| Accor Announces First Pullman Hotel In Sydney | Return to Headlines |
| Europe's Accor group has announced its plans to launch the five-star Pullman brand in Sydney, Australia, with the opening of the Pullman Sydney Olympic Park in August 2008, the only five-star hotel to open in Sydney since 2000. Pullman Sydney Olympic Park is likely to offer 212 guestrooms including 14 suites, 340 square metres of meeting space with pre-function space which can accommodate up to 220 delegates, a boardroom, three food and beverage outlets, a business centre, and 130 parking lots. Pullman Sydney Olympic Park is expected to target the fast-growing business and meeting communities in the Olympic Park and the greater western Sydney area which houses more than 60 corporations such as BP Solar, Commonwealth Bank, ANZ, National Australia Bank and Macquarie Bank. Accor is also planning to open a Formule One hotel at Sydney Olympic Park in 2008, which will bring the number of rooms operated by Accor at Sydney Olympic Park to more than 600. | |
| Australians Spent US$50.9 Billion On Domestic Travel During The First Nine Months In 2007 | Return to Headlines |
| Year-to-date September 2007, Australians have spent US$50.9 billion on domestic travel. According to Tourism Australia, visitor nights grew by 3% Year-to-date September 2007 as compared to the same period in 2006. Overnight visitors spent US$38.3 billion across the country with 33% of spending from New South Wales (NSW), followed by 25% from Queensland, and 23% from Victoria. The Northern Territory and Queensland have recorded an increase in overnight visitors from 19% and 9.4%, respectively. The purpose of overnight trips consists of 44% holiday trips, 34% for visiting friends and relatives, and 19% for business trips. Day trip visitors spent US$12.6 billion mainly in Sydney, Melbourne, Canberra and NSW rural areas. The increase in spending from domestic travel indicates a growing trend of interstate city getaways which is made possible with low-cost carriers providing affordable travel between the capital cities. | |
| Banyan Tree Hotels And Resorts To Manage Resorts In Omani Integrated Resort Development | Return to Headlines |
| Singapore's Banyan Tree Hotels and Resorts have announced the signing of a management agreement with Jabal Resorts LLC for the design and management of two anchor resorts, a Banyan Tree resort and an Angsana resort, within a 650-hectare integrated resort (IR) development in Sifah, Oman in the Middle East. The IR development is expected to include over five hotels, more than 450 villas, and 500 apartments for sale, a marina town, retail facilities, and an 18-hole golf course. Scheduled to open in 2010, the Banyan Tree and Angana resorts are likely to comprise more than 210 villas and suites and more than 120 residential units for sale. This Omani project is in line with the group's continued strategy of expansion in the Middle East. Currently, Banyan Tree has 11 properties in the Middle East such as in Abu Dhabi, Dubai, Fujairah and Jordan, which are expected to be operational in the near future. | |
| Viceroy Hotels And Resorts To Open First Hotel In Asia | Return to Headlines |
| America's Viceroy Hotels and Resorts, one of Kor Hotel Group's luxury brands, has announced its joint venture with Vietnam's Indochina Land and Secured Capital Japan to develop its debut property in Asia. Viceroy China Beach, which will be located on China Beach, central province of Danang, Vietnam, will be developed on approximately 20,000 square metres of land with almost 450 metres of beachfront. Several renowned heritage and local attractions include the UNESCO world heritage sites of the ancient port of Hoi An, the Champa civilisation of My Son and the Imperial City of Hue are located in the vicinity. Scheduled to be completed in 2010, Viceroy China Beach is likely to offer 120 rooms and 50 villas with an average size of approximately 325 square metres, two food and beverage outlets, a spa, kids' clubs and recreational facilities. The villas are expected to be sold under a sale-and-leaseback scheme and are likely to be priced from US$1 million to US$2 million each. | |
| Sunway To Manage Two Allson Hotels In Siem Reap, Cambodia | Return to Headlines |
| Malaysia's Sunway City Berhad (Sunway) has signed a management agreement with Cambodia's Angkor Tourism Company Limited to manage two four-star hotels in Siem Reap, Cambodia, commencing on 1 January 2008. The 193-room Allson Angkor Hotel and the 169-room Allson Angkor Paradise Hotel are understood to be under a ten-year management contract with an option to renew for five years and thereafter another five years. Under the management agreement, Sunway hopes to achieve an occupancy of 60% and gross operating profit of 40% for both properties in 2008 and earn approximately 8% to 10% of GOP as its management fees. Sunway is also seeking to expand its hotel portfolio, from the current nine properties to 16 properties by the end of 2008, in cities which it is familiar with, such as Malaysia and Vietnam. | |
| Japan's Hotel Okura Corporation To Open First Hotel In Macau | Return to Headlines |
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Japan's Hotel Okura Corporation (Hotel Okura) has announced its plans to manage a five-star hotel within Hong Kong-based Galaxy Entertainment Group's 1.4-million-square-metre Galaxy Mega Resort development, in bid to strengthen its hotel branding in Asia. Located along Cotai Strip, Macau, the hotel is a five-minute drive away from Macau International Airport and a 20-minute drive away from Taipa Ferry Terminal. Scheduled to open in September 2009, Hotel Okura Macau is expected to offer 400 guestrooms spread over 26 storeys and within close proximity to a casino facility which can accommodate up to 700 gaming tables and 3,000 slot machines. The hotel is expected to attract more Japanese tourists, who constitute a vital part of the Macau tourism market and typically spend more than just on gaming which the region is largely known for. This announcement follows an earlier announcement in September 2007 which revealed Hotel Okura's plans to open two hotels in Taiwan by end 2009. |
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| Absolute Share Price Performance, as at 14 December 2007 |
