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Featured
in this Asia Pacific Hospitality Newsletter - Week Ending 18
July 2008 |
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| The
newly established Xen Hotels and Resorts (Xen) has announced
its plans to operate 11 hotels and one condominium in Thailand
by the end of 2008. Currently, Xen manages three hotels in Hua
Hin, Kanchanaburi and Bangkok and intends to sign a franchise
agreement and another five management agreements, namely three
in Bangkok and one each in Pattaya and Khao Yai, by 2008. Additionally,
Xen has secured the management of three hotel properties, including
Xen Airport and Samudra Residences Hua Hin in 2009, as well
as Samudra Retreat in 2010. The 36,800-square-metre Samudra
project is to be developed by The Retreat Hua Hin Company, a
subsidiary of Xen, in three phases at a budgeted cost of approximately
US$45.2 million. Phases 1 and 2 are expected to be completed
in October 2009 and offer 123 condominium units starting from
approximately US$2,400 per square metre. The last phase of the
development, which is scheduled to open in January 2010, is
a 120-room hotel and 11 pool villas with an average room rate
of approximately US$270. |
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| Six
new projects with an investment capital of approximately US$4.41
billion have been licensed in central Phu Yen Province, Vietnam.
Among the new projects are four tourism projects which will
be carried out in 2008 on an allocated land area of 9.3 million
square metres. The biggest project is expected to be a US$4.34
billion high-grade tourism complex by Brunei’s New City
Properties Development Company. Covering an area of approximately
5.65 million square metres and located in Tuy Hoa City, the
project is scheduled for completion in 2017 and likely to feature
luxury hotels and resorts, including 4,300 keys of five-star
hotel rooms, 8,900 keys of four-star hotel rooms, 160 luxury
villas, a 36-hole golf course and other facilities. |
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| Australia’s
Voyages Hotels and Resorts has announced that its parent company,
GPT Group, will divest its hotels and resorts portfolio. The
sale includes Australian resorts such as Tasmania’s Cradle
Mountain Lodge, Queensland’s Lizard Island Resort, Northern
Territory’s Ayers Rock Resort and El Questro Wilderness
Park. The sales process is expected to commence shortly and
there is no timeframe allocated for the completion of the sales
process which is expected to continue into 2009. The group first
invested in the Australian hotels and resorts sector with the
acquisition of Ayers Rock Resort in 1997 and 7% of GPT Group’s
current portfolio as tourism assets. |
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| Roots
Corporation, a subsidiary of Tata Group-linked Indian Hotels
Company, has plans to set up 60 to 70 budget hotels under the
Ginger brand across India by 2013. With investments totalling
approximately US$51 million in 13 hotels thus far, the company
is expected to commit US$23 million on seven to eight hotels
in the fiscal year 2008/09. All the hotels are likely to average
100 rooms and they are expected to be developed in cities such
as Gurgaon, Jaipur and Lucknow in addition to Surat, Hyderabad,
Bangalore and Mysore where the projects are already under construction.
The hotel chain is also pursuing franchising strategies for
its Ginger brand as part of its expansion plans. |
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| A
17,700-square-metre hotel site located along Balestier Road
in Singapore attracted just three bids when the tender closed
on 16 July 2008. Property developer Hiap Hoe Group was the highest
bidder, offering approximately US$54 million or US$127 per square
foot of gross floor area. Market experts have attributed the
lukewarm response to the current uncertain financial environment,
a slowdown in growth of visitor arrivals to Singapore and rising
construction costs. Another possible constraint was that the
eventual developer will be required to build and manage a 4,600-square-metre
park and public event space within the site. The site was initially
expected by industry watchers to draw bids of between US$111
million to US$148 million. |
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Hong Kong and Shanghai Hotel Signs Heads Of Ageement With Qatari
Diar Real Estate Company For Paris Hotel |
Return
to Headlines |
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| Hong
Kong and Shanghai Hotels Limited (HSH) has entered into a heads
of agreement (HOA) with Qatari Diar Real Estate Investment Company
(‘QD’) for a proposed hotel development in Paris,
France. Located along Avenue Kleber near to the renowned Arc
de Triomphe, the building is currently owned by QD and is expected
to be jointly developed into a Peninsula hotel, which is scheduled
to commence operations by the middle of 2012. Under the HOA,
HSH will acquire a 20% stake in the asset and is expected to
commit approximately US$222 million, including its share of
redevelopment costs. |
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Absolute Share Price Performance, as at
18 July 2008
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Closing Share Price as at |
July
18 2008 |
July
11 2008 |
%
Change |
| Australia
Stock Exchange (ASX) |
| Amalgamated
Holdings |
4.24 |
4.40 |
-4% |
| General
Property Group |
1.56 |
1.56 |
– |
| Mirvac
Group |
2.30 |
2.11 |
9% |
| Ocean
Capital Limited |
0.40 |
0.41 |
-2% |
| Thakral
Holdings Group |
0.77 |
0.78 |
-1% |
| Living
and Leisure Australia Group |
0.04 |
0.03 |
12% |
| Bangkok
Stock Exchange (THB) |
| Central
Plaza Hotel Public Co Ltd |
5.65 |
5.90 |
-4% |
| Dusit
Thani Public Co Ltd |
38.75 |
38.75 |
– |
| The
Erawan Group Public Limited |
3.92 |
3.94 |
-1% |
| Grande
Asset Development |
3.30 |
4.00 |
-18% |
| Laguna
Resorts & Hotel Public Co Ltd |
44.00 |
46.50 |
-5% |
| Minor
International PCL |
12.90 |
13.20 |
-2% |
| Hong
Kong Stock Exchange (HK$) |
| Miramar
Hotel International Ltd |
10.26 |
11.10 |
-8% |
| Regal
Hotels International Holdings Ltd |
0.37 |
0.39 |
-6% |
| Sino
Hotels Holdings Ltd |
3.48 |
3.83 |
-9% |
| The
Hong Kong & Shanghai Hotels Ltd |
11.96 |
11.64 |
3% |
| Singapore
Stock Exchange (S$) |
| Amara
Holdings Ltd |
0.47 |
0.49 |
-4% |
| CDL |
10.52 |
11.22 |
-6% |
| Hotel
Grand Central Ltd |
0.90 |
0.91 |
-1% |
| Hotel
Plaza Ltd |
1.58 |
1.63 |
-3% |
| Hotel
Properties Ltd |
2.39 |
2.53 |
-6% |
| Mandarin
Oriental International Ltd (US$) |
1.80 |
1.91 |
-6% |
| Stamford
Land |
0.57 |
0.58 |
-2% |
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Return to Headlines |
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| 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. |
