| Malaysia's Klang Valley To Have 3,700 More Hotel Rooms And Serviced Suites | Return to Headlines |
| Malaysia's Klang Valley is expected to have approximately 3,700 new hotel rooms and serviced suites in 2008 as new three-star to five-star hotels open. This registers a 9% increase in total number of rooms from the current 40,000 rooms in the area. The new openings include the 333-guestroom Grand Mercure in Putrajaya, the 420-guestroom with 207 suites The Gardens Mid Valley and the 300-guestroom Royale Bintang in Mutiara Damansara. The new supply is expected to alleviate the supply shortage during peak periods such as the Formula One and the Middle East tourist season. Outside the Klang Valley, several hotels are also scheduled to be opened in 2008, including the 263-guestroom Novotel at 1 Borneo and the 338-guestroom Mercure Waterfront in Kota Kinabalu, as well as the 45-guestroom Casa del Rio Hotel and the 50- to 60-room Casa del Rio Suites in Malacca. | |
| Macau's Century Legend Sold 25% Stake In Holiday Inn Macau | Return to Headlines |
| Macau's Century Legend has announced its plans to sell its 25% stake in Holiday Inn Macau and the integrated Diamond casino for approximately US$42.3 million in cash and debt. The hotel and casino, which will record a net sale proceed of US$30.2 million with Century Legend gaining approximately US$17 million, was purchased by the British Virgin Island firm, Keenfull Investments Limited. Century Legend bought Holiday Inn's stake for approximately US$7.1 million in November 2005 which entitled it to gain a cut of the gaming revenue from the 40 gaming tables and a fixed rent from the four VIP gaming rooms in the casino. | |
| Record Tourist Arrivals In Hong Kong | Return to Headlines |
| Hong Kong's visitor arrivals went past the 28 million mark in 2007, representing a 10% year-on-year increase from 2006. The total tourist expenditure is likely to increase by 9%, from US$15.8 billion to US$16.7 billion once the figures are confirmed by the authorities. In terms of per capita spending from overnight arrivals, the figure rose 6% from US$654 to US$615 while day trip visitors spent an average of US$141, an 8% increase from 2006. Among the feeder markets, the Chinese mainland, Europe, Africa, the Middle East, Australia, New Zealand, Republic of Korea, the Philippines and Russia recorded double-digit growth. The Hong Kong Tourism Board announced that it will continue to target a well-balanced mix of arrivals from its key markets so as to maintain its cosmopolitan appeal. | |
| Mixed-use Development On Singapore's Hotel Phoenix Site | Return to Headlines |
| A mixed-use development comprising a 580-room hotel and retail component of net lettable area of 14,000 square metres is expected to be completed by 2011 on the current site of Hotel Phoenix and Specialists' Shopping Centre in Singapore. The project, which is likely to commence construction in the second half 2008, will be funded by a wholly owned special-purpose vehicle (SPV) of Straits Trading based on maximum development costs. Once completed, Straits Trading will dispose the SPV to its owner, OCBC Bank, and then before leasing back the development back for three years with an option to renew for a further three years thereafter. The hotel development, which will take up 60% of gross floor area of the mixed-use development, is timely as Singapore is expected to face a supply crunch in hotel rooms as visitor arrivals continue its strong growth within the next few years. | |
| Regent To Manage Cape Panwa Property In Phuket | Return to Headlines |
| Regent Hotels and Resorts is set to launch its latest Asian property, the Regent Cape Panwa Phuket, in March 2009. Located 45 minutes from Phuket International Airport and 15 minutes from Phuket Town, the hotel will offer picturesque views of Cape Panwa's Bay on the southeastern coast of Phuket. The hotel, which is owned by Pacific Phuket Company Limited, is likely to feature 48 terrace rooms, 22 deluxe villas, 35 pool villas and a presidential villa among its room inventory. It is also expected to offer a swimming pool, a tennis court, a 10-treatment room health club and two meeting facilities. | |
| 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 11 January 2008 |
