| Millennium & Copthorne Hotels PLC announced first quarter adjusted headline pretax profit was up 60% at US$36.7 million, driven by buoyant market conditions particularly in New York, London and Singapore. Hotel RevPAR at constant exchange rates increased 8.5%. The group said the results are in line with expectations with a key focus having been to increase average rates across the hotels in the group. |
| Tourist arrivals in Hong Kong during the first six days of the Labour Day holidays amounted to 576,752, up 19.8% compared with the same period last year, according to the Hong Kong Tourism Commission. Of the total visitors, 61% were visitors from mainland China, a 24.5% increase year-on-year and 67% of mainland visitors travelled under the territory's Individual Visitor Scheme (IVS) program. |
| Banyan Tree Hotels and Resorts, together with Kapico Group of Kuwait and Mini Muthoottu Group of Kerala, are collaborating to develop a US$36.7 million luxury resort on Chertalla Island in Kerala's Alapuzha district, India. Under the joint venture, Kapico Kerala Resorts Private Ltd will build the hotel on an eight-hectare site. Expected to open in 2008, the hotel will offer 60 traditionally built villas with private swimming pools. Other facilities include Banyan Tree's signature spa and luxury houseboats with whirlpools. |
| Singapore�s CDL Hospitality Trusts (HTrust) announced a distribution income of US$8.1 million for the first quarter ending March 2007, exceeding its first quarter estimates by 28%. The four hotels it owns under the CDL Hospitality Real Estate Investment Trust (H-REIT), achieved a combined total revenue of US$33 million, while aggregated average occupancy rate achieved was 84%, which contributed to a RevPAR of US$101, all of which exceeded expectations. |
| Best Western International announced that the Best Western Premier Amaranth Suvarnabhumi Airport in Bangkok has finalized its US$30.5 million construction plans and is scheduled to open in late 2008. The seven-storey, 271-room Hotel will be located in an area currently being converted by the Thai authorities into a commercial zone with entertainment complexes, shopping centres, restaurants and office buildings. |
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The franchise agreements with ITC Limited will introduce The Luxury Collection brand and expand the Sheraton brand into India. As part of the agreement and following significant renovations in 2006 and 2007, seven existing Sheraton hotels in India will be re-flagged under Starwood's The Luxury Collection brand. Additionally, franchise agreements for three existing Sheraton hotels have been extended and an existing Welcomhotel in Delhi will be re-branded as a Sheraton. The seven Luxury Collection hotels are located in Bangalore, New Delhi, Agra, Hyderabad, Mumbai and Kolkata and the four Sheraton properties are located in Chennai, Jaipur and New Delhi.
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