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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 10 October 2008
Malaysia To Promote Sports Tourism
Hong Kong's Langham Hotels International To Manage Hotels In Phuket, Thailand
India's Choice Hotels To Double Hotel Portfolio In India By 2010
SOHO China To Cease Hotel Operations At Two Properties
New Hotel Management To Manage 160-Key Hotel In Macau
Empire Square Development To Be Scrapped In Brisbane
Absolute Share Price Performance, As At 10 October 2008
Malaysia To Promote Sports Tourism Return to Headlines
The Malaysian government has announced efforts to boost sports tourism events to attract more tourists and drive national economic growth. Deputy Prime Minister, Najib Tun Razak, has urged state governments in Malaysia to promote sports tourism events such as the FEI-World Endurance Championship (WEC) as these activities have a major positive impact on tourist arrivals and the national economy.
Hong Kong's Langham Hotels International To Manage Hotels In Phuket, Thailand Return to Headlines
Hong Kong's Langham Hotels International, a subsidiary of Great Eagle Holding Limited, has announced plans to manage new developments on Phuket, Thailand, after successfully opening the Langham Place Eco Resort and Spa on Lanta Yai Island in Krabi. One of the developments is a hotel located in the Kalim Bay area which includes a residential component and is currently under construction. Another development is a condo hotel which Langham Hotels International is expected to manage. According to Langham Hotels International's Vice President for Thailand, Andrew Jessop, the group is also exploring five other management opportunities in Thailand outside Bangkok.
India's Choice Hotels To Double Hotel Portfolio In India By 2010 Return to Headlines
India's Choice Hotels has announced its expansion plans to double its hotel portfolio in India from the existing 25 hotels to 50 hotels by 2010. The group is expected to invest approximately US$313 million, including land cost, and partner with other real estate developers such as Amrapali Group and Sabri Group to develop three hotels and four hotels, respectively. In addition, the Choice Hotels will jointly develop two hotels each with Mittal Group and Asterix Group. Among the 25 new hotels which are expected to be located in New Delhi, Amritsar, Hyderabad, Pune, Chandigarh, Manesar, Gurgaon, Goa, Bangalore, Chennai, Ludhiana, Noida and Bathinda, it is expected that one hotel will be under Choice Hotels' three-star Sleep Inn brand, four will be under the five-star Clarion brand and the rest will be divided among the three-star Comfort and four-star Quality brands. Currently, 21 new hotels are under construction and plans are underway to sign agreements for four more hotels.
SOHO China To Cease Hotel Operations At Two Properties Return to Headlines
After its failure to gain approval to change land use rights to residential and commercial from solely residential, SOHO China has announced that it will cease the hotel operations at Commune by the Great Wall in Beijing and Kempinski Hotel Boao in southern Hainan Island, China. SOHO China has entered into termination agreements with Key Management, the operator of the two properties and announced plans to operate the two properties as serviced apartments. SOHO China has reiterated that its primary focus is on development and sale of office and retail properties and the latest developments have no material impact on the company's operations.
New Hotel Management To Manage 160-Key Hotel In Macau Return to Headlines
New Hotel Management of Macau Sino Express Travel Limited (SXPT) has announced that it has entered into a Memorandum of Understanding (MOU) to acquire a right to manage a 160-key hotel in Macau, a special administrative region of China. The hotel is located within close proximity of several casinos such as Sands Macau and MGM Grand Macau. The construction schedule for the hotel is in the final stages and it is expected to commence operations by the end of 2008. The deal is likely to cost New Hotel Management approximately US$2,500,000 and it is expected to be settled by issuance of restricted common shares of SXPT at US$0.15 per share.
Empire Square Development To Be Scrapped In Brisbane Return to Headlines
Due to the global credit crisis, plans for the US$342 million mixed-use development, Empire Square, which is located in the Central Business District (CBD) of Brisbane, Australia, have been scrapped. The 65-storey development, which was envisaged to comprise 306 hotel rooms, 104 residences and 23,500 square metres of office space, was scheduled to start construction by 2008 and commence operations by 2012. The developer, Sydney-based Metacap Developments, has announced that it has decided not to proceed with the project due to the uncertainties associated with the worsening situation of financial markets and residential buyers' deposits will be refunded. Additionally, the developer is considering other options on the 2,000-square-metre CBD site.
Absolute Share Price Performance, as at 10 October 2008
Closing Share Price as at October 10 2008 October 3 2008 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.37 4.78 -9%
General Property Group 1.19 1.72 -31%
Mirvac Group 2.03 2.78 -27%
Ocean Capital Limited 0.35 0.36 -3%
Thakral Holdings Group 0.74 0.88 -16%
Living and Leisure Australia Group 0.03 0.03
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 3.96 4.98 -20%
Dusit Thani Public Co Ltd 22.00 30.00 -27%
The Erawan Group Public Limited 2.26 3.02 -25%
Grande Asset Development 3.20 3.20
Laguna Resorts & Hotel Public Co Ltd 23.00 30.00 -23%
Minor International PCL 6.95 11.00 -37%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 7.40 7.80 -5%
Regal Hotels International Holdings Ltd 0.16 0.22 -24%
Sino Hotels Holdings Ltd 3.54 3.55
The Hong Kong & Shanghai Hotels Ltd 6.10 7.04 -13%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.22 0.30 -27%
ART Management Pte Ltd 0.53 0.66 -19%
Banyan Tree Holdings Limited 0.62 0.90 -31%
CDL HTrust 0.66 0.85 -22%
Hotel Grand Central Ltd 0.58 0.70 -17%
Hotel Plaza Ltd 1.15 1.36 -15%
Hotel Properties Ltd 1.05 1.36 -23%
Mandarin Oriental International Ltd (US$) 1.20 1.37 -12%
Shangri-La Asia Ltd 8.48 10.02 -15%
Stamford Land 0.28 0.37 -24%
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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