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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 19 December 2008
StayWell Hospitality Group Announces First Property In New Zealand
JHM Interstate Hotels Plans Big In India
Three More Tune Hotels In Malaysia By First Quarter Of 2009
Vietnam Authorities Act To Revive Tourism Industry As Arrivals Fall
Revitalisation Of Hong Kong’s Seaview Building In Repulse Bay Proposed
Japan’s Mori Trust To Obtain Majority Control Of Hotel Operator
Absolute Share Price Performance, As At 19 December 2008
StayWell Hospitality Group Announces First Property In New Zealand Return to Headlines
StayWell Hospitality Group (SWHG), owner and operator of the Leisure Inn and Park Regis hotel brands, has announced it has signed a long-term lease agreement for the five-storey Taspac Building along Commerce Street, opposite the Britomart precinct and situated just off Queen Street, in Auckland, New Zealand. The building is expected to be extensively refurbished and rebranded as the 82-room Leisure Inn Express Auckland upon opening in September 2009. The Leisure Inn Express brand is an extension of the Leisure Inn brand which targets the economy/budget market with a stylish and compact yet functional product offering and facilities including self check-in facilities, private bathrooms, contemporary design and equipped with the latest technology. SWHG’s announcement is in line with the group’s expansion plan to move into key gateway locations in New Zealand and the Asia Pacific region.
JHM Interstate Hotels Plans Big In India Return to Headlines
JHM Interstate Hotels Limited (JHMIH), an international third party hotel management company, plans to manage 35 hotel properties of various star categories in India by 2013 and is currently in advanced stages of negotiation with several hotel owners. JHMIH, which is a joint venture entity between US-based hotel real estate investor, Interstate Hotels and Resorts, and an independent developer and owner of hotels in the USA, JHM Hotels, has already announced its first management contract for the 124-room Double Tree by Hilton Vizag hotel in Vishakhapatnam, India and the company is in discussion for four other hotel deals. Additionally, the company also plans to own hotels in India through its investment arm, Duet India Hotels Limited, a UK-based real estate investment fund and is currently negotiating to acquire all four properties of Dawnay, Day Hotels India.
Three More Tune Hotels In Malaysia By First Quarter Of 2009 Return to Headlines
Despite the projected volatile times ahead for the tourism industry, TuneHotels.com is anticipated to open three new hotels in Malaysia by the first quarter of 2009. The Tune Hotel at the Low Cost Carrier Terminal, Kuala Lumpur is expected to offer 222 rooms with several retail and food and beverage outlets, while the Tune Hotels in Kuching and Penang will offer 135 and 258 rooms, respectively. The group was previously reported to invest approximately US$576 million at between US$4.6 million and US$5.8 million per building to develop 100 hotels locally and regionally by 2011.
Vietnam Authorities Act To Revive Tourism Industry As Arrivals Fall Return to Headlines
In a bid to revive the tourism industry, officials from the Vietnam National Administration of Tourism (VNAT) has announced several plans to boost the country's tourism industry which has been hit hard by the worldwide economic slowdown. The Vietnamese authorities expected between 4.8 and 5.0 million international arrivals in 2008, but only received 3.9 million by the end of November 2008, with visitation from traditional feeder markets such as Japan, South Korea and Europe all down. Under the plan, prices of package tours run by state travel agencies and room rates at both state-run and state-owned private hotels will be cut between 30 and 50 percent. Vietnam Airlines has also committed to reduce ticket prices by 30 to 50 percent on most of its flights, while the country will begin granting visas on arrival at all international border gates from 2009. VNAT also has plans to spend US$20 million to US$30 million on a global tourism marketing campaign in foreign media.
Revitalisation Of Hong Kong’s Seaview Building In Repulse Bay Proposed Return to Headlines
Non-profit organisation Designing Hong Kong has proposed and urged the government to consider a proposal to revitalise the Seaview Building in Repulse Bay, Hong Kong, instead of tearing it down, and sell it with an open space for hotel development. It has been suggested that the car park space next to the Seaview Building remain as an open space for public enjoyment where half of the car park can be converted into a park while the remaining car park space remains as a drop-off point for tour coaches. Additionally, it is proposed that the 60-year-old Seaview Building be revitalised to include alfresco dining, a beach club and other retail shops. Under the government's current plan, the car park has been zoned as open space and will be sold with the Seaview Building for hotel development. However, there are concerns that the proposed hotel development will aggravate the present traffic problems.
Japan’s Mori Trust To Obtain Majority Control Of Hotel Operator Return to Headlines
Japan’s Mori Trust Co (MT) has announced that it will turn the company that operates InterContinental Yokohama The Grand into a consolidated subsidiary to gain greater management control. Mori Trust will acquire all of Ishin Yokohama Holdings' 39.34 percent interest in the hotel operator and subsequently sell 20 percent of that to Hospitality Network while retaining the rest. The transaction is expected to raise MT’s interest to 58.68 percent from the 39.34 percent it originally owns.
Absolute Share Price Performance, as at 19 December 2008
Closing Share Price as at 19 December 2008 12 December 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.50 4.25 6%
General Property Group 0.93 0.90 4%
Mirvac Group 1.24 1.17 6%
Ocean Capital Limited 0.30 0.35 -14%
Thakral Holdings Group 0.40 0.42 -4%
Living and Leisure Australia Group 0.03 0.03
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 3.14 3.16 -1%
Dusit Thani Public Co Ltd 19.40 19.00 2%
The Erawan Group Public Limited 1.41 1.45 -3%
Grande Asset Development 1.90 1.90
Laguna Resorts & Hotel Public Co Ltd 23.50 22.90 3%
Minor International PCL 6.90 5.70 21%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 5.14 5.28 -3%
Regal Hotels International Holdings Ltd 2.00 1.82 10%
Sino Hotels Holdings Ltd 2.70 2.56 5%
The Hong Kong & Shanghai Hotels Ltd 5.96 5.79 3%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.22 0.20 10%
ART Management Pte Ltd 0.58 0.51 14%
Banyan Tree Holdings Limited 0.43 0.40 8%
CDL HTrust 0.70 0.61 15%
Hotel Grand Central Ltd 0.54 0.50 8%
Hotel Plaza Ltd 1.17 1.23 -5%
Hotel Properties Ltd 1.09 0.97 12%
Mandarin Oriental International Ltd (US$) 1.02 0.95 7%
Shangri-La Asia Ltd 8.10 8.52 -5%
Stamford Land 0.25 0.26 -4%
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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