| Shangri-La Hotels and Resorts has signed a management
agreement with Beijing's Super Shine Co. Ltd. to manage a new Traders Hotel
in Beijing. Located along Xiao Yun Road in the north eastern portion of
the city, the 419-room hotel will be within 20 minutes� drive from Beijing
Capital International Airport. The property, which will be the Shangri-La
Group's second Traders Hotel in the Chinese capital, is expected to open
in 2008, in time for Beijing 2008 Olympic Games. |
| Carlson Hotels Worldwide Asia Pacific announced
the development of Radisson Hotel Indore in India, anticipated to open in
September 2009. The hotel will be managed by Bestech Hospitalities Pvt.
Ltd. The 200-room Radisson Hotel Indore will be located in the city's major
commercial district near a number of business establishments and about 10
minutes from the domestic airport. The Radisson Hotel Indore brings the
number of Carlson hotels currently under development in India to 17. There
are currently 32 hotels operating in India under the Carlson hotel brands
of Radisson Hotels & Resorts, Park Plaza Hotels & Resorts, Country Inns
& Suites by Carlson and Park Inn. |
| According to a research report by the General Administration
of Civil Aviation of China (CAAC), passenger traffic to the mainland has
been forecasted to experience a 16% increase to 185 million by the end of
2007. Airline passenger traffic has increased by 15.7% year on year to 56.5
million in the first four months of 2007 and growth is expected to be sustained
by the country's rapid economic growth and its booming tourism industry.
Domestic traffic is also expected to grow by 8% year on year to 1.5 billion
in 2007. |
| Singapore's Hotel Grand Central Ltd has announced
that its subsidiary unit, Hotel Grand Chancellor (Perth) Pty Ltd has reached
an agreement to sell the 275-room Hotel Grand Chancellor Perth for US$44
million to an undisclosed buyer. With the transaction expected to be completed
at the end of June 2007, the SGX-listed group will pocket US$7.3 million
from the sale. According to the group, the disposal has no material effect
on its net tangible asset per share for the year ending 31 December 2007
and proceeds may be used to fund future investment opportunities. |
| Accor has announced its plans to open 80 hotels
in China by 2009. The group currently has 44 hotels in China and aims to
add another 18 hotels to its portfolio by the end of 2007. The 18 hotels
to be opened will consist of a mixture of newly developed hotels and takeovers
of existing hotels. Accor, which runs both luxury and budget chains, will
focus on developing economy hotels, which have received stronger demand
than luxury hotels on the mainland, said Robert Murray, Accor's Senior Vice-President
for China. |
| Several hotel management companies have announced
their plans to expand and refurbish despite the increasing trends in land
prices and construction costs in the city. The 117-room Seasons of Perth
is on course to commence its extensive refurbishment and expansion project
in September 2007, which will increase its room count to 188. The 390-room
Sheraton Perth Hotel is currently undertaking a US$16.9 million expansion
project, converting its Adelaide Terrace office space into 96 executive
rooms and suites. The expansion is expected to complete by August 2007,
taking the hotel�s room count to 486. Additionally, a proposed US$59 million,
four-star Frasers Suites apartment is also in the pipeline in the eastern
part of the city. The proposed 180-room serviced apartment will be part
of a mixed-use development. |
