| Permira To Acquire 20% Stake In Galaxy Entertainment Group Limited | Return to Headlines |
| Galaxy Entertainment Group Limited (Galaxy) has announced that Permira Funds (Permira), London-based private equity group, has agreed to acquire approximately 20% equity stake in Galaxy for US$840 million. This translates to US$1.09 per share and Galaxy has further plans to raise an additional US$163 million through institutional placement of new shares. The acquisition marked the partnership of both companies to develop their positions as leading gaming and entertainment groups in Macau, the world's largest and fastest growing gaming market. This deal is also Permina's first investment in Greater China and its entry into Asia. The investment is expected to significantly reduce Galaxy's outstanding debts and to fund its Cotai Mega Resort project in Macau which is anticipated to offer 2,500 rooms, suites and villas, as well as the world's second largest casino. | |
| Carlson Hotels Worldwide Partners With Lotus Hotel Investment Fund | Return to Headlines |
| Carlson Hotels Worldwide - Asia Pacific has announced its partnership with London's Lotus Hotel Investment Fund, a new US$1 billion private equity fund, to focus on strategic hotel development opportunities in high-growth markets in Asia such as China, India, Thailand and Vietnam. The move is aimed at taking advantage of the growth potential of these markets and the rising demand for high-quality hotels in the Corporate and Leisure market segments across Asia. The fund serves as a specialist provider of capital focussed on new hotel developments, refurbishment and rebranding opportunities to generate significant financial returns for its investors. Carlson Hotels Worldwide - Asia Pacific manages the largest portfolio of hotels operating in India and is rapidly expanding its presence in other key Asian markets. | |
| Swiss-Belhotel International To Open Its First Malaysian Hotel In Sepang, Malaysia | Return to Headlines |
| Hong Kong's Swiss-Belhotel International remains bullish on Malaysia's hotel market with its first Malaysian hotel venture, the 607-room and 366-villa Golden Palm Tree Resort and Spa, located on the Pantai Bagan Lalang coast, Sepang. Held under a sale-and-lease-back scheme, the villas have been sold at between US$153,000 and US$729,000, mainly to foreign investors from the United Kingdom, Spain, Dubai, China, Korea and India, and leased back to the developer of the project, Sepang Gold Coast Sdn Berhad's subsidiary, Sepang Duta Sdn Berhad. Scheduled to open in June 2009, Swiss-Belhotel expects the resort to achieve an average room rate of between US$134 and US$149, an average occupancy exceeding 80% and gross operating profit of about 30% to 35% in its first year. The 6.1-hectare resort is likely to offer a US$29.7 million entertainment and water theme park and a convention centre to tap on both the Leisure and MICE markets. | |
| Philippines Simplifies Visa Policy Towards Indian Nationals | Return to Headlines |
| According to the Philippine authorities, the government is simplifying its visa policy towards Indian nationals in a bid to attract investments and tourists from the Indian nation. Philippine President, Ms Gloria Macapagal-Arroyo, has expressed this intention in a Philippines-India Business Cooperation Seminar held in India and that the Philippine government is cutting the red tape in requirements for investing, filming or visiting the Philippines. The liberalisation of its visa policy towards Indian nationals is primarily aimed at promoting tourism in the Philippines, especially ecotourism, which has been identified as one of the country's growth sectors. President Arroyo also invited Indian hotel giants like the Tata Group and the Oberoi Group to consider the Philippines as a destination for their next projects, adding that the Philippines also encourages its private drugstore owners and local governments to do business with Indian corporations. | |
| Nomura Holdings Invests US$238 Million in Okinawa Resort Project In Japan | Return to Headlines |
| Tokyo Stock Exchange-listed group, Nomura Holdings Inc, has invested approximately US$238 million in a resort development at Okinawa's Sesoko Beach, the greatest amount ever invested by the group on its own for such a project. Its security arm, Nomura Securities Co, is serving as the lead manager, while Nomura Capital Investment Co has provided financing for the project through a non-recourse loan, which will be repaid entirely with earnings from the resort. Scheduled to be completed in March 2009, the resort will be developed by Tokyo-based Urban Design System Co, with total costs likely to reach US$255 million. | |
| Vietnamese Companies Sign Agreement With Swiss Group To Develop Real Estate Projects Costing US$4 Billion | Return to Headlines |
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Vietnam National Shipping Lines (Vinalines) and Vietnam Star Group (VSG) have signed agreements, in the presence of Vietnam's honourable Prime Minister, H.E. Mr. Nguyen Tan Dung, with Swiss-based Tradco Global Engineering & Construction S.A. (TGEC) to develop various landmark real estate projects in the Nha Trang city of Khanh Hoa province, Vietnam, and the Ca Lo project in Hanoi, Vietnam. The proposed projects will include leisure and tourist developments like a golf course, waterfront developments, high-end luxury hotels, hospitality-related developments, deluxe serviced apartments, high-end mixed-use residential and office buildings, and other amenities. A joint venture entity is expected to be created to draft the masterplans and realise the two massive projects whose developmental costs are estimated at approximately US$4 billion. Work is expected to commence in early 2008 and to be completed in phases. |
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| Absolute Share Price Performance, as at 12 October 2007 |
