|Featured in this Asia Pacific Hospitality Newsletter - Week Ending 13 June 2008|
|St Regis To Open In Kuala Lumpur Sentral, Malaysia||Return to Headlines|
Malaysia's One IFC Sdn Berhad, a joint venture between CMY Capital Sdn Berhad, Resources Corporation Berhad and Jitra Perkasa Sdn Berhad, has announced the development of the St Regis Kuala Lumpur in Kuala Lumpur Sentral, Malaysia. Occupying a site area of approximately 8,800 square metres, the hotel has obtained an approved development area of around 130,000 square metres and construction is expected to commence in 2010. Scheduled to open in 2014, the St Regis Kuala Lumpur is likely to feature 200 rooms and 200 freehold residences, as well as St Regis's iconic butler service.
|Novotel Hanoi To Open In Vietnam In 2010||Return to Headlines|
|France's Accor, Hanoi Tourism Corporation and Singapore's SIH Investment Group has jointly invested approximately US$40 million to develop the Novotel Hanoi hotel, the fifth hotel property in Hanoi which Accor has invested in. The construction of the five-storey Novotel Hanoi has commenced in June 2008 and is expected to be completed by 2010 in time for Hanoi's 1,000th anniversary. The hotel is expected to feature 376 rooms, a food and beverage outlet, a 500-square-metre conference room and entertainment facilities. Currently, Accor manages two hotels in Hanoi, namely the Sofitel Metropole and Sofitel Plaza. Additionally, there are two hotels under construction, namely the Mercure Hanoi La Gare and Mercure Hanoi Hado which are expected to be completed by 2009 and 2010, respectively.|
|Raffles Hotels And Resorts To Open Raffles Moscow In 2011||Return to Headlines|
|Raffles Hotels and Resorts has announced the scheduled opening of Raffles Moscow in the Kitay-Gorod District of Moscow, Russia in 2011. Originally a private residence of the Saltykov brothers in the mid-17th century, Raffles Moscow is a heritage building slated for redevelopment and located in close proximity to renowned landmarks such as the Red Square, Kremlin and Bolshoi Theatre. As an integral part of a mixed-use development comprising residential and luxury retail developments, as well as historic buildings such as the Russian Orthodox Church, the hotel is expected to feature 130 guestrooms, six food and beverage outlets including an all-day dining restaurant, a specialty restaurant and a bar, an indoor pool and a 1,300-square-metre signature RafflesAmrita Spa.|
|Brocon Receives Approval For Luxury Resort In Cambodia||Return to Headlines|
|Australia's Brocon Group Limited (Brocon) has received formal approval from the Cambodian authorities for its planned US$35 million luxury resort development on the twin Song Saa, or Sweetheart Islands, 29 kilometres off the southwest coast of Cambodia. The development will be operating on a 99-year non-renewable lease and is expected to open in 2010. Expected to feature a spa, a restaurant, a swimming pool and luxury accommodations, the resort is targeted at high-end adventure travellers.|
|Furama Buys Three Thai Hotels For US$23.5 Million||Return to Headlines|
|Singapore-based hotel management company, Furama, announced its purchase of three boutique hotels in Bangkok from Thai real estate firm, Unico Holdings, for approximately US$23.5 million. The purchase of the Unico Grande Sathorn, Unico Grande Sukhumvit and Unico Grande Asoke, which total approximately 300 rooms, will be financed through internal finances and bank borrowing. Furama has a market value of approximately US$241 million.|
|KHI Seeking More Opportunities After The Proposed Raffles Manila||Return to Headlines|
Dubai-based Kingdom Hotel Investments (KHI) is planning to build 20 more developments globally over the next five years and has not ruled out the possibility of another project in the Philippines after the proposed Raffles Manila project. Located in Makati City and scheduled to open in late 2010, the 30-storey Raffles Manila is likely to offer 30 suites and a residential component. This property, which is KHI's first urban project, is developed under a joint venture agreement with Ayala Land Incorporated (ALI), the leading property developer in the Philippines. KHI and ALI will hold 80% and 20% of the planned operating company, respectively. Currently, ongoing Raffles development projects also include China Beach in Vietnam and Praslin Island in the Seychelles.
|Absolute Share Price Performance, as at 13 June 2008|