| MGM Mirage Hospitality, Diaoyutai State Guesthouse And Sinosteel International Plaza Company Limited To Jointly Develop A Mixed-Use Project In Tianjin, China | Return to Headlines |
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MGM Mirage Hospitality, a subsidiary of MGM Mirage, Diaoyutai State Guesthouse and Sinosteel International Plaza Company Limited have announced plans to develop and manage a mixed-use development project, Sinosteel International Plaza, in Tianjin, China. Scheduled to be completed in two phases, the project will comprise two towers which are expected to house a 350-room luxury hotel, to be called MGM Grand Tianjin, a 50-key all-suite hotel named the Skylofts at MGM Grand and a 60-unit MGM Grand condominium residence, accompanied by facilities such as a spa and restaurant. Construction works for the first phase of the development are expected to begin in late June 2008. |
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| China Telecom Group To Sell 30% Stake In Hospitality Subsidiary, Tong Mao Hotel Holding Company Limited | Return to Headlines |
| China Telecom Group is selling a 30% stake of its wholly-owned subsidiary, Tong Mao Hotel Holding Company Limited (Tong Mao), for approximately US$105 million. Currently, Tong Mao holds a portfolio of 11 hotels in seven Chinese provinces, including two five-star hotels in Xinjiang Autonomous Region, six four-star hotels in Shanghai, Nanjing, Yangzhou, Jiejiang, Hefei and Guangxi and three three-star hotels in Jiejiang and Shaanxi. As of end-2007, Tong Mao reported an operating revenue and net profit of approximately US$99.4 million and US$1.3 million, respectively. Potential buyers are expected to invest an additional minimum amount of US$132 million in cash to eventually hold a 49% stake in Tong Mao. | |
| Kuwaiti Sheikh Opens New Ibis Hotel In Melbourne, Australia | Return to Headlines |
| Sheikh Mubarak, an heir to the Kuwaiti royal throne, under his investment vehicle, Action Australia Group, has announced the official opening of the US$24.5 million Hotel Ibis at Glen Waverley in Melbourne, Australia. The 155-room hotel is the company's first hotel investment in Australia and a collaborated project with Accor. The hotel is expected to target the mid-market and provide quality and value-for-money accommodation. | |
| Ibis Saigon South To Debut In Ho Chi Minh City In 2010 | Return to Headlines |
| Accor has entered into a management agreement with Viethan Hotel Co Ltd for the management of the 170-room Ibis Saigon South. Scheduled to open in 2010 and targeted at business travellers, the hotel facilities will include a restaurant, a bar, meeting rooms and car parking space. According to Accor, Ibis Saigon South will complement the rapid expansion of the Ibis economy hotel brand across Asia for the management company. | |
| Boom In India Tourism Market | Return to Headlines |
| According to the World Travel and Tourism Council (WTTC), India's travel and tourism industry is expected to generate approximately US$100 billion in 2008 amidst increasing tourist arrivals and spending. Tourist arrivals increased by 11.9% from 4.4 million arrivals in 2006 to 4.9 million arrivals in 2007 and the first four months of 2008 recorded 2.2 million arrivals. Tourist expenditure during the first four months of 2008 totalled US$4.84 billion, from US$3.76 billion a year ago. The WTTC also estimated that the Indian tourism demand will grow at an average of 8.8% between 2004 and 2013, making India the world's third fastest growing tourism market. India's hospitality sector is also likely to witness US$11.41 billion in investments between 2008 and 2010. | |
| Banyan Tree Tapping Into Indian Spa Market | Return to Headlines |
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Banyan Tree has identified India, with its rich tradition in holistic healing, as an ideal platform to develop a destination spa product and has teamed up with the Oberoi Group for its products. Currently, Banyan Tree has one resort and two spas in India, and there are 15 Oberoi Spas by Banyan Tree in India, Mauritius, Indonesia and Egypt. Banyan Tree's new supply of resorts in India includes Banyan Tree Kerala, Banyan Tree Karnataka and Angsana Karnataka which are expected to open by 2009. In addition, there are also seven spas to be opened in Bangalore, Gurgaon, Udaipur, Kerala, Karnataka and Golkonda by 2011. |
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| Absolute Share Price Performance, as at 20 June 2008 |
