Featured in this Asia Pacific Hospitality Newsletter - Week Ending 19 May 2006
Recruitment For HVS Operations In Japan
Starwood Hotels & Resorts Reaches Milestone In China
Accor Launches Novotel Hyderabad
Citigate Sebel Is On The Market
Shangri-La Continues To Grow In China
Ritz-Carlton Plans Second Shanghai Hotel
China Key Tourist Cities Generate US$2.5 Billion From Tourism During The May Public Holiday Week
Absolute Share Price Performance, as at 19 May 2006

Recruitment For HVS Operations In Japan Return to Headlines

As part of its growth strategy for Asia, HVS International is seeking suitable candidates to head up and support its hotel consultancy and valuation practice for Japan.

According to David Ling, Managing Director of HVS International's valuation and consultancy practice for East Asia, "Japan's hospitality investment market has been very active in recent years and its outlook is promising, supported by steady growth in visitor arrivals and recovery in the economy. HVS International has advised on numerous hotel investment and development projects located in various parts of the country and we would like to further enhance our operations in the largest economy in Asia".

Based on the latest copy of the HVS Asia Hotel Valuation Index 2006, the average value of five-star hotels in Tokyo remains perched at the top of 13 destinations reviewed with an average value of US$725,000 per key, an increase of 3.9% from the preceding year. The average value is ahead of other gateway cities in Asia, including Hong Kong (US$546,000 per key), Seoul (US$333,000 per key), Singapore (US$285,000 per key) and Shanghai (US$249,000 per key).

If you fulfill the following criteria and would like to be considered for a career with HVS International, please send your resume and cover letter in confidence to David Ling at dling@hvs.com

  • Working experience, preferably with a hotel consulting firm, real estate consultancy/valuation practice or investment bank;
  • Good command of written and spoken Japanese;
  • Holds a relevant University Degree; and
  • Based in Tokyo and a desire to travel.

Starwood Hotels & Resorts Reaches Milestone In China Return to Headlines

Starwood Hotels & Resorts continues its expansion in China, announcing an agreement with Shanghai Forrester (Zhabei) Development Ltd. to manage the Four Points by Sheraton Shanghai, Daning, its 50th property in Greater China. The 315-room hotel will feature 11,840 square foot of meeting space, three food and beverage outlets, a health club, an indoor swimming pool and a business centre. Expected to open in 2008, the newly signed Four Points by Sheraton will be the ninth Starwood hotel in Shanghai, and the sixth Four Points by Sheraton in Greater China.

Accor Launches Novotel Hyderabad Return to Headlines

The 287-room Novotel is located in Hyderabad's high-technology corridor, serving the adjacent Accor-managed Hyderabad International Convention Centre (HICC), India's largest and first purpose-built convention centre. The hotel features two restaurants, a swimming pool, a fitness centre and a business centre. The Novotel Hyderabad and HICC hosted the Asian Development Bank meeting earlier this month. The hotel is the first newly build Novotel in India and part of an aggressive expansion for the Accor group and its hotel brands around the country.

Citigate Sebel Is On The Market Return to Headlines

Laudet Pty Ltd, controlled by the Singapore-listed Apollo Enterprises, is selling the Citigate Sebel Sydney, as the city's hotel market picks up. The sale is expected to attract bids at approximately US$60 millions as hotel assets for sale have been limited this year. The four-star hotel near Sydney's Central Station features 270 rooms and has been managed by Mirvac Hotels and Resorts for the past five years. Apollo bought the hotel in the early 1990s and then doubled its size in 1998. Apollo has spent US$3.5 million on refurbishments in recent years. Investors are looking to pick up on the revitalisation of the area close to the southern end of Sydney's central business district.

Shangri-La Continues To Grow In China Return to Headlines
The Hong Kong-based Shangri-La Hotels and Resorts, which now operates 47 hotels across the world, will open two-thirds of its 40 under development properties in China and India. Mr Waechter, chief marketing officer, said the group plans to develop and retain ownership of the new hotels. Of Shangri-La's existing hotels, 37 are owned by the group through the Hong Kong-listed Shangri-La Asia, which has a market capitalisation of about US$3 billion. New openings are anticipated in the medium term in Melbourne as well as in Paris in late 2008 and in London the following year. These hotels in prime locations are to help the group's global branding, but Shangri-La's revenue growth will come from new Asian hotels. By 2010 more than 50 per cent of the group's business is expected to come from Asia and China, with 15 per cent from Europe, 12 per cent from America and 7 per cent from Australia.

Ritz-Carlton Plans Second Shanghai Hotel Return to Headlines
The Ritz-Carlton Shanghai, Pudong, a 286-room hotel in the heart of Pudong's Lujiazui Finance and Trade Zone, is scheduled to open in 2010. The hotel will be situated on the upper floors of a 60-storey skyscraper, with views of the Huangpu River and the Shanghai skyline. The hotel will be part of a mixed-use development with office space, retail and residential apartments. It will be the second hotel in the city for Ritz-Carlton, joining the Portman Ritz-Carlton, Shanghai.

China Key Tourist Cities Generate US$2.5 Billion From Tourism During The May Public Holiday Week Return to Headlines
The China National Tourism Administration (CNTA) reported that China's 39 key tourist cities generated US$2.5 billion in revenue from tourism in the holiday week that started on the 1 May's Labour Day. From 1 May to 7 May 2006, China's tourist sites received 12.9% more tourists compared with the corresponding period of 2005. The revenue from admission fees increased 21.6% year-on-year for the period. The holiday week also led to an increase in tourism revenues of neighbouring countries and China's special administrative regions, as many Chinese chose to spend the week in Hong Kong, Macao or overseas. The Labour Day holiday week is a peak travel period in China and one of the three official 'Golden Weeks', together with the weeks around Chinese New Year and the 1 October's National Day.

Absolute Share Price Performance, as at 19 May 2006
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