|European hotel company Accor has announced plans
to build a 538-room Ibis hotel on the Bencoolen Street site it won in a
public tender in December 2006 together with joint venture partner LaSalle
Investment Management. The Ibis Bencoolen Street, in which Accor has a 30
per cent stake, will cost US$95.7 million and will be the largest Ibis hotel
in the world outside Paris. Accor Asia Pacific Managing Director Mr Issenberg
said that when Ibis Bencoolen Street opens in 2009, room rates are expected
to be between US$66 and $73. Other Accor managed hotels in Singapore include
Grand Mercure Roxy and Novotel Clarke Quay. Ibis is Accor's fastest growing
brand in Asia Pacific, with 35 hotels already operating and over 50 under
|Hong Kong-listed Tak Sing Alliance Holdings Ltd
has announced it will participate in a joint venture company that will invest
US$18.2 million to complete the construction of a five-star hotel in Yiyang
city, Hunan province in China. The company said in a statement it will take
a 50 percent stake in the joint venture company, which is being established
with some local partners and the Yiyang city government for the project.
Tak Sing and its mainland partners will invest US$7.8 million initially
to acquire the construction from the original developer. It will then proceed
to complete the project in time for the hotel's opening in January 2008.
The company said it expects the project to yield an internal rate of return
of 20 percent.
|Eighteen Asia Pacific destinations are expected
to witness a total of US$110 billion increase in tourism revenue over the
next three years, according to a report released by the Pacific Asia Travel
Association (PATA) beginning May 2007. China and Thailand will be among
the biggest beneficiaries, gaining an estimated US$36 billion and US$13
billion in increased tourism spending between 2007 and 2009, respectively.
Other markets likely to receive strong growth in receipts over the forecast
period include Malaysia with close to US$11 billion, South Korea with US$7
billion and Macau with US$5 billion. The forecasts were based on projected
tourist traffic in the Asia-Pacific region, which includes both Asia and
the Americas, compared with traffic and the average annual income generated
in 2005 and 2006.
|Malaysia's five-star Regent Kuala Lumpur will be
rebranded as Millennium Kuala Lumpur on 1 June 2007. Located in the heart
of the capital city's prime shopping and entertainment district, Malaysia's
first Millennium Hotel is currently undergoing major refurbishment and upon
completion will offer 468 guestrooms and suites, a grand lobby and reception
area and several food and beverage outlets.
|Dusit Thani Public Company Limited is set to rapidly
expand into the serviced apartment segment of the hospitality industry as
part of its planned expansion program in Thailand and in the Middle East.
Projects currently underway include the proposed 180-room Dusit Residence
on The Palm, the proposed 151-room Dusit Residence at Dubai Marina as well
as the proposed 593-room Dusit Thani hotel and 400-unit Dusit Residences
both located in Abu Dhabi.
|Hilton Hotels Corporation has announced its joint
venture plans with India's real estate company, DLF, to develop ten hotel
projects in the country, the first of which is likely to be completed by
2008. 20 key sites have already been identified and the ten hotels, which
include full service, business and all-suite hotels, will be located in
Delhi, Mysore, Kolkata, Bangalore, Bhubaneshwar, Hyderabad and Goa under
the group's different brand names. The Indian JV is aiming to develop and
own between 50 and 75 hotels by 2012.