| Singapore's Tuan Sing Bids For Australia's Grand Hotel Group | Return to Headlines |
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Australian property group Grand Hotel Group has attracted another suitor, with Singapore-based investment company Tuan Sing Holdings making an US$220.6 million takeover bid for the company. The offer by Grand's majority shareholder Tuan Sing betters the US$170.29 million hostile bid by Malaysian group Mulpha International. The new offer follows a proposal by Grand's board to sell off the company's US$387.02 million hotel portfolio, which includes Hyatt, Chifley and Country Comfort hotel chains. |
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| Seibu Group To Sell Four Large Hotels | Return to Headlines |
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As part of the reorganization of its hotel and resort operations, the Seibu group is to sell three large hotel and resort facilities in Alaska, Hawaii and Toronto during fiscal year 2006. The group also is to sell the Roppongi Prince Hotel in Minato Ward, Tokyo. The combined sales of the four hotels are projected to top US$1.3 billion, which will be used to reorganize the group's hotel business. Currently, Prince Hotels, Seibu Railway Co. and other firms under the umbrella of Seibu Holdings Inc. own and operate 75 hotels in Japan and overseas. Through the sales of hotels, including the four large ones, the group, which started a complete reorganization of its hotel operations last year, will pare its hotels operations down to just over 60 properties. |
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| Hilton Hotels Corporation Signs First Doubletree Hotel Management Agreement In China | Return to Headlines |
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The Doubletree by Hilton is anticipated to open in Tianjin by late 2007. The Doubletree by Hilton Hotel Tianjin will be located in the heart of this thriving business and tourism centre, 14 kilometres from the Tianjin Binhai International Airport. Developer Tianjin Automobile will refurbish and redesign a 25-storey office building to house the Doubletree by Hilton Hotel Tianjin, as well as a shopping centre. Amenities and services will include 2,500 square metres of meeting and ballroom function space and state-of-the-art business centre facilities. Hilton Hotels Corporation currently operates five hotels in China, including Hilton hotels in Shanghai, Beijing, Sanya, Chongqing and a Conrad in Hong Kong. |
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| Sofitel Wanda Beijing Opening Mid 2007 | Return to Headlines |
| Accor’s first flagship Sofitel in China, Sofitel Wanda Beijing is scheduled to open in middle of 2007. In 2004, Accor was awarded the management contract to operate Sofitel Wanda Beijing. Sofitel Wanda Beijing is an integral part of the Wanda Plaza, one of the largest ever integrated urban development projects undertaken in Beijing, involving the re-development of 480,000square metres of prime land in Beijing’s central business district. The project involves the construction of office towers, a major shopping arcade, entertainment complexes, residential apartments, and the 5-star Sofitel Wanda Beijing hotel. The 23-storey hotel is being built to new national five-star hotel standard, with 421 guestrooms including 43 suites. | |
| Accor Replaces Marriott In Busan, South Korea | Return to Headlines |
| Accor has been appointed manager of the Marriott Busan in South Korea's second largest city and the hotel is to be re-branded Novotel Ambassador Busan. Accor took over the hotel on 5 November 2006. The 356-room hotel is within walking distance of the restaurant and shopping district of Haeundae, and is 10 minutes from Busan's exhibition and convention centre BEXCO. The hotel will undergo an extensive multi-million dollar refurbishment program to upgrade the property to Novotel's brand standards scheduled for completion by the end of March 2007. The hotel boasts three restaurants, a lobby bar and a nightclub as well as extensive meeting and conference facilities. Recreational facilities include a natural spring spa and indoor pool with panoramic views. Novotel Ambassador Busan is the sixth hotel in the Korean network of Accor and its local partner, the Ambassador Group of Korea. | |
| Aussies Check Out With US$13 Million In Hotel Deals | Return to Headlines |
| New Zealand's biggest hotel has sold for a record US$87 million, giving Australian property company Abacus a US$13 million profit after just four months of ownership. CDL Hospitality Trusts of Singapore this week bought the Rendezvous Hotel Auckland formerly the Carlton Hotel from ASX-listed Abacus Property Group. That deal follows the hotel's US$9 million sale in June to Abacus by Carlton Group, owned by the Li family of Hong Kong. | |
| Absolute Share Price Performance, as at 3 November 2006 |
