| Hainan Signs Tourism Cooperation Memorandum In London | Return to Headlines |
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The Hainan Tourism Bureau has signed a multi-destination tourism cooperation memorandum with the China National Tourist Office, Hong Kong Tourist Office and Cathay Pacific Airways in London. In addition, a cooperation agreement to develop and promote the London-Hong Kong-Sanya itinerary has also been signed to develop Hainan into an international resort destination by leveraging on the rich tourism resources, safe environment and low-priced quality services in Hainan, combined with a city holiday destination in Hong Kong. Under the agreement, the four parties will extend the multiple destinations model to other popular cities in the future to enhance the development of the United Kingdom outbound tour market to China. |
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| Singapore's Raffles Hotel To Change Hands For Approximately US$475 Million | Return to Headlines |
| Fairmont Raffles Hotels International (FRHI) has announced an in-principle agreement with a purchasing consortium led by former Credit Suisse banker Mark Pawley to transfer the Raffles Hotel and its adjoining shopping arcade for approximately US$475 million. The buyer for the 999-year leasehold Raffles Hotel with 104 suites and the 99-year leasehold shopping arcade remains unknown. The transaction is expected to be accompanied with a 40-year management contract for Raffles Hotels and Resorts which currently manages the hotel. The Raffles Hotel and its shopping arcade were acquired by the Colony Capital in 2005 for approximately US$146 million. The increase in the value of the heritage property is a result of Singapore's flourishing hotel industry with soaring average room rates. | |
| Singapore's HPL Looks to Libya | Return to Headlines |
| Libya, a country in North Africa, is facing a shortage of hotel rooms as the number of foreign businessmen and tourists has surged after trade sanctions were lifted in 2004. At present, Libya has only 12,000 hotel rooms and it is expected that the country needs an additional 40,000 hotel rooms. Singapore's Hotel Properties Limited is one of the Singaporean companies with plans to invest in hotel projects in Libya to alleviate supply issues in the country. Libyan authorities are also exploring the idea of engaging Singapore's expertise in building townships and free trade zones near the main cities of Tripoli and Benghazi. | |
| Rising Land Prices In Koh Samui | Return to Headlines |
| Market reports have suggested that land prices in Koh Samui, Thailand, are expected to rise between 20% and 30% per year as a result of increased investments in the retail, residential and hospitality sectors. Land prices for retail and commercial developments are estimated to have risen sixfolds to almost US$1,200 per square metre (psm) from 2003 to 2008. Land zoned for residential and resort projects near the beach is expected to cost between US$290 psm and US$490 psm while land on the hills cost in the range of US$100 psm and US$290 psm. Approximately 12 luxury branded hotels including the Conrad, Dusit, Banyan Tree, Park Hyatt, Ibis and InterContinental, among others, are expected to open between 2008 and 2011, and such developments may further fuel land price increases in the mid-term. Industry players have forecast that land prices for areas close to the beach and commercial developments are likely to hit US$1,960 psm by 2011. | |
| Perth Hotels Record One Of The Highest Occupancies In The World | Return to Headlines |
| According to reports, Perth's average occupancy rate for year-to-date 2008 was estimated at 85.1%, higher than 164 cities including Dubai and Brisbane which recorded occupancy rates of 84.5% and 84.3%, respectively. The main reason for the high occupancy can be attributed to the lack of new supply in Perth in recent years due to high investment commitment but relatively low room rates. The Tourism Council of Western Australia believes that this current phenomenon, coupled with healthy room rates, is likely to lead to new hotel investment due to the increasing returns to investments. Average room rates in Perth are currently in the region of US$377. | |
| Singapore-based Amanresorts To Debut In The Middle East | Return to Headlines |
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Dubai World Trade Centre (DWTC) has unveiled Amanresorts as the operator of part of the hospitality offering within the 34,000-square-metre Dubai Trade Centre District (DTCD), which is also expected to feature a General Hotel Management (GHM)-operated hotel, a convention centre, office and residential components and retail outlets. The Amanresorts property, the first in the Middle East, is likely to offer an exclusive invitation-only Aman Club and a wide range of rooms and apartments on top of its usual globally recognised, unique offerings. DWTC has earmarked DTCD to be a global hub for business, providing world-class facilities and infrastructure, and also being iconic in aesthetic appeal. |
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| Absolute Share Price Performance, as at 9 May 2008 |
