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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 21 November 2008
Macau’s Galaxy Entertainment Group Delays Cotai Resort Opening To 2010
MICE Players Cautious About Sector's Outlook
Bird Group To Enter Into Luxury Hospitality Business Segment In India
Taiwan Contemplating Legalising Gambling In Penghu Islands
Two Holiday Inn Express Hotels Opened In Taiwan Within 2008
Dubai’s Nakheel Hotels Targeting Asia And Middle East Markets
Absolute Share Price Performance, As At 21 November 2008
Macau’s Galaxy Entertainment Group Delays Cotai Resort Opening To 2010 Return to Headlines
Macau’s Galaxy Entertainment Group has announced that it would delay the opening of its flagship Cotai casino resort from 2009 to 2010 due to the current market and economic situation. The US$1.3 billion 1,700-room Cotai resort is originally expected to open in phases with the first phase 1,500-room Galaxy-branded hotel tower scheduled to open in the third quarter of 2009 and a second tower opening by the end of 2009 with a 400-room Okura hotel and a 254-room Banyan Tree hotel. Currently, it is expected that the landscaping and glass-cladding for the towers would be completed by the end of 2009 while the interior fit-out work and revised opening date will be announced later.
MICE Players Cautious About Sector's Outlook Return to Headlines
The Meetings, Incentives, Conventions and Exhibitions (MICE) players in Singapore are cautious about the MICE business in the short-term. The Singapore Tourism Board (STB) expects international association meetings and trade shows likely to be a good alternative for the MICE industry during the period of slowdown compared to corporate meetings. However, industry players have cited concerns about the possibility that such meetings and trade shows will be cancelled and postponed in the current market conditions. However, most of the industry players such as Singapore Expo, Suntec Singapore and Raffles City Convention Centre have not seen extraordinary cancellation of bookings.
Bird Group To Enter Into Luxury Hospitality Business Segment In India Return to Headlines
India’s leading hospitality and travel booking firm, Bird Group, plans to venture into the luxury hotel business and develop ten hotels in India by 2013. The group plans to open its first four hotels or an inventory of 500 hotel rooms by 2010 at an investment amount of US$400 million. These four hotels are expected to open in Delhi, Goa, Rishikesh and Jaipur while six other hotels are expected to be opened at prime holiday destinations such as Khajuraho by 2013. According to the company’s Executive Director, Aukur Bhatia, Bird Group remains optimistic about the High-End Luxury segment as it has not been affected as the other hotel business segment.
Taiwan Contemplating Legalising Gambling In Penghu Islands Return to Headlines
According to reports, Taiwanese legislators have agreed to put their gambling bill to legalise gambling in Penghu Islands to a formal vote and a decision is expected by the end of 2008. In the midst of the current global financial crisis, the Taiwanese authorities are considering granting no more than three casino permits to resort operators or developers to boost the economy. Penghu Islands, located along the Taiwan Straits off central Taiwan, is popular as a summer destination among the local population during the winter months. It is reported that AMZ Holdings of Britain is interested in the development, with plans to build approximately 500 rooms on an 11-hectare coastal site.
Two Holiday Inn Express Hotels Opened In Taiwan Within 2008 Return to Headlines
InterContinental Hotels Group (IHG) has opened the Holiday Inn Express Taichung Park in November 2008, after opening the 138-key Holiday Inn Express Taoyuan, the first Holiday Inn Express in Taiwan, in April 2008. Located in close proximity to the Central Business District (CBD) in Taiwan’s third largest city, Holiday Inn Express Taichung Park offers 169 rooms and forms part of the Sunshine Plaza shopping complex. The hotel is expected to cater to the needs of small and medium-sized enterprises located within Taichung City. Holiday Inn Express Taoyuan is located within a 15-minute drive from the Taoyuan International Airport and 30 minutes from downtown Taipei City. Both hotels in Taoyuan and Taichung are the first international branded hotels in their locations.
Dubai’s Nakheel Hotels Targeting Asia And Middle East Markets Return to Headlines
Upon acquiring a 50% stake in the Fontainebleau Miami Beach Resort for US$375 million, Nakheel Hotels has announced its strategy to diversify from US hotel investments and is looking for opportunities in Asia and the Middle East. According to reports, Nakheel Hotels is seeking opportunities amidst the current global financial crisis to increase their portfolio of investments around the world.
Absolute Share Price Performance, as at 21 November 2008
Closing Share Price as at November 21 2008 November 14 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.20 4.15 1%
General Property Group 0.89 1.12 -21%
Mirvac Group 1.23 1.60 -23%
Ocean Capital Limited 0.35 0.35 0%
Thakral Holdings Group 0.51 0.58 -12%
Living and Leisure Australia Group 0.02 0.02 5%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 3.40 3.80 -11%
Dusit Thani Public Co Ltd 21.00 18.40 14%
The Erawan Group Public Limited 1.65 1.87 -12%
Grande Asset Development 1.90 1.90
Laguna Resorts & Hotel Public Co Ltd 25.00 24.00 4%
Minor International PCL 6.20 7.00 -11%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 4.70 4.76 -1%
Regal Hotels International Holdings Ltd 1.70 1.90 -11%
Sino Hotels Holdings Ltd 2.50 3.00 -17%
The Hong Kong & Shanghai Hotels Ltd 5.42 6.05 -10%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.19 0.18 6%
ART Management Pte Ltd 0.50 0.59 -15%
Banyan Tree Holdings Limited 0.41 0.50 -18%
CDL HTrust 0.64 0.66 -4%
Hotel Grand Central Ltd 0.45 0.46 -2%
Hotel Plaza Ltd 1.23 1.30 -5%
Hotel Properties Ltd 0.89 0.94 -5%
Mandarin Oriental International Ltd (US$) 1.00 1.03 -3%
Shangri-La Asia Ltd 8.50 9.62 -12%
Stamford Land 0.23 0.25 -8%
Return to Headlines
HVS Beijing
David Ling
HVS Hong Kong
Mark Keith & David Ling
HVS Mumbai
Manav Thadani
HVS New Delhi
Manav Thadani
HVS Shanghai
David Ling
HVS Singapore
David Ling
Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS Singapore.
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