| Park Regis Hospitality Management To Open Four-Star Business Hotel In Singapore | Return to Headlines |
| Australia's Park Regis Hospitality Management Company has announced the signing of a 10-year management agreement with a consortium, comprising Singapore's A&B Hotels Private Limited and Australia's Ashe Morgan Winthrop (AMW) group, to manage a 200-room four-star business hotel under its Park Regis brand. Located at New Market Street/Merchant Road near the Singapore River and a five-minute drive from the central business district, the hotel is part of the US$117 million twin tower development which is scheduled to be completed by 2009. The hotel upon completion is likely to offer two food and beverage outlets, three function rooms, a business centre, a pool, a fitness centre, a spa and onsite parking spaces. | |
| India To Invest US$6.5 Billion In Infrastructure To Promote Medical Tourism | Return to Headlines |
| The Indian government has announced its plans to promote its medical tourism industry with an investment of US$6.5 billion for funding relevant infrastructure including affordable hospitals and budget hotels for patients and their relatives in the country. According to India's Tourism Minister, Ambica Soni, the government is currently in talks with three international firms which have shown interest to set up 1,000-bed facilities in and around the capital city, New Delhi. In addition, 100,000 budget rooms and 50,000 star accommodation rooms are anticipated to be introduced into the market in preparation for the Commonwealth Games in 2010. Currently, due to the unavailability of a single window clearance system, foreign investors have faced problems investing in this sector, and the Indian government is looking at ways to improve the system. | |
| Starwood Hotels And Resorts To Open Four Points By Sheraton Kuching, Sarawak | Return to Headlines |
| Starwood Hotels and Resorts has announced the signing of a management agreement for its first Four Points by Sheraton hotel in Malaysia, located in Kuching, Sarawak. This is part of the brand's expansion strategy to add to its current portfolio of 15 hotels in Asia Pacific, including six which are in operation and the remaining under development in China, Cambodia and Vietnam. Scheduled to open by early 2009, the Four Points by Sheraton Kuching, Sarawak is located five minutes' drive away from the Kuching International Airport and 10 minutes' away from Kuching's city centre. The Four Points by Sheraton Kuching, Sarawak plans to target the mid-scale commercial and leisure market segments and is likely to offer 300 guestrooms, five food and beverage outlets, including a lounge and a pool bar, and approximately 1,580 square metres of meeting space. | |
| Ascott Residence Trust Expands Its Portfolio In Tokyo | Return to Headlines |
| Ascott Residence Trust (ART) has announced the acquisition of 509 freehold rental apartments in 18 blocks in Tokyo for approximately US$110 million from a private equity firm. The properties, consisting of studio and one-bedroom apartment units, with an aggregate of 13,318 square metres of net lettable area (NLA) and average age of 18 months, will be managed by Ascott International Management (AIM) Japan which is a joint venture between the Ascott Group and Mitsubishi Estate Company. The transaction is expected to yield 4.1% of annualised returns in forecast year 2008 and brings ART's gearing ratio to 36.8%, which is below the maximum 60% ratio stipulated by the Monetary Authority of Singapore (MAS). | |
| InterContinental Resort Penang To Open In Late 2008 | Return to Headlines |
| InterContinental Resort Penang in Teluk Bahang is expected to open by end 2008 upon completion of a US$30 million renovation and refurbishment plan to convert the former 438-room Mutiara Beach Resort Penang. The property, for the past 19 months, is expected to reopen with 220 guestrooms and 80 luxury residences for sale. Its owners, Tradewinds Corporation Berhad, has envisaged the hotel to yield average room rates of between US$150 and US$178 and record occupancies of 40% to 50% in its first year of operations and 70% in its second year and thereafter. The luxury residences are expected to fetch up to US$15 million in sales at an average price of US$150 per square foot. While Penang has lost out to the upcoming attractions of Langkawi in recent years, it is hoped that the opening of the InterContinental Resort will be in line with the recovery of Penang's hospitality industry. | |
| Banyan Tree Moves Into The Philippines | Return to Headlines |
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Banyan Tree Holdings Limited ('Banyan Tree') has entered into a joint venture with Mr. Salvador B Zamora II, a prominent businessman in the mining and real estate sectors, to develop two resorts in the largely uninhabited Dinaran Island in the Philippines. The 55-hectare Dinaran Island, located south of Manila in Palawan Province, is accessible via a 15-minute speedboat ride from Coron Town which is an hour's flight away from Manila. This project will be Banyan Tree's first foray into the Philippines and the two resorts, scheduled to open in 2010, are expected to cost US$70 million in development costs. |
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| Absolute Share Price Performance, as at 16 November 2007 |
