| Featured in this Asia Pacific Hospitality Newsletter - Week Ending 30 June 2006 |
| International Tourism Up 4.5% in The First Four Months of 2006 | Return to Headlines |
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Preliminary figures from the United Nations World Tourism Organization (UNWTO) for the first four months of 2006 include approximately 236 million international tourist arrivals worldwide, or 10 million more than in the same period of 2005. South Asia (+21%) was the most dynamic subregion following the recovery of the destinations hit by the 2004 Boxing Day tsunami. Arrivals in the Maldives were as much as 97% above the same period last year. Sri Lanka (+25%) also did well, while foreign arrivals in Thailand through Bangkok airport rose by 29% in the first three months of 2006. Indonesia's recovery, meanwhile, has been unfortunately compromised by the 27 May earthquake that occurred in the vicinity of Indonesia's second favourite tourism destination, Yogyakarta. Other important growth markets were recorded in India (+15%), Macau (+21%), Cambodia (+19%), Singapore (+15%), Philippines (+13%) and Hong Kong (+12%). |
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| Tender Launched For Collyer Quay Site | Return to Headlines |
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A redevelopment site along Collyer Quay in Singapore has been launched for sale by public tender. It is the only site from the confirmed list of the Government Land Sales (GLS) programme for the first half of 2006, and includes Clifford Pier and the former Customs Harbour Branch Building, which have both been gazetted for conservation. The 2.67 hectare site includes land and water-area. It has a maximum gross floor area of 10,000 square metres and an overall height restriction of about four storeys. The Urban Redevelopment Authority (URA) says that the winner will be allowed to build up to about 25 per cent of the total water area for additional decks, with or without buildings. A new requirement of at least 40 per cent of the gross floor area for hotel rooms or hotel-related uses has been added. Having a hotel component is however, likely to reduce the number of potential bidders as any interested party will preferably need some hospitality background. |
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| Starhill Reits Buys Kuala Lumpur Ritz-Carlton Complex | Return to Headlines |
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Starhill Real Estate Investment Trust (REIT), controlled by Malaysia-based YTL Corp Berhad, is buying the Ritz-Carlton complex in Kuala Lumpur including the hotel and apartments in a transaction anticipated to double its market value. The trust expects its market value to increase to US$543 million with this acquisition. Starhill REIT is buying the Ritz-Carlton asset from YTL, which owns US$2.72 billion worth of properties. |
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| Marriott Joins Hand With Unitech For Three New Hotels in India | Return to Headlines |
| US-based lodging firm Marriott International entered into a long term management agreement with real estate developer Unitech to run three new hotels in India, which are expected to start operations by 2008. The company said that under its agreement with subsidiaries of Unitech, it will manage the hotels under the Courtyard brand, which will add a total of 659 rooms. The three new hotels will be located in Kolkata, Gurgaon and Noida. The hotel in Gurgaon will feature 199 rooms, while the one in Noida will contain 210 rooms. Both these hotels are scheduled to open in 2008. The 250-room hotel in Kolkata is expected to open in 2009. Other openings include the 297-room Hyderabad Marriott anticipated to open in August and the 250 room JW Marriott Hotel Bangalore scheduled to be completed in 2008. Marriott International currently operates seven hotels and serviced residences in India. | |
| InterContinental Plans Qingdao Opening in 2008 | Return to Headlines |
| The InterContinental Qingdao, will be a 438-room newly built waterfront hotel and be part of the 45-hectare integrated Olympic Water Sports Centre at Fushan Bay, which will host the sailing events of the 2008 Olympics. The complex will feature an international conference centre and cruise terminal, marina and yachting club and extensive shopping, entertainment and recreation facilities. InterContinental Qingdao will be the only hotel in the centre and will open in 2008, before the Olympic Games. Complementing the nearby international conference centre, the hotel's state-of-the-art meeting facilities will be able to accommodate up 2,000 guests. | |
| Shangri-La Plans Tianjin Hotel | Return to Headlines |
| Kerry Properties Limited and the board of directors of Shangri-La have announced that they signed a contract on stock transfer and joint-investment for a construction project in Tianjin's Hedong District. Shangri-la and its parent company Kerry Properties Ltd will ally with Allgreen Properties Limited, a Singapore listed company, to set up a joint venture company to develop the project at Tianjin South Railway station. The three corporations will invest US$562 million on this project which will occupy about 499,000 square meters, including a Shangri-La hotel, service apartments, office buildings, shopping mall and attached facilities. The first phase of the construction will be started in the fourth quarter of this year, and the whole project is expected to be finished in 7 years. | |
| Absolute Share Price Performance, as at 30 June 2006 |
