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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 8 August 2008
Hilton Hotels Corporation Opens Hotel In Beijing, China
India’s ITC To Expand Hotel Business
India Aggressively Tapping MICE Tourism Market
New Zealand Developer Remains Committed To Build Proposed Five-Star Hotel At Historic Britomart Precinct
Bird’s Nest Industry In Terengganu, Malaysia Affecting Tourism
Increase In Foreign Arrivals In Korea During First Half Of 2008
Absolute Share Price Performance, As At 8 August 2008
Hilton Hotels Corporation Opens Hotel In Beijing, China Return to Headlines
Hilton Hotels Corporation (Hilton) has announced the opening of Hilton Beijing Wangfujing which is located along Wangfujing Street, Beijing’s prominent commercial and social district. Owned by Beijing Macau Development Company Limited and managed by Hilton, the hotel features 255 guestrooms including 58 suites with deluxe rooms, deluxe suites and the Penthouse Suite at 50 square metres, 92 square metres and 257 square metres, respectively. The hotel offers four food and beverage outlets including a Macanese restaurant and a Chinese restaurant, as well as a signature spa with nine treatment rooms.
India’s ITC To Expand Hotel Business Return to Headlines
India’s ITC Limited (ITC) has announced plans to expand its hospitality business by developing new hotels in the country, including an approximately 111,500-square-metre hotel in Kolkata at an estimated investment amount of approximately US$203 million and a 600-room Grand Chola in Chennai. Additionally, ITC has purchased land sites in Ahmedabad, Hyderabad and Delhi to develop hotels. The US$283 million Chennai hotel located in Guindy is expected to be open by 2010 while ITC’s second hotel is scheduled to open by 2009 in Bangalore.
India Aggressively Tapping MICE Tourism Market Return to Headlines
According to Union Tourism, India is aggressively targeting the meetings, incentives, conventions and exhibitions (MICE) tourism market with enquiries increasing more than 50% in 2007. In growing MICE tourism in India, the country’s Ministry of Tourism has kicked off the development of mega destinations and circuits with investments of approximately US$5.9 million and US$11.8 million, respectively. Currently, 22 mega projects have been identified, out of which ten are mega circuits, including the Ganga heritage circuits in West Bengal whereby the entire stretch of banks along the Ganga River would be developed.
New Zealand Developer Remains Committed To Build Proposed Five-Star Hotel At Historic Britomart Precinct Return to Headlines
Peter Cooper, founder and executive chairman of developer Cooper and Company (Cooper), remains committed to build a landmark 21-storey hotel, over four times the allowable height limit, at the historic Britomart Precinct in Auckland, New Zealand. Cooper is currently working with local authorities to get the necessary approvals and according to Mr Cooper, negotiations are at an advanced stage for the Four Seasons to manage the proposed 175-key hotel. The proposed hotel, which is expected to cost between approximately US$107 million and US$133 million, may be able to be completed in time for the 2011 Rugby World Cup.
Bird’s Nest Industry In Terengganu, Malaysia Affecting Tourism Return to Headlines
The Terengganu Tourism Association has requested the Terengganu authorities to consider shifting the site of the bird’s nest industry to Bukit Datu in Seberang Takir, four kilometres from the city. Currently, the sites for the industry are creating disturbances such as noise and smell to tourists. Complaints from tourists have been constantly made to the tourism authorities and they are presently identifying suitable sites to relocate the industry.
Increase In Foreign Arrivals In Korea During First Half Of 2008 Return to Headlines
A total of 3.29 million foreign arrivals were recorded in South Korea between January and June 2008, reflecting a 9.03% increase from the same period in 2007. The Korea National Tourism Organisation (KNTO) has attributed this increase mainly to the sustained marketing efforts by the state and the recent waiver of visa requirements for foreign arrivals into Jeju Island. On the other hand, South Koreans travelling overseas increased by a mere 1.54% to 6.57 million during the first half of 2008. KNTO has indicated that this is due to the weakening of the South Korean won against the United States dollar by 10% during this period and increasing oil prices and travel costs.
Absolute Share Price Performance, as at 8 August 2008
Closing Share Price as at August 8 2008 August 1 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.25 4.17 2%
General Property Group 1.71 1.57 9%
Mirvac Group 2.81 2.53 11%
Ocean Capital Limited 0.40 0.40
Thakral Holdings Group 0.80 0.80
Living and Leisure Australia Group 0.05 0.04 35%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 4.98 5.20 -4%
Dusit Thani Public Co Ltd 36.25 36.75 -1%
The Erawan Group Public Limited 3.40 3.44 -1%
Grande Asset Development 3.02 3.50 -14%
Laguna Resorts & Hotel Public Co Ltd 41.00 43.00 -5%
Minor International PCL 13.30 12.80 4%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 10.08 10.20 -1%
Regal Hotels International Holdings Ltd 0.35 0.36 -1%
Sino Hotels Holdings Ltd 3.59 3.55 1%
The Hong Kong & Shanghai Hotels Ltd 11.34 11.94 -5%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.46 0.49 -6%
CDL 10.36 10.98 -6%
Hotel Grand Central Ltd 0.86 0.89 -3%
Hotel Plaza Ltd 1.55 1.60 -3%
Hotel Properties Ltd 2.05 2.23 -8%
Mandarin Oriental International Ltd (US$) 1.71 1.76 -3%
Stamford Land 0.51 0.57 -11%
Return to Headlines
HVS Beijing
David Ling
HVS Hong Kong
Mark Keith & David Ling
HVS Mumbai
Manav Thadani
HVS New Delhi
Manav Thadani
HVS Shanghai
David Ling
HVS Singapore
David Ling
Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS Singapore.
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