| Australia's hotel and gaming operator, National
Leisure and Gaming (NLG), has acquired Iris Group's hotel portfolio of nine
45-year leasehold hotels and 240 poker machines for approximately US$78.8
million. This acquisition follows the merger between NLG and GSL Pub Operations
Trust (GSL) for US$70.6 million and completion of the acquisition of Gaming
Asset Management's (GAM) portfolio for US$56 million. The acquisition has
increased NLG's asset portfolio to 39 hotels and over 1,000 poker machines,
spread along the eastern coast of Australia. NLG is also expected to purchase
the Moonee Beach Tavern in Coffs Harbour and Tacking Point Tavern in Port
Macquarie for a combined US$4.7 million. |
| Switzerland's Credit Suisse investment bank is
expected to spend US$50 million to buy a 15% share in Park Hotels, a subsidiary
of Apeejay Surrendra Group, based in Kolkata, India. This is part of the
approximate US$993 million which Credit Suisse plans to invest in the real
estate sector in India, as reported in January 2007. With this capital injection,
Park Hotels plans to develop eight new hotels and expand its existing chain
of hotels in Bangalore, Chennai, New Delhi, Mumbai, Kolkata, and Visakhapatnam
in India. |
| The Maldives authorities have invited the Malaysian
business and investing community to be involved in 40 island resort developments
from 2007 to 2009. With an estimated 600,000 tourists visiting Maldives
each year, the authorities are developing their infrastructure and tourism
sector to provide better quality services and accommodation, thus fuelling
the need for quality foreign contractors and suppliers. Inviting Malaysians
to invest in the country comes naturally as Malaysia is Maldives' fourth
largest trading partner and Malaysian contractors have completed five projects
at a total cost of US$7 million in Maldives since 1997. These projects include
airports, resorts and hotels. |
| Singapore's City Development Limited Hospitality
Trusts (H-REIT) has announced that its preferential offering of 107.2 million
new units in the trust has been fully subscribed while another 13 million
private placement units to institutional and other investors was about 24
times subscribed. The strong support from investors underlines the current
strong performance of the hospitality sector in Singapore and investors'
belief in the long-term growth potential of H-REIT. The trust is expected
to raise approximately US$190 million, which will mainly be used to repay
debts and for other general corporate and working capital purposes. The
trust currently owns five hotels and one shopping arcade in Singapore and
another hotel in New Zealand. |
| MIMB Investment Bank has upgraded Malaysia-based
casino operator, Resorts World Bhd (Resort World), from 'neutral' to 'buy',
with its target price raised from US$1.09 to US$1.41 per share, after the
company announced it will cut its stake in loss-making Star Cruises Ltd
to 19.89%, making it a mere investment in its books. Resort World's wholly-owned
unit, Resorts World Ltd, has accepted the offer by CMY Capital (L) Ltd,
a local investment holding company, for the disposal of a 14.02% stake in
Star Cruises for US$343 million. The proposed disposal, which is subject
to regulatory and shareholder approvals, is expected to result in a net
gain on disposal of US$91 million and is expected to conclude in the fourth
quarter of 2007. Resorts World Bhd may invest in the Resorts World integrated
casino resort project in Singapore with the excess cash arising from this
divestment. |
| Starwood Hotels and Resorts has entered into an
operating lease agreement with the management of the mixed-use development,
Sekisui House, to house a 159-room newly-built St Regis Hotel at the intersection
of Midosuji Avenue and Honmachi street, in the central business district
of Osaka City, Japan. Scheduled to open in 2010, Japan's first St Regis
Hotel will be situated between the 11th and 27th floors of the mixed-use
development and will offer two specialty restaurants, a bar, a signature
spa, over 4,500 square feet of function space, a wedding chapel, a roof-top
garden and other facilities. |
