| Millennium and Copthorne's CDL Hotels (Labuan) To Sell CDL Hotels (Korea) For US$463.7 Million | Return to Headlines |
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Millennium and Copthorne Hotels Plc ('M&C') has announced that City Development Limited (CDL) Hotels (Labuan) Limited, a wholly owned subsidiary of M&C, has agreed to sell all its stakes in CDL Hotels (Korea) Limited to Kangho AMC Company ('Kangho') for approximately US$463.7 million. Kangho has paid approximately US$57.4 million as deposit to M&C while the remainder will be paid in cash upon the completion of the sale. The sale includes the 702-key Millennium Seoul Hilton Hotel, located at Namdaemun-ro, Seoul, South Korea, which is owned by CDL Hotels (Korea). According to M&C, cash proceeds from the sale will be used to increase cash reserves to fund potential acquisition opportunities. |
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| Malaysia's IGB To Develop A New Hotel Chain In Asia Pacific | Return to Headlines |
| Malaysia's IGB Corporation Berhad has announced its plans to invest approximately US$612.6 million to develop a new value-for-money hotel chain, Super Express, across the Asia Pacific region by 2013 or 2014. The investment amount is expected to add some 20,000 rooms for the group. The first Super Express hotel is expected to open in China by 2011, with rooms averaging 11 square metres in size, and operations are expected to be highly efficient. By 2010, the group's room inventory is expected to increase from 3,800 rooms to 5,300 rooms as it expands into the Vietnam, Thailand and Australia markets. | |
| Hilton Plans To Open 300 Hotels In Asia | Return to Headlines |
| Hilton Hotels Corporation (Hilton) has announced its plans to open 300 hotels in Asia by 2018 to compete with its competitors and leverage on the business and leisure travel boom in India and China. Hilton currently has 47 hotels in Asia. Hilton is expected to focus on India where it has established a joint venture with India's DLF Limited to open 75 hotels under the Hilton, Homewood Suites by Hilton and Hilton Garden Inn brands in the country by 2013. In China, Hilton plans to add 18 hotels by 2012 in addition to the existing five hotels the company currently manages. | |
| Indonesia's Suryainti To Build New Tourist Resort In Bali | Return to Headlines |
| PT Suryainti Permata, a listed property company in Indonesia, has announced plans to build a tourist resort in the Pecatu area in Bali, Indonesia. The development, which will be built over a 200,000-square-metre plot of land, is expected to cost approximately US$111 million and scheduled to be completed by end of 2009. The development is expected to comprise a five-star hotel, an 18-hole golf course and other facilities in addition to 500 cottages to be sold between US$1 million and US$3 million each. | |
| Accor Targets 5,000 Rooms In Malaysia By 2012 | Return to Headlines |
| Accor, the French hotel and services group, has announced its target to operate 5,000 hotel rooms in Malaysia by 2012. Currently, the group manages the Sofitel Palm Suite in Johor and Novotel Hydro Majestic Kuala Lumpur. Accor has expressed intentions to open a flagship Sofitel, a Pullman and an Ibis in the capital city of Kuala Lumpur. In addition, it is also looking to open a Sofitel, Pullman and Novotel in Langkawi as well. The group is presently in discussion with ten parties in Malaysia to expand its existing brands and introduce new brands. In 2007, the revenue contributions from Accor's Asia-Pacific hotels recorded less than 10% of its total revenue, which according to Accor, signals ample growth opportunities. | |
| Booming Tourist Industry In China Signals Strong Job Market | Return to Headlines |
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According to statistics from the China National Tourism Administration (CNTA), the booming travel industry is expected to record approximately US$43.8 billion in investments from 2006 to 2010. This is likely to bring the total number of hotels in China to 200,000 with the number of five-star hotels expected to reach 500. Global operators such as the Ritz-Carlton have identified the positive business environment but they have also noted the high demand and competition for hotel jobs accrued from new developments. This has given locals seeking a career in the hospitality industry a massive boost. |
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| Absolute Share Price Performance, as at 27 June 2008 |
