| Super 8 Hotels Appointed As A Member Of Olympic Village Management Team | Return to Headlines |
| Wyndham Worldwide's Super 8 Hotels (China) Company Limited (Super 8 China) has been appointed as a member of the 'Beijing Olympic Village Accommodation Service Management Team' by the Beijing Organising Committee for the 2008 Olympic Games and Beijing Tourism Bureau. Under this appointment, Super 8 China is expected to manage nine apartments, three resident service centres and two service facilities within the Olympic Village in August 2008. In addition, Super 8 Hotel Beijing College Avenue has been designated as an 'Official Hotel for Accommodating Olympic Games Spectators' by the Beijing Tourism Administration. Super 8 is the only economy hotel brand that has won such a designation. | |
| Genting International PLC To Build And Manage Hotel In Singapore's Sports Hub | Return to Headlines |
| Genting International PLC (GIL) has confirmed it is currently in negotiations with Singapore Sports Hub (SSH) consortium to develop a hotel in the country's Sports Hub project, to be named Premier Park. The project is located on a 35-hectare site in Kallang and is the first and largest sports public-private-partnership facilities infrastructure project in the world. GIL is currently in discussion with details to build and manage the proposed 500-room hotel over a 25-year tenure and at a potential construction cost of US$140.6 million. On a separate note, the Singapore International Hotel and Tourism College (Shatec) has signed an agreement with the SSH consortium to be the master caterer over a 25-year tenure, providing catering solutions for all special events and activities at the Sports Hub. | |
| Korea's Lotte To Move Into Russia And To Expand Locally | Return to Headlines |
| Korea's Lotte Hotel Group (Lotte) has announced its first hotel development in Russia, to be located in Moscow. The proposed 319-room hotel is likely to open in April 2009 and is envisaged to target high profile guests and ambassadors. On the local front, Lotte is planning to open three more hotels in Mapo in Seoul, Gimhae in South Gyeongsang Province and near Gimpo International Airport in Gyeonggi Province. The expansion is expected to include construction of budget and business hotels to cater to tourists from China and other Southeast Asian countries. This shift in focus can be attributed to the decreasing Japanese tourists and the sharp rise in arrivals from China and Southeast Asia in Korea's tourism market. Lotte also announced that it expects to complete its US$158-million renovations of its current five hotels in Korea by 2010. | |
| Rise In Room Rates For Perth Hotels | Return to Headlines |
| The hotels in Perth have experienced higher room rates and occupancies in 2007 as compared to 2006 and this trend is expected to continue into 2008. With growing demand from interstate migrant workers and lack of new hotel supply, the hotels in Perth are expected to experience an eight percent growth in room rates for 2008 with occupancies to be in the 90-percent range. According to the Australian Bureau of Statistics, average room rates have recorded approximately US$123 for the first nine months of 2007. However, this figure is still relatively low as compared to Sydney's rate of US$143. The relatively lower room rate high construction costs and competition from higher-yielding commercial properties are the likely reasons for the lack of new supply in Perth. | |
| Ascott Brings Citadines Into Australia | Return to Headlines |
| The Ascott Group (Ascott) is developing a US$120-million serviced residence in Melbourne's Central Business District (CBD). The Citadines Melbourne on Bourke, which is expected to offer 398 rooms, will be Ascott's first Citadines-branded property in Australia and the largest in its portfolio. The property is well-located at the heart of the CBD, within walking distance to major office towers and Melbourne's renowned theatre district. Scheduled to be completed in late 2010, the property will allow Ascott to target a wider market segment including leisure travellers who travel to Melbourne for sporting, arts and cultural events. Currently, Ascott has three Somerset serviced residences in Melbourne which are averaging 85% in occupancy. | |
| 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 25 January 2008 |
