|Featured in this Asia Pacific Hospitality Newsletter - Week Ending 23 May 2008|
|Hilton To Open Hotel At Niseko Resort Area, Hokkaido, Japan||Return to Headlines|
Hilton Hotels Corporation (Hilton) has announced the opening of a refurbished hotel, Hilton Niseko Village, located in the resort area of Niseko, two hours' drive away from Sapporo, Hokkaido, on 1 July 2008. Following the acquisition of the 506-room hotel, previously named as Niseko Higashiyama Prince Hotel, by Citigroup Principal Investments Japan Company from Seibu Holdings Inc in March 2007, Hilton signed an agreement with Citigroup to renovate and rename the hotel under the Hilton brand. It is expected that 75% of the hotel guests are Japanese, although Hilton also expects visitors from Australia and Asia. Hilton aims to position Niseko as a year-round resort destination for families, golfers and skiers and plans to cooperate with a local tourism operator, Niseko Village, to offer outdoor activities such as fly-fishing and rafting to attract summer visitors.
|Thailand's TCC Acquires The Metropole Hotel Phuket||Return to Headlines|
|Thailand's TCC Land Company Limited (TCC Land) has signed a memorandum of understanding (MOU) with Huay Chuan Rice Company Limited to purchase the 248-room The Metropole Hotel Phuket, located in the business centre of Phuket, Thailand. The hotel is expected to be transferred to TCC Land by the end of 2008. The 18-year-old hotel has achieved an average occupancy of 65% in 2007 although its room rates are not as high as the beachfront hotels in Phuket. TCC Land has planned approximately US$283 million to diversify its hotel business in 2008, including the plans to add four low-cost hotels under the Imm brand of Imm Hotel Group and the development of two in Samui and one on Sukhumvit Soi 24 in Bangkok.|
|Canada's Asian Coast Development Limited Awarded Right to Build Vietnam's Largest Tourism Destination||Return to Headlines|
|Canada's Asian Coast Development Limited (ACDL) has been awarded a highly coveted investment certificate by the government of Vietnam to develop the country's largest tourism venture, the 169-hectare Ho Tram Strip, Vung Tau Province, 80 kilometres southwest of Ho Chi Minh City. The US$4.2 billion planned Ho Tram Strip is expected to include five resorts, an international conference centre, state-of-the-art performance facilities, retail, luxury spas and a wide variety of food and beverage outlets. Phase 1 of the development includes a 1,100-room five-star hotel resort, a golf course and Vietnam's first Las Vegas-style casino which is scheduled to open in late 2010. Phase 2 of the project is a luxury resort with 1,300 rooms, a casino and ten restaurants and nightclubs slated to open by the spring of 2011. The entire development is scheduled to be completed in less than ten years.|
|North Korea Resumes Construction Of A Likely World's Tallest Hotel||Return to Headlines|
|The 105-storey Ryugyong Hotel, which was left uncompleted since the early 1990s due to North Korea's economic problems, has resumed constructions in Pyongyang, North Korea. The hotel first began its development in 1987 through the funding and aid of French investors. Jointly developed by local authorities and Egypt's Orascom Telecom Holding, the hotel is likely to serve as an accommodation for foreign investors and visitors, a business centre and an international convention centre. The 330-metre tall Ryungyong Hotel is expected to be the world's tallest hotel when completed.|
|Holiday Inn Back In Chennai After 35 Years||Return to Headlines|
|InterContinental Hotels Group (IHG) has announced the development of the 275-key Holiday Inn Estancia Chennai in Chennai, India, where India's first Holiday Inn was established in 1973. Developed by L&T Arun Excello Commercial Projects Limited, the hotel is located within the approximately 344,000-square-metre Estancia Integrated Township, a mixed-use development with a technology park earmarked as a special economic zone. Located 35 kilometres south of Chennai's city centre, the hotel is scheduled to open in 2011 and is estimated to cost US$35 million to develop. Expected to target both business and leisure travellers, the hotel adds to IHG's pipeline of 14 other Holiday Inn hotels or approximately 4,000 new rooms which are scheduled to be opened by 2011 in 12 cities across India.|
|Five-Star Hotel To Open In Central Highlands, Vietnam In 2011||Return to Headlines|
An 800-room five-star Global Investment Enterprise Corporation (GIEC) hotel has begun construction in Central Highlands, Kon Tum Province, Vietnam. Scheduled to open in late 2011 with an estimated cost of US$800 million, the development represents the largest foreign investment in the province to date and create a breakthrough in foreign investment attraction for the Central Highlands. To continue its momentum of attracting foreign investments, the local authorities have also granted licences to three projects which amounted to nearly US$134.9 million to build urban centres.
|Absolute Share Price Performance, as at 23 May 2008|