| Langham Hotels International Expands Into Shanghai With First Art Deco Boutique Hotel | Return to Headlines |
| Langham Hotels International (LHI) has announced the signing of a management agreement with Shanghai Hengshan (Group) Corporation to manage its first boutique hotel in the mainland, The Langham Yangtze Boutique, Shanghai. This is also LHI's fourth new hotel announcement in China since April 2007. Located at Shanghai's central business district, in the vicinity of The People's Square and adjacent to Nanjing Road, the hotel, which was originally an iconic masterpiece of art deco and neoclassic architecture is expected to undergo a major renovation and reopen in mid-2008 as a five-star art deco boutique hotel under the Langham brand. The 101-room hotel is likely to feature the Chuan Residences which are directly connected to the signature Chuan spa, five food and beverage outlets including a Chinese, a Japanese restaurant and an Italian restaurant, as well as two cafés. In addition, the hotel is expected to offer a column-free meeting space at the rooftop which can accommodate up to 250 people. | |
| Singapore To Invest US$248 Million In Tourism Talent Plan | Return to Headlines |
| With an estimated 10.2 million foreign visitors expected to spend US$9.4 billion in Singapore in 2007 and in preparation for the opening of the two integrated resorts, Singapore Tourism Board (STB) has announced its plans to invest US$248 million to develop a programme, Tourism TALent (TOTAL), which aims to train 74,000 workers in the growing tourism sector to prepare for the manpower demand. Under the programme, specific skills training is provided for some 15,000 workers to fill up key jobs such as chefs, tour hosts, organisers and landscape technicians. Tourism-related courses and scholarships will be offered. With this plan, Singapore is expecting itself to be in a better position to develop the tourism industry and attract more investment and infrastructure in the tourism sector. | |
| Dubai's Almulla Group To Launch World's First Syariah-Compliant Hotel Brand | Return to Headlines |
| Dubai's Almulla Group has launched the world's first Syariah-compliant hotel brand portfolio to tap on the rapid growing and increasing affluent Muslim traveller market which represents 10% of the world tourism market. 30 hotels under the Cliftonwood, Adham and Wings brands are expected to abide by the Syariah principles by end-2008, whereby no alcohol is allowed for sale and only halal-prepared food are offered in the hotel. The Group aims to expand to 150 hotels at targeted destinations including Malaysia and Thailand by 2013, amounting to US$2 billion worth of investments. According to the World Tourism Organisation, Saudi Arabia and UAE are the two largest outbound travel markets in terms of average spend, with Saudi Arabian and UAE travellers spending US$6.7 billion and US$4.9 million, respectively, on annual overseas travel. This is about 10% to 50% higher than the global average leisure or business traveller. | |
| Malaysia's Berjaya Land Berhad To Build US$500 Million Complex In South Korea | Return to Headlines |
| Berjaya Land Berhad has announced that its subsidiary, Berjaya Leisure (Cayman) Limited (BCayman), has signed a memorandum of agreement with Jeju Free International City Development Centre (JFICDC) to develop a US$500 million resort-type residential and commercial complex in Yerae-dong, Seogwipo-si, Jeju, South Korea. Located within a two-hour flight radius from Beijing, Shanghai, Tokyo, Hong Kong and Taipei, with a total market potential of 750 million people, the 74.3-hectare project will include up to 1,500 residential units, a 500-room hotel with conference and gaming facilities, commercial, retail and entertainment developments, a medical facility and other private and public facilities. A joint venture company, Jeju Casino Spa Resort Limited (JCSRL), will assume the role as the master developer for the project and upon the completion of the development, JCSRL will become an 81%-owned subsidiary company of BCayman and Berjaya Land. | |
| Minor International Secures Rights To Develop New Resort In Maldives | Return to Headlines |
| Thailand's Minor International (MINT) has announced that it has signed an agreement with the Maldives Tourism Development Corporation PLC (MTDC) to lease approximately 85,000 square metres of the island of Kihavah Huravalhi, on the Baa Atoll for 23 years. Under the agreement, MINT will make a payment of US$11.12 million as an advance on the lease rental. The island, which is one of the most upmarket destinations in the Maldives, will be used for the development of a 55-suite Anantara pool villa resort. The resort, which will be owned and managed by MINT, will be constructed over the sea and is expected to open in 2009. Anantara Kihavah Huravalhi is likely to strengthen and add to MINT's hotel portfolio in the Maldives, including the Anantara Dhigufinolhu, Anantara Bodu Huraa and Anantara Naladhu. MINT's existing hotels in Maldives achieved an aggregate occupancy rate of 68% and an average daily rate of US$336 in the first half of 2007. | |
| Hong Kong's Great Eagle Group In US$170 Million Deal | Return to Headlines |
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One of Hong Kong's leading property and hotel companies, Great Eagle Group, has plans to purchase the US$170 million Ritz-Carlton Huntington Hotel and Spa in Pasadena, California. The deal is expected to be funded by internal and external financing and is targeted to be completed by mid-December 2007. The acquisition of the Ritz-Carlton Huntington from the United State's Oak Knoll Hotel is aimed at expanding the group's existing hotel business. Great Eagle Group also has other interests in property investment, hotel operations and other hotel-related services, through its subsidiaries. |
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| Absolute Share Price Performance, as at 26 October 2007 |
