| Shares In Singapore's UOL, Hotel Plaza Higher On Hotel Grand Plaza Sale | Return to Headlines |
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Shares in UOL Group and unit Hotel Plaza were higher after Hotel Plaza agreed to sell Hotel Grand Plaza (Singapore) Pte Ltd to Hong Kong-based Park Hotel Strategic Investments Ltd for US$89.1 million, dealers said. Hotel Grand Plaza owns the 330-room Grand Plaza Parkroyal Hotel. Hotel Plaza said the sale would enable it to unlock the value of its investment in Hotel Grand Plaza and significantly reduce its gearing level. Hotel Plaza said it would book an exceptional gain of US$54.7 million upon completion of the sale, OCBC Securities said it was reconsidering its fair value for UOL Group of US$2.28 per share with a view to raising it, because the gains from Hotel Plaza's sale of Hotel Grand Plaza would have a significant impact on UOL Group's earnings. 'Besides the exceptional gains, this sale is significant as it is the first divestment by the UOL Group and could potentially indicate a willingness by the group to unlock value from its significant investment property portfolio’, OCBC Securities said in a note to clients. |
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| Investors Rushing To Check In To Japanese Hotels | Return to Headlines |
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Tourism is likely to grow as retiring baby boomers with time and money are expected to push up travel demand. A flood of money has helped send land prices in Onna, an Okinawan village of 10,000 people, higher this year for the first time in 12 years. Some say the market is overheated, but Aya Aso, senior vice-president of Ishin Hotels Group, which bought the Sun Marina Hotel in Onna this year, said hotel investments still have upside potential. From Okinawa to Hokkaido, the northernmost part of Japan known for its ski resorts, investors are snapping up hotels as tourism picks up and retiring baby boomers are expected to push up travel demand. The number of business and resort hotels that were sold in Japan surged to 73 in 2004 from just five in 2000. It slipped to 48 last year but is expected to pick up again in 2006. |
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| InterContinental Brand Enters Ho Chi Minh City | Return to Headlines |
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InterContinental Hotels Group has signed an agreement to manage its first luxury-tier InterContinental branded property in Vietnam’s Ho Chi Minh City. Set to open in 2009, the InterContinental Asiana Saigon will be well-positioned to make a landmark contribution to the city’s rapid growth as a tourism hub. Located on Le Duan Boulevard, the InterContinental Asiana Saigon will be part of Kumho Asiana Plaza, a mixed-use development including commercial, retail and food and beverage components. The mega project, which will occupy more than 147,000 square metres, is being developed by Kumho Asiana Plaza Saigon Co. Ltd. a wholly-owned subsidiary of public-listed Kumho Industrial Co Ltd. With more than 300 rooms and close to 270 residences for long-staying guests, the InterContinental Asiana Saigon will offer extensive conference and meeting facilities, a range of food and beverage outlets as well as a Club InterContinental lounge. Other facilities include a health club, spa and a swimming pool. |
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| The Ritz-Carlton Beijing, Financial Street Opens Mid-October | Return to Headlines |
| The Ritz-Carlton Beijing, Financial Street will open mid-October in the heart of China’s capital city, in the newly emerging financial district. A contemporary design of glass and chrome in the western part of the city, the hotel is strategically situated beside many banks, insurance companies and other financial-related businesses. Its location at the intersection of Taipingqiao Street and Jinchengfangdong allows business travelers easy access to Chang’an Avenue, while leisure travelers will find the renowned Forbidden City and various cultural landmarks within close proximity. | |
| Hospitality Joint Venture Sets New Standards In Luxury Hotel Market In Asia With Two New Brands | Return to Headlines |
| Over the past several decades, luxury hotels across Asia have set new standards worldwide for extraordinary service, amenities and design. However, the needs and tastes of todays affluent leisure and business travelers have changed. Two industry veterans have now addressed this need for a new vision of luxury hospitality as their plans to introduce two extraordinary new hotel and resort brands in Asia were unveiled in Singapore recently. Kwee Liong Tek, Chairman of Kwee Inc. Pte Ltd, and Horst Schulze, Chairman of West Paces Hotel Group, announced the formation of a joint venture to be known as West Paces Hotel Group Asia. Headquartered in Singapore, this hotel management company will introduce the new Capella Hotels and Resorts and Sols Hotels and Resorts brands in gateway cities and resort destinations in the region. Kwee Liong Tek and Horst Schulze have a ten-year-long friendship born of mutual respect, and each brings a remarkable record of success to the joint venture. Kwee Liong Tek is Chairman of Pontiac Land, which owns properties such as The Ritz-Carlton Millenia Singapore, Conrad Centennial Singapore, and The Regent Singapore. | |
| Hong Kong's Regal Hotels Eyes USD500 Million From REIT IPO | Return to Headlines |
| Regal Hotels International Holdings, controlled by Hong Kong businessman Lo Yuk-sui, hopes to raise at least USD500 million from the sale of units in a real estate investment trust based on its five hotels in the area. The company is expected to sell about 40 percent of the REIT and keep the remaining stake as a long-term investment. The properties involved have a net asset value of more than USD 1 billion. | |
| Absolute Share Price Performance, as at 6 October 2006 |
