| Rakeen India Operations Company Partners With Lotus Hotel Investment Fund To Develop Hotels In Asia | Return to Headlines |
| Rakeen India Operations Company (Rakindo) has announced the signing of a Memorandum of Understanding (MOU) with Lotus Hotel Investment Fund (Lotus) to develop business hotels in Asia, particularly in India. According to the MOU, a joint venture company will be formed to invest in three-star and four-star hotels in Asia, with six major cities in South India being the initial focus. The partnership is expected to ease the hotel room supply crunch in India. According to the latest global economic watch, India has witnessed an increase in demand for hotel rooms in recent years, due mainly to an increase in domestic demand, as well as India's being a holiday and business destination in Asia. It is expected that the country needs an additional 125,000 hotel rooms to meet the surging demand in the mid- and upper-tier market. | |
| Malaysia's Syarikat Kayu Wangi Berhad To Buy Sentosa Regency Hotel For US$6.5 Million | Return to Headlines |
| Malaysia's Syarikat Kayu Wangi Berhad (SKW) has announced the acquisition of the seven-storey Sentosa Regency Hotel, which is located in Alor Star, Kedah, northern Malaysian. SKW signed a sale and purchase Agreement (SPA) with Harta Binaan Sentosa Sdn Berhad to purchase the 86-room hotel for US$6.5 million. The acquisition is part of the group's ongoing strategy to diversify their business and is expected to be completed by its next financial year ending 30 November 2008. In addition, SKW has also announced its plans to acquire several land parcels in Alor Star from Langkawi Vision Berhad for approximately US$2.58 million, comprising US$790 million of cash and the remaining via the issuance of shares at US$0.30 each. | |
| Malaysia's IGB Corporation To Develop Business Hotel In Makati, The Philippines | Return to Headlines |
| Malaysia's IGB Corporation has announced the development of its first business hotel, St Giles Hotel Makati, in Makati, the Philippines. The US$17.8 million project is expected to be undertaken by IGB Corporation's Philippines subsidiary, St Giles Hotel Manila Inc., scheduled to be completed by December 2009. Located on an 827-square-metre site at the corner of the Makati and Kalayaan avenues, the hotel will be managed by Cititel Hotel Management and likely to offer 415 rooms spreading over 29 storeys, conference and function rooms, a pool and several food and beverage outlets. Besides the Philippines, IGB Corporation is also planning to expand its St Giles brand to Thailand, Vietnam and Australia. | |
| Singapore Records Increase In Visitor Arrivals In October 2007 | Return to Headlines |
| According to the Singapore Tourism Board (STB), Singapore has welcomed 911,000 visitors in October 2007, a 6.2% year-on-year increase in visitor arrivals. Visitor days were estimated to reach 3.3 million in October 2007, an increase of 14.5% from October 2006. The top five feeder markets include Indonesia, China, Australia, India and Malaysia, which accounted for 54% of total arrivals. During this month, the hotels in Singapore were estimated to record approximately US$123 million in room revenue, a 37.1% increase as compared to October 2006. In addition, average room and occupancy rates were estimated to reach US$151 and 89%, respectively, in October 2007, registering a 33.9% increase in average room rates and 1.8-percentage-point increase in occupancy as compared to the same period in 2006. | |
| Courtyard By Marriott Opens In Thailand | Return to Headlines |
| Marriott International Inc. has announced the opening of the US$32.7 million Courtyard by Marriott Bangkok hotel which is located along Rajdamri Road. The hotel, which comprises 318 rooms, five meeting rooms and two restaurants, has recorded an average occupancy rate of 60% during weekdays and 80% during weekends with room rates starting from US$124 since its opening in October 2007. The hotel which targets mainly business travellers has a guest mix of approximately 70% corporate and 30% leisure guests. In addition, Marriott plans to open four more Courtyard hotels in Thailand, namely the 200-room Courtyard by Marriott Hua Hin, and three hotels at the Kamala, Patong and Surin beaches in Phuket which are expected to have 400 to 570 rooms each. These four hotels which target mainly the leisure travellers are expected to open by 2008. | |
| China Post Group To Sell Hotels In China | Return to Headlines |
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China Post Group (China Post), formerly a government-owned enterprise, has announced its plans to sell 60 hotels under the group through China Beijing Equity Exchange, as part of the group's strategy to focus on their core businesses. Located in more than 24 Chinese provinces, the hotels which are worth approximately US$541 million are expected to be sold off within a short time-frame as some of the hotels are situated near popular tourist destinations such as Jinggangshan and Suzhou. Shanghai's budget hotel chain, Home Inns & Hotel Management Inc., which plans to increase its hotel inventory to 1,000 rooms, is currently in negotiation with China Post on the sale of the hotel properties. The sale of the group’s 400 hotels is expected to be completed by 2008. |
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| Absolute Share Price Performance, as at 30 November 2007 |
