| China Construction Bank Corporation Purchases Ritz-Carlton, Hong Kong for US$464 Million | Return to Headlines |
| China Construction Bank Corporation (CCB) has announced the purchase of Ritz-Carlton, Hong Kong for approximately US$464 million. The bank plans to redevelop the hotel located at the Central, Hong Kong's financial district, into a 20,810 square metres Grade A office building where CCB's Hong Kong headquarters is expected to be located. The closure of Ritz-Carlton, Hong Kong, scheduled end of 2007, is expected to reduce 218 rooms in the Central and Wan Chai region in 2008, a 9% reduction in the available luxury hotel accommodation in the market. The tightening of supply with the sale of Ritz-Carlton, Hong Kong is expected to benefit the hotels in the vicinity. | |
| India's ITC To Expand Into Rural India | Return to Headlines |
| ITC, Starwood Hotels and Resorts' Indian partner, has announced that through its subsidiary, Fortune Park Hotels Limited, plans are underway to add 100 hotels in rural India to leverage on the growing corporate demand as well as reach out to approximately 792 million (72% of the 1.1 billion) people staying in the rural areas. Fortune Park Hotels is expected to expand hotels and inns with as few as 20 rooms each in the smaller towns of India by 2012, adding 3,000 rooms under its brand. According to ITC, it is expected to spend approximately US$2 billion to add luxury hotels in India, including a 700-room hotel in the southern city of Chennai, as well as a second hotel each in the cities of Kolkata and Bangalore. | |
| Golf Clubs In Singapore Allowed To Build Hotels On Their Premises | Return to Headlines |
| Singapore's Urban Redevelopment Authority (URA) has approved golf clubs in Singapore to build hotels on their premises to alleviate the current hotel room supply crunch. However, the new regulation restricts the build-up space for hotels to 30% of the club's total gross floor area or 10,000 square metres, whichever is lower. In addition, clubs with existing chalets or guesthouses are allowed to re-configure them to hotel rooms, subject to the 30% or 10,000-square-metre limitation. Currently, Laguna National Golf and Country Club, and Jurong Country Club have received approval from the authority to develop a 300-room hotel and a 200-room hotel, respectively, which are targeted to be opened in 2010. | |
| Malaysian-Owned Kronos Hotels To Buy Another 43 Hotels In The United States | Return to Headlines |
| Kronos Hotels, a Malaysian majority-owned hotel group operating in the United States, has announced its plans to acquire another 43 properties by the end of 2007. With the latest acquisitions, the Atlanta-headquartered group will increase its hotel portfolio, currently having 57 hotels under the group. This announcement was revealed at the official opening of the 183-room Crowne Plaza Hotel New York-JFK International Airport, which was bought by Kronos Hotels in April 2006 and refurbished extensively. The hotel is also the hotel group's first acquisition in New York. The group's next major acquisitions are expected to comprise several JW Marriott properties, which will add to Kronos' hotel portfolio with brands including Holiday Inn, Sleep Inn, Wyndham Hotels and Resorts, Ramada and Choice Hotels International. | |
| Seoul Gets Banyan Tree's First City Club In Asia | Return to Headlines |
| Singapore's Banyan Tree Holdings Limited has signed a management contract for its first Banyan Tree branded city club development in Seoul, South Korea. Situated in Namsan, a popular tourist spot in the Jung-gu district of south central Seoul, Banyan Tree Club & Spa is the first branded private membership club in Korea. Developed by Urban Oasis Inc, the city hotel development is expected to offer 59 suites and full fledged hotel facilities including signature food and beverage outlets, banquet and conference rooms, private event spaces, a gym, indoor and outdoor pools, an outdoor golf range, tennis and basketball courts, hockey and soccer fields, an ice rink as well as its signature spa facilities. The development will be the seventh addition to Banyan Tree's city hotel portfolio which currently comprises of properties spread across various key cities in Asia and Middle East. | |
| Hong Kong's Great Eagle Group To Invest US$1.3 Billion In China | Return to Headlines |
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Hong Kong property and hotel developer, Great Eagle Group (GEG) has announced its plans to invest US$1.3 billion to open at least 30 hotels in Mainland China within the next five to ten years. This announcement came in the light of the signing of a management agreement between GEG and Beijing Capital Airport Hotel. Under the agreement, Langham Hotels International, a subsidiary of the GEG, will manage the five-star Langham Place Beijing Capital Airport Hotel located in the west wing of Beijing Capital Airport, near the newly constructed Terminal 3. The airport hotel is scheduled to commence operations in mid-2008. |
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| Absolute Share Price Performance, as at 28 September 2007 |
