| Park Hyatt Sydney Sold For Approximately US$175 Million | Return to Headlines |
| MFS Limited's wholly owned subsidiary, McLaughlins Financial Services Limited (MFSL), the managing entity for PH Sydney Hotel Trust (Trust), has concluded the sale of the Park Hyatt Sydney, Australia to a private Japanese property investor for approximately US$175 million after gaining majority sale approval from 2,400 retail investors of the Trust at an Annual General Meeting held in October 2007. The price translates into approximately US$1.1 million per room for the 158-room five-star hotel - an Australian record on a per room basis. Uniquely positioned on the water's edge of Sydney Harbour and with unrestricted views of the famous Harbour Bridge and Sydney Opera House, the iconic hotel has attracted a considerable amount of interest from reputable international investors before the conclusion of the sale. | |
| India's Pride Hotels In Expansion Mode And Plans For IPO | Return to Headlines |
| The Chairman of India's Pride Group of Hotels, S P Jain, has announced Pride Hotels' plans to undertake an approximate US$86 million expansion and refurbishment drive to strengthen its position in the booming hospitality industry. This expansion and refurbishment programme will involve the development of new hotels in the Indian cities of Mumbai, Goa, Bangalore and Alibaug, including a 200-room hotel near the international airport in Mumbai. Upon completion of the programme, a total of 1,126 rooms will be offered in the five-star category from the present 430 rooms in Nagpur, Ahmedabad, Pune and Chennai. The project will be funded through an initial public offer (IPO) with the group likely to offer approximately 5.95 million equity shares, out of which Kotak India Real Estate Fund has acquired a 11.1% stake at US$5.05 per share, while a Mauritius-based primary fund has acquired an undisclosed stake at US$6.82 per share. | |
| Cambodia And Thailand Sign Accord On Single Visa For Foreign Tourists | Return to Headlines |
| Cambodia and Thailand authorities have signed an agreement that will allow foreign tourists to visit the two countries with a single visa issued in either country, an initiative that aims to boost tourism for both countries. Under an economic cooperation framework called the Ayeyawaddy-Mekong-Chao Phraya Economic Cooperation, comprising five countries - Cambodia, Thailand, Laos, Myanmar and Vietnam - the pact was inked in Phnom Penh, Cambodia between Cambodian Foreign Minister Hor Namhong and Thai Foreign Minister Nitya Pibulsonggram and will come into effect soon after the two countries' agencies concerned have issued appropriate regulations. It is hoped that the other three countries in the economic framework would join this single visa programme in future. Cambodia has so far formed agreements with Laos, Malaysia, the Philippines and Singapore on free-visa access. | |
| Tune Hotels To Open In Bali, Indonesia | Return to Headlines |
| Tune Hospitality Investment Dubai, the private equity fund of Tune Hotels.Com, has announced plans to open two Tune Hotels in Bali, Indonesia, by end 2008. The group has acquired two parcels of land to build a 146-room and a 196-room Tune hotel at Jalan Pantai Kuta and Legian Beach respectively. The investments are estimated to amount to US$3.65 million and US$4.9 million, which work out between US$20,000 to US$25,000 per room, at the two hotels correspondingly. According to the management, the hotels are expected to record an occupancy of 85% and yield average room rates in excess of US$20 in their first year of operations. Tune Hotels have also indicated that they are looking to open more Tune hotels in the Indonesian cities of Jakarta, Yogjakarta and Bandung and the Thai cities of Phuket, Bangkok and Koh Samui in the near term. | |
| Harrah's Entertainment Acquires Macau's Orient Golf Course | Return to Headlines |
| The world’s largest gaming company by revenue, Harrah’s Entertainment, has announced that it has acquired the Macau’s Orient Golf Course along the Cotai Strip for US$578 million. The acquisition of the 708,200 square metre site, which currently has yet to secure approval for a casino development, is the largest land transaction in Macau to date. Should relevant approvals be obtained to redevelop the golf course site into a casino resort, the US$816-per-square-metre (psm) deal will appear to be a bargain as compared to the US$2,990 psm paid by Macau Studio City and US$2,693 psm paid by Melco PBL Entertainment in recent years. However, the profitability of the transaction is heavily reliant on redevelopment and licensing approvals for gaming. Based on the Macau Studio City development, the value of the site can be expected to rise to as high as US$3.47 billion if the relevant plans are approved. | |
| China’s National Holidays Undergo Revamp | Return to Headlines |
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The Chinese government has announced the introduction of three new one-day public holidays and the scrapping of one of the three 'golden week' holidays. The Tomb-sweeping Festival, Dragon-boat Festival and Mid-Autumn Festival have been added to the list of national holidays as one-day holidays, while the traditional May Day 'golden week' holiday will be shortened from three days to a day. The changes, which will take effect from 1 January 2008, will increase the total number of national holidays from 10 to 11 days. According to the Chinese authorities, the new one-day holidays are expected to ease overcrowding and transportation problems during the 'golden week' holidays, with a better distribution of holidays while promoting Chinese traditions. |
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| Absolute Share Price Performance, as at 21 December 2007 |
