| Best Western International To Be The Largest Hotel Chain In Asia By 2010 | Return to Headlines |
| Best Western International has announced its plans to sign 17 new hotel contracts in various Asian cities by first quarter of 2008 and is aiming to be the largest hotel chain in Asia by 2010 with more than 200 hotels across the continent. Positioned as a four-star hotel chain in Asia, Best Western has undertaken the strategy to raise awareness of its brand in new markets by developing good quality hotels with high visibility. By 2012, Best Western is expected to have 50 hotels in China, including two new hotels to be opened in Beijing before the 2008 Olympics. In India, 100 hotels or 10,000 additional rooms are expected to come under its brand by 2017 while 17 hotels in Japan and two in Vietnam are currently in the development pipeline. | |
| Las Vegas Sands Corporation Sees Opportunities In Integrated Development In Thailand | Return to Headlines |
| Sheldon G Adelson, Chairman and CEO of Las Vegas Sands Corporation, believes that there is room for more mega integrated resorts with casino facilities in Asia, including Thailand, following the opening of the Venetian Macau on Cotai Strip. It is noted that the integrated resort concept can help boost tourist arrivals and create employment opportunities for the city. Discussions of a possible integrated resort development along a stretch of street in Pattaya and Phuket, like the Cotai Strip or the Las Vegas Strip, has been ongoing with a Thai minister. However, the proposal has met with strong resistance from local religious groups. Adelson commented on the elements of a successful integrated resort development including location, presence of infrastructure, labour and accessibility. | |
| China Star Entertainment Invests In Grand Lisboa Gambling Junket In Macau | Return to Headlines |
| China Star Entertainment Limited has announced its plans to invest approximately US$69 million to purchase a 51% stake in the operation of the Ocho VIP Club at the Grand Lisboa casino, which opened in February 2007 with 240 gambling tables, 480 slot machines and a 47-storey hotel tower which will offer 650 rooms upon completion in 2008. The acquisition comes with a 12-month call option worth approximately US$66 million to buy over the remaining 49% stake in the gambling junket operations. There has been increasing interest in gambling junket investments including the Teem Foundation's announcement to raise approximately US$70 million to buy a stake in a VIP gaming junket and Neptune Group's investment of US$31 million in two gambling junkets. | |
| Malaysia's Landmarks Berhad Makes US$29.3 Million Profit From Shangri-La Stake Sale | Return to Headlines |
| Malaysia's Landmarks Berhad has announced the sale of its 26.6% stake in Shangri-La Hotels (Malaysia) Berhad (SHMB) for a total of US$82 million. Landmarks had placed its approximate 117 million shares held by two of its subsidiaries to CIMB Investment Bank Berhad for sale to investors at US$0.70 a share, translating into a profit of US$29.3 million from the shares' carrying value of US$51 million as at 31 December 2006. The disposal is in line with Landmark's long term plan to focus on its resort developments in the region and its hospitality and management business sectors. US$37.2 million of the total cash proceeds are expected to be used to reduce bank borrowings, and the balance will be set aside for working capital requirements of Landmarks and its subsidiaries. | |
| Hotel Facelifts Part Of Sydney's Bondi Beachfront Revamp | Return to Headlines |
| Plans to redevelop two hotel sites in Sydney's Bondi beach are expected to change the character and landscape of this popular beach community into an ultra luxury residential neighbourhood with retail developments. This comes following the sale of the Hakoah Club to property developers and announcements to redevelop the 50-room Hotel Bondi and the 203-room Swiss-Grand Hotel into mixed-use developments. The Hotel Bondi site on Campbell Parade was sold to Investec Bank for an approximate US$24.7 million, while the Swiss-Grand Hotel was acquired by a group of investors headed by the Rebel Property Group for US$111 million. The new mixed-use developments are expected to complete in 2010 and will feature luxury apartments fronting Campbell Parade, retail spaces and an arcade linking Gould Street to Campbell Parade. | |
| HVS Recruitment For Japan | Return to Headlines |
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HVS is the world's leading hotel consulting, valuation and investment services firm with 25 offices worldwide. As part of its growth strategy for East Asia, HVS is seeking suitable candidates to head and support its real estate valuation and consulting team covering Japan. Positions available include Vice President, Manager and Associate levels, to be based in Singapore and Tokyo. Excellent career development opportunities will be provided to the suitable candidates.
Please submit a detailed resume in confidence to David Ling, Managing Director of HVS East Asia at [email protected]. For more background information on HVS, please visit www.hvs.com. |
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| Absolute Share Price Performance, as at 7 September 2007 |
