the China World Hotel in Beijing, Portman Ritz-Carlton in Shanghai, Garden Hotel in Guangzhou and Shandong Plaza in Jinan. According to CNTA, more than 10,000 hotels carry three- to five-star ratings. The seven criteria for the platinum five-star rating, introduced in 2003, include having retained the five-star rating for two years or more, a unique architecture, meeting facilities with a capacity of at least 500 people and authentic Western restaurants. Additionally, the hotels are also judged on revenues and occupancy rates. | |
| Absolute Share Price Performance, as at 21 July 2006 |
