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Featured
in this Asia Pacific Hospitality Newsletter - Week Ending 21
November 2008 |
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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. |
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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. |
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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. |
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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. |
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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. |
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Upon
acquiring a 50% stake in the Fontainebleau Miami Beach Resort
for US$375 million, Nakheel Hotels has announced its strategy
to diversify from US hotel investments and is looking for opportunities
in Asia and the Middle East. According to reports, Nakheel Hotels
is seeking opportunities amidst the current global financial
crisis to increase their portfolio of investments around the
world. |
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Absolute
Share Price Performance, as at 21 November 2008 |
|
Closing Share Price as at |
November
21 2008 |
November
14 2008 |
%
Change |
Australia
Stock Exchange (ASX) |
Amalgamated
Holdings |
4.20 |
4.15 |
1% |
General
Property Group |
0.89 |
1.12 |
-21% |
Mirvac
Group |
1.23 |
1.60 |
-23% |
Ocean
Capital Limited |
0.35 |
0.35 |
0% |
Thakral
Holdings Group |
0.51 |
0.58 |
-12% |
Living
and Leisure Australia Group |
0.02 |
0.02 |
5% |
Bangkok
Stock Exchange (THB) |
Central
Plaza Hotel Public Co Ltd |
3.40 |
3.80 |
-11% |
Dusit
Thani Public Co Ltd |
21.00 |
18.40 |
14% |
The
Erawan Group Public Limited |
1.65 |
1.87 |
-12% |
Grande
Asset Development |
1.90 |
1.90 |
– |
Laguna
Resorts & Hotel Public Co Ltd |
25.00 |
24.00 |
4% |
Minor
International PCL |
6.20 |
7.00 |
-11% |
Hong
Kong Stock Exchange (HK$) |
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% |
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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. |