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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 7 November 2008
Hotels In India To Consider Discounting Room Rates
Transmetro Launches New Hotel Brand In Australia
First Radisson Hotel In The Philippines Scheduled To Open In March 2009
Starwood Hotels And Resorts To Open Westin Sendai In Japan By 2010
Dusit International Presents The Chatrium Suites Bangkok
Hanoi, Vietnam Lacks Luxury Hotel Rooms
Absolute Share Price Performance, As At 7 November 2008
Hotels In India To Consider Discounting Room Rates Return to Headlines
India hoteliers are contemplating decreasing their room rates by 10% to 15% in light of current economic conditions after a meeting with the local tourism authorities. The meeting, which was convened to assess the impact of the global meltdown on the tourism industry, also brought up the demands made by hoteliers including more liberal rules for external commercial loans and computation of the Floor Area Ratio. It was also suggested that the primary reason for soaring room rates was the costly land auctioned by the local authorities which results in high development costs.
Transmetro Launches New Hotel Brand In Australia Return to Headlines
Transmetro Corporation Limited (Transmetro) has officially launched Aspire Hotels, a new hotel brand in Australia, through its subsidiary Metro Hospitality Group. In view of increasing acquisitions, Aspire Hotels, which will be positioned in the mid-market range, was launched to further define the Metro Hotels brand. The former Aspen Hotel Ultimo, which is located near Darling Harbour in Sydney, has been rebranded as the Aspire Hotel Sydney.
First Radisson Hotel In The Philippines Scheduled To Open In March 2009 Return to Headlines
The 400-room Radisson Hotel Cebu, which is owned by SM Investments Corporation (SM Investments), is on schedule to open by March 2009. With a total investment of approximately US$58 million and located near SM City Cebu at the Cebu north reclamation area, the 20-storey hotel will be SM Investments’ first in Cebu and the country’s first Radisson. SM Investments has also confirmed that they are currently considering the construction of a convention centre near the hotel.
Starwood Hotels And Resorts To Open Westin Sendai In Japan By 2010 Return to Headlines
Starwood Hotels and Resorts and Mori Trust Company Limited have signed an agreement for the development of Westin Sendai to be located in Sendai, Japan. Scheduled to open in 2010, the 287-guestroom Westin Sendai is expected to offer three food and beverage outlets, including two restaurants and a lounge, five banquet rooms, a wedding chapel, a fitness centre and more than 464 square metres of meeting and function space.
Dusit International Presents The Chatrium Suites Bangkok Return to Headlines
Dusit International has announced the addition of the riverfront all-suites hotel development, Chatrium Suites Bangkok, to its Dusit Thani portfolio of hotels and resorts. Located along the Chao Phraya River, the five-star hotel is approximately 45 minutes’ drive from the Suvarnabhumi International Airport and nearby the major thoroughfares of Silom, Sathorn and Rama III roads. The 35-storey hotel is expected to launch its soft opening in December 2008, offering 396 suites distinguished by the Grand Floors from the seventh to 31st floors, the Executive Floors from the 32nd to 34th floors and the exclusive penthouse Premier Floor located on the 35th floor.
Hanoi, Vietnam Lacks Luxury Hotel Rooms Return to Headlines
The shortage of high-end hotel rooms and high rental prices in Hanoi, the capital city of Vietnam, have resulted in a decrease in international arrivals to the country. In the first nine months of 2008, the number of foreign visitors to Hanoi hit 960,000, a year-on-year increase of only 5%. According to the Hanoi Tourism Department, currently Hanoi has eight five-star hotels and 27 four-star and three-star hotels, and the hotels are running at an average occupancy of 85% to 95% and an average room rate of US$160. The capital is expected to attract two million foreign visitors which require 7,000 luxury hotel rooms. Among the luxury hotel development projects, the newly licensed projects are likely to add only 2,000 more rooms by 2010. By 2013, it is expected that approximately US$2.5 billion will be poured into real estate projects in Hanoi.
Absolute Share Price Performance, as at 7 November 2008
Closing Share Price as at November 7 2008 October 31 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.30 4.20 2%
General Property Group 0.90 0.75 21%
Mirvac Group 1.17 0.99 19%
Ocean Capital Limited 0.36 0.35 1%
Thakral Holdings Group 0.63 0.53 19%
Living and Leisure Australia Group 0.02 0.02 -10%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 3.80 3.80
Dusit Thani Public Co Ltd 20.80 17.00 22%
The Erawan Group Public Limited 2.04 2.00 2%
Grande Asset Development 2.30 2.30
Laguna Resorts & Hotel Public Co Ltd 24.50 24.20 1%
Minor International PCL 7.75 7.55 3%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 4.73 4.80 -1%
Regal Hotels International Holdings Ltd 1.82 1.44 26%
Sino Hotels Holdings Ltd 3.07 3.10 -1%
The Hong Kong & Shanghai Hotels Ltd 6.74 7.21 -7%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.19 0.19
ART Management Pte Ltd 0.61 0.47 30%
Banyan Tree Holdings Limited 0.61 0.50 22%
CDL HTrust 0.73 0.66 10%
Hotel Grand Central Ltd 0.51 0.48
Hotel Plaza Ltd 1.30 1.31 -1%
Hotel Properties Ltd 1.01 0.95 6%
Mandarin Oriental International Ltd (US$) 1.13 1.28 -12%
Shangri-La Asia Ltd 9.02 10.50 -14%
Stamford Land 0.28 0.25 12%
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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