| New Zealand's Tourism Industry Reaches US$15 Billion In Year To March 2008 | Return to Headlines |
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According to Statistics New Zealand figures, total tourism expenditure has increased by 4.7% or approximately US$674 million to US$15 billion in March 2008 compared to the same period in 2007. During this period, domestic tourism grew by 4.9% to US$8.8 billion while the international tourism posted a 4.4% growth to US$6.6 billion. The tourism industry contributed approximately US$5.9 billion or 5.1% of the nation's gross domestic product and amounted to around US$4.7 billion in indirect value to industries which support tourism. Tourism authorities expect tourism expenditure to remain resilient despite signs of slowing growth in international arrivals. |
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| Shangri-La Group To Open Sixth Hotel In The Philippines | Return to Headlines |
| Shangri-La Hotels and Resorts has commenced construction of the Shangri-La at The Fort, in Taguig City, Manila, the Philippines following a ground breaking ceremony attended by Philippine President Gloria Macapagal-Arroyo. Located at the former headquarters of the Philippine Army Fort Bonifacio which is now known to be the Bonifacio Global City (BGC), the 66-storey Shangri-La at The Fort is expected to feature 500 guestrooms and 234 apartment units with standard rooms and Horizon Club rooms averaging 52 square metres and 260 square metres in size, respectively. The hotel is also likely to offer 4,600 square metres of meeting and banquet facilities, including a grand ballroom, a junior ballroom, 11 function rooms, a boardroom, a business centre, an individual teleconferencing room and an outdoor event area. | |
| Acacia Real Estate Limited Acquires Stakes In Three Hotels In Thailand | Return to Headlines |
| Acacia Real Estate Limited (ACACIA) has announced the acquisition of a 50% stake in a three-hotel portfolio located in Thailand through a joint venture with Spain's Meridia Capital, a private equity group, and Capital Hospitality Group. The 500-key hotel portfolio includes the Evason Phuket and Six Senses Spa, Evason Hua Hin and Six Senses Spa and Evason Hua Hin Hideaway and Six Senses Spa which are located in Phuket and Hua Hin and managed by Six Senses Resorts and Spas. The Six Senses Resorts and Spas owns the remaining 50% of the portfolio and is expected to continue managing the three hotel properties. The acquisition is anticipated to generate an internal return of more than 20% per annum over a five-year holding period. | |
| Goldman Sachs and ETA Expected To Develop Four Seasons In Bangalore | Return to Headlines |
| Goldman Sachs has reportedly invested US$80 million in a joint venture with ETA, a Dubai developer, to develop a Four Seasons Hotel in Bangalore, India. The joint venture is estimated to be worth approximately US$150 million including debt, and Goldman Sachs is expected to hold a majority stake of 76%. It was understood that the development will be sited on a 16,187-square metre plot of land, which is owned by ETA and lying adjacent to the Mekhri Circle. Four Seasons recently opened a 202-room hotel in South Mumbai and is currently involved in projects in Gurgaon, Hyderabad and Kerala. | |
| Visitor Arrivals Rise In Hong Kong Led By The Chinese | Return to Headlines |
| Hong Kong welcomed more than 14 million visitor arrivals in the first half of 2008, recording a 9.1% increase from the same period in 2007. Mainland Chinese visitors made up 7.7 million visitor arrivals, an 11.2% growth from 2007 while international visitor arrivals accounted for more than 6.3 million, representing a 6.6% growth from the first six months of 2007. According to the Tourism Board, Hong Kong is targeting approximately 30.4 million visitor arrivals in full-year 2008, an 8% increase from the record 28.1 million arrivals in 2007. | |
| Morgan Stanley Investing In Resort Project In Sanya | Return to Headlines |
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Morgan Stanley has entered into a partnership with Agile Property, a Chinese property firm, to develop a comprehensive resort town development in Sanya on Hainan Island, China. The 30% stake in Crown Golden Group, a holding company in charge of the development, will cost Morgan Stanley approximately US$774 million. Agile Property will retain the remaining 70% of the company. It was forecast that the investment in the development, which will be built in two stages, is expected to total approximately US$2.9 billion. |
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| Absolute Share Price Performance, as at 4 July 2008 |
