| Featured in this Asia Pacific Hospitality Newsletter - Week Ending 17 November 2006 |
| Accor To Build 10 Hotels In South Africa Ahead Of 2010 World Cup | Return to Headlines |
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Accor SA plans to build 10 new hotels in South Africa ahead of the 2010 Soccer World Cup in Johannesburg, the company's co-founder Gerard Pelisson said. 'We're going to construct about 10 medium-range hotels, or roughly 2,000 extra rooms,' Pelisson said on the sidelines of a press conference by visiting French Trade Minister. He added, South Africa is 'a priority' for Accor. The project includes five or six Ibis hotels and four other establishments. These hotel additions will bring the number of Accor hotels in South Africa to 37. |
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| Wynn Expands In Macau | Return to Headlines |
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Wynn Resorts Ltd. said beginning November 2006 that it is expanding the Wynn Macau to add a second self-contained, resort hotel with a separate casino, retail space and restaurants. Wynn said certain portions of the gaming area of the new hotel are part of the previously announced expansion of Wynn Macau, which is expected to open as soon as February 2007. The new hotel is scheduled to carry the name "Wynn Diamond Suites," and its financing has yet to be arranged and requires approval from the company's existing lenders. |
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| Phnom Penh Airport Completes First Phase Upgrading | Return to Headlines |
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French Company Societe Concessionnaire des Aeroports (SCA) has announced the first phase of an upgrading programme of Phnom Penh's Sihanoukville International Airport will be completed for opening by January 2007. The US$5 million investment includes the extension of a runway from 1,300 metres to 1,800 metres, and the expansion of the passenger terminal from 1,400 square metres to 2,000 square metres. In June 2006, the Cambodian government renewed a contract with SCA, allowing the French company to manage the country's three international airports in Phnom Penh, Siem Reap and Sihanoukville until 2040. Mr Khek said Bangkok Airways, Angkor Airways and Siem Reap Airways International had expressed their interests to operate flights into Sihanoukville airport. |
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| Trust Searches For Luxury Hotels Buyer | Return to Headlines |
| Grand Hotel Group has signalled it will cast a wide net for buyers of its US$350 million-plus luxury hotel portfolio. The trust’s board is split over the future of the group. Singapore listed Tuan Sing, which has two directors, has made a US$220 million cash offer after sitting on a quarter stake in the trust for almost a decade. The independent directors have rejected this and the group is seeking permission from security holders for the break-up. Several corporate bidders are also likely to consider a takeover of the trust. Separately, four parties are expected to submit bids that value the four-strong Carlton Hotel Group portfolio at more than US$230 million. Australian trust Mirvac Group is believed Group is believed to be leading one syndicate and Abacus Property Group is chasing parts of the portfolio. Two Singaporean groups- CDL Hospitality and United Overseas Land- are said to be running separately on the deal. | |
| Brighter Skies For Banyan | Return to Headlines |
| Banyan Tree Holdings has reported that third-quarter earnings hit approximately US$3 million reversing a loss of US$300,000 recorded for the corresponding three months last year, as the resort and spa operator continues to recover from the 2004 tsunami. Banyan Tree executive chairman Ho Kwon Ping expects full-year net profits to be higher than 2004's figure of US$24 million. Banyan Tree is embarking on an aggressive expansion plan which will see it add about 370 rooms to its inventory by end of 2006. As many as 25 signed projects across 15 cities are in the pipeline. These projects will quadruple the number of keys under Banyan Tree's management by 2009. The company also announced yesterday that it has signed agreements to buy land in three sites in China to develop new projects, and has won two new contracts to manage resorts in Greece and the United Arab Emirates under its Angsana brand. | |
| Shenzhen Goes 'Grand' With November Rebranding | Return to Headlines |
| Shenzhen has gone ‘Grand’ with the launch of Grand Mercure Oriental Ginza Shenzhen, bringing a distinctive new style to southern China’s Pearl River Delta region. The 481-room Grand Mercure Oriental Ginza Shenzhen first opened in September 2005 and the hotel entered Accor’s China network on 8 November. At the start of 2006, Accor operated seven hotels in the Pearl River Delta in Hong Kong, Shenzhen and Dongguan. By 2008, this is likely to increase to at least 12 hotels, with major new Sofitel, Novotel and Ibis projects under development. Accor’s expansion in the Pearl River Delta is part of the company’s rapid development in China that will see the company grow its network from the current 38 hotels to over 60 in the next two years. | |
| Absolute Share Price Performance, as at 17 November 2006 |
