| Singapore's City Development Hospitality Trusts' Hotels Registered Increase In Revenues | Return to Headlines |
| Singapore's City Development Hospitality Trusts (H-Trust) which owns seven hotels, including Novotel Clarke Quay and Rendezvous Hotel Auckland, has announced increased revenues in 2007 with the inclusion of new property acquisitions and asset revaluations. CDL H-Trusts' hotels registered a net property income growth of 73% to US$19 million in the fourth quarter of 2007 as compared to the same period last year. During the same period, the hotels recorded an average occupancy rate of 89% while average daily rate (ADR) rose by 32% to US$153. Consequently, revenue per available room (RevPAR) grew by 34.5% to US$135 in the last quarter of 2007. In addition, CDL H-Trust is expected to launch 24 new extended-stay rooms at the Grand Copthorne Waterfront Hotel by April 2008. | |
| Carlson To Open First Park Plaza Hotel In Shanghai | Return to Headlines |
| Carlson Hotels Asia Pacific (Carlson) has announced plans to open its first Park Plaza hotel in Shanghai by June 2009. Located along Hong Qiao Road, the hotel is in close proximity to the Hong Qiao area, a well-developed commercial and office hub, the Shanghai Zoo and the planned Maglev station train to Hangzhou. The 313-guestroom hotel is expected to offer 450 square metres of banquet and meeting facilities, an executive lounge and a business centre, a fitness centre, a spa and a lobby bar and lounge. The hotel is part of Carlson's expansion strategy in China and one of the six hotels currently under development. In addition, Carlson has signed a partnership with the Chinese developer, Sunshine 100, to build at least 10 hotels in China's second tier cities. | |
| MFS Finalising Deal To Sell Stella | Return to Headlines |
| Australia's MFS Limited is finalising the deal to sell Stella, its resort operator and tourism arm, to CVC Asia Pacific, as an endeavour to help MFS ease its total debts of approximately US$1.53 billion. MFS had earlier freezed redemptions on its US$698-million Premium Income Fund. It was reported that CVC Asia Pacific, a private equity group, had insisted that it takes a majority stake in Stella with management control. | |
| Ascott Expands Into Shenzhen, China | Return to Headlines |
| The Ascott Group (Ascott) has announced the opening of its first Ascott branded serviced residence in Shenzhen, China. The 219-key Ascott Shenzhen Maillen is expected to open in the second half of 2009 in the heart of Shekou commercial and cultural centre. The property, which is a five-minute drive from the Shekou Ferry Terminal and 15-minute drive from the Hong Kong-Shenzhen Western Corridor, will form part of a mixed-use development consisting of a high-end recreational club and restaurants. This will be Ascott's second foray into Shenzhen following the acquisition of a 173-unit serviced residence from China Merchant Real Estate (Shenzhen) Company Limited to be rebranded as Somerset Garden City Shenzhen. | |
| Emaar MGF To Set Up Three Hotels And A Residence In India | Return to Headlines |
| Emaar MGF Land Limited (Emaar MGF), a joint venture between Emaar Properties and MGF Development, has plans to develop three hotels and a commercial-cum-residential complex in Kolkata and Howrah, India, respectively. It was reported that the construction for two of the hotels is underway, with a 300-room Marriott hotel and 250-room Holiday Inn in the pipeline. The two hotels are scheduled to be completed by 2011. The commercial-cum-residential development, which is likely to be a joint venture, is expected to be set within an approximately 160,000-square-metre plot of land by a private party. In addition, Emaar MGF has plans to develop over 100 budget hotels in the next few years at an investment cost of US$3.8 million for each project, excluding land cost. | |
| HVS and BISU Host 4th China Hotel Investment Summit in April 2008 | Return to Headlines |
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HVS and Beijing International Studies University (BISU) will be co-hosting the China Hotel Investment Summit (CHIS) for the fourth time from 16 to 18 April 2008. The Summit will be organised jointly by HVS and Phoenix Consulting, and the event will be held at Grand Hyatt Shanghai. The Summit will witness a gathering of hospitality captains, business leaders and hotel investors in China and around the world to discuss the latest hotel investment trends and market developments in Greater China and the rest of Asia. The theme of the 2008 Conference is 'Investing in the Fastest Growing Hotel Markets'. The 4th China Hotel Investment Summit will provide in-depth insights to the vast opportunities for hospitality investments in the ever growing market in China and the galloping economies of Asian countries like Vietnam, Thailand, Korea and Japan. All these economies are in an upswing cycle which will provide a strong growth to the hotel real estate and tourism sectors. The Summit has invited leading expert speakers and panellists, as well as organised social events to maximise networking opportunities. Please visit http://www.chinahotelsummit.com for registration and sponsorship information. For additional information, please contact: Andrew Lee |
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| Absolute Share Price Performance, as at 1 February 2008 |
