Featured in this Asia Pacific Hospitality Newsletter - Week Ending 10 November 2006
Keppel Land Sells Stake In Hotel InterContinental Singapore
Kempinski Signs Management Contract For Third Property In Shanghai
Marriott To Launch Brands In India
Sofitel Phokeethra Krabi Resort & Spa Opens
Wynn Macau Revenue Tops US$45 Million In First 25 Days
Absolute Share Price Performance, as at 10 November 2006


Keppel Land Sells Stake In Hotel InterContinental Singapore Return to Headlines

Keppel Land announced that it has agreed to sell its 37.6% stake in Hotel InterContinental Singapore for US$47.4 million - walking away with a profit of US$36.6 million in the process. Beginning November 2006, CapitaLand, which owns a 44.6% stake in the Hotel, said it will see a net gain of US$28.3 million from the sale to Pacific Coast. Both deals value the underlying 409-room property at US$160.7 million. The owner of Pacific Coast is Thai Beverage tycoon Charoen Sirivadhanabhakdi, one of Thailand's wealthiest businessmen. He now owns 100% of Hotel InterContinental, after Inter-Continental Hotel Investment - which owns the other 10% of the hotel - also agreed to sell its stake.


Kempinski Signs Management Contract For Third Property In Shanghai Return to Headlines

Kempinski Hotels has signed an agreement with Shanghai An Shun Real Estate Development to manage Kempinski Residences Hongqiao, set to open late 2007. The property is situated in Hongqiao business district, near Hongqiao Airport, Shanghai’s domestic airport and will be the group's third in Shanghai. Located over a 1.17 hectare site, a total of 212 luxurious residences ranging in size from one to three bedrooms, plus a limited number of four and six bedroom residences, will be available for long-term rental.


Marriott To Launch Brands In India Return to Headlines

Marriott plans to roll out several of its brands in India with seven hotels in the country and another 20 in the pipeline. It expects to push its Courtyard and Ritz Carlton brands into India as many property developers are in talks with the group. The General Manager of Marriott, Hyderabad, Mr. Philip Spencer said that Marriott group made a late entry into India in 1999 and now manages seven properties including the Viceroy Hotel, which will join the portfolio in November 2006 following its renovation. Six others properties are expected to open in 2008 in Chennai, Bangalore, Pune, Delhi, Gurgaon and Noida.


Sofitel Phokeethra Krabi Resort & Spa Opens Return to Headlines
Sofitel Phokeethra Krabi Resort & Spa is planned to open on 15 November 2006. The 276-room low-rise resort features colonial architecture fronted by a white sand beach and surrounded by tropical rainforest. Sofitel Krabi will feature a large lagoon-style swimming pool, extensive water-sport activities and a dive centre in front of the resort. An in-house activity centre will incorporate a cooking school, kid’s club, fitness centre, aerobic studio and flood-lit tennis courts. The hotel will also contain a Sofitel Library with seating for 20 people, seven honeymoon suites. Sofitel Phokeethra Krabi will be the first hotel in Thailand to launch Sofitel’s Le Spa health and wellness concept.

Wynn Macau Revenue Tops US$45 Million In First 25 Days Return to Headlines
Wynn Resorts, the Nasdaq-listed company controlled by Las Vegas resort developer Steve Wynn, announced its US$1.2 billion Macau casino hotel recorded net revenues of US$45 million during its first 25 days of operation - a less than stellar start that company executives blamed on unexpectedly poor returns from its VIP operations as the casino lost an unusually high number of high-stakes bets. The situation improved last month, executives said. Hotel occupancy was 75.9% and room rates averaged US$201 compared with the Macau-wide average occupancy of 71% during the first eight months of 2006. Non-casino revenues totalled US$4.9 million. Earnings before interest, tax, depreciation and amortisation at the Macau resort amounted to US$19.5 million in October 2006, compared with US$2.3 million in September.

Absolute Share Price Performance, as at 10 November 2006
Return to Headlines