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Featured
in this Asia Pacific Hospitality Newsletter - Week Ending 16
January 2009 |
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| Walt
Disney Company (Disney) has announced its partnership with the
Shanghai municipal government to develop Shanghai Disneyland,
its fourth Disney theme park outside the United States, following
Paris, Tokyo and Hong Kong. Disney is expected to hold 43% equity
stake in Shanghai Disneyland while the remaining stake will
be held by a joint venture holding company owned by the local
government. Located nearby Shanghai Pudong International Airport
and scheduled to open in 2014, the first phase of the project
is estimated to cost approximately US$3.59 billion, including
a theme park, hotel and shopping district. According to Disney,
development plans of the theme park will be submitted to the
central government for approval. |
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| Malaysia
has become an increasingly popular tourist destination for Indians
with approximately 550,738 Indian tourists visiting the country
in 2008, a 30% increase compared to 2007. The Indian market
is expected to become an essential tourism source market for
Malaysia with continual promotional activities and advertising
focussing on India. In 2008, Malaysia registered approximately
22.05 million visitor arrivals, about 5% higher than the previous
year, with December being the month throughout the year with
the highest arrivals. |
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| The
Japanese authorities have announced that they are unlikely to
approve Japan Post Holdings Co’s (Japan Post) decision
to sell its 70 hotels to leasing company, Orix Corporation (Orix).
The current weakened economic conditions and integrity of the
sale were the main reasons cited for the decision. Under the
laws governing privatisation, Japan Post is required to divest
or close its ‘Kampo no Yado’ hotels by September
2012, five years after its privatisation process. Initially,
Japan Post had planned to set up a company to take over the
hotels by April 2009 before divesting them to Orix. |
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| MGM
Mirage Group (MGM Mirage), one of the world’s leading
entertainment companies, has welcomed Taiwan’s move to
allow casino developments in the outlying islands of Penghu
off its west coast. However, MGM Mirage declined to comment
if they are contemplating investments in these casino developments.
According to MGM Mirage, the key factor determining the success
of such developments lies in whether they are able to attract
demand, and the relevant governing regulations also play significant
roles. In January 2009, the Taiwanese authorities had passed
an amendment permitting the operation of casinos in its outlying
islands and legalising casino gambling. |
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| According
to the Vietnamese tourism authorities, Vietnam is targeting
a total of six million international visitors and 23.5 million
domestic visitors for 2009. Although Vietnam failed to achieve
its target of 4.5 million international visitors for 2008, it
is planning a series of initiatives, which includes offering
a 30% to 50% discount on flights and accommodation till September
2009 and special tourist events held nationwide, in a bid to
stimulate travel demand. |
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Learn
From the Industry Experts – Post-Crisis Financing
Given the recent turn of global events, financing for hotel
investments and developments has been transformed. The changing
landscape will require an understanding of new financing structures
and approaches going forward, to underwrite your investments.
- Post-crisis financing environment
- Financing structures, looking ahead
- New players, who are they?
- Alternative sources of finance?
- Underwriting a loan – what are the new requirements?
- Financing solutions for your deals
The Hotel Finance Series will be led by distinguished hotel
finance specialist, Allen Toman, Professor at Institut de
Management Hôtelier International (IMHI), ESSEC Business
School.
Mr Toman has extensive experience in the field of hotel real
estate finance, financial analysis, valuation, corporate finance
and asset management. He has been an instructor at reputed
institutions including Ecole Hôtelière de Lausanne,
Cornell University and New York University. Mr Toman has also
held senior real estate and hospitality positions for a number
of national and international firms including: Prudential
Real Estate; KPMG Peat Marwick; Coopers & Lybrand; Carley
Capital Partners; and Pannell Kerr Forster. |
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Absolute
Share Price Performance, as at 16 January 2009 |
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Closing Share Price as at |
16
January 2009 |
9
January 2009 |
%
Change |
| Australia
Stock Exchange (ASX) |
| Amalgamated
Holdings |
4.60 |
4.60 |
– |
| General
Property Group |
0.85 |
0.91 |
-7% |
| Mirvac
Group |
1.35 |
1.32 |
2% |
| Ocean
Capital Limited |
0.30 |
0.30 |
– |
| Thakral
Holdings Group |
0.45 |
0.44 |
2% |
| Living
and Leisure Australia Group |
0.03 |
0.03 |
– |
| Bangkok
Stock Exchange (THB) |
| Central
Plaza Hotel Public Co Ltd |
3.20 |
3.24 |
-1% |
| Dusit
Thani Public Co Ltd |
19.90 |
20.00 |
-1% |
| The
Erawan Group Public Limited |
1.26 |
1.39 |
-9% |
| Grande
Asset Development |
2.18 |
2.18 |
– |
| Laguna
Resorts & Hotel Public Co Ltd |
24.50 |
25.75 |
-5% |
| Minor
International PCL |
7.85 |
7.95 |
-1% |
| Hong
Kong Stock Exchange (HK$) |
| Miramar
Hotel International Ltd |
5.11 |
5.61 |
-9% |
| Regal
Hotels International Holdings Ltd |
1.90 |
2.13 |
-11% |
| Sino
Hotels Holdings Ltd |
2.78 |
2.90 |
-4% |
| The
Hong Kong & Shanghai Hotels Ltd |
5.96 |
6.73 |
-11% |
| Singapore
Stock Exchange (S$) |
| Amara
Holdings Ltd |
0.23 |
0.23 |
– |
| ART
Management Pte Ltd |
0.54 |
0.58 |
-6% |
| Banyan
Tree Holdings Limited |
0.45 |
0.50 |
-10% |
| CDL
HTrust |
0.65 |
0.72 |
-9% |
| Hotel
Grand Central Ltd |
0.51 |
0.55 |
-7% |
| Hotel
Plaza Ltd |
1.10 |
1.10 |
– |
| Hotel
Properties Ltd |
1.09 |
1.15 |
-5% |
| Mandarin
Oriental International Ltd (US$) |
0.91 |
0.99 |
-8% |
| Shangri-La
Asia Ltd |
9.00 |
9.30 |
-3% |
| Stamford
Land |
0.25 |
0.25 |
– |
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Return to Headlines |
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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. |
