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Featured in this Asia Pacific Hospitality Newsletter - Week
Ending 12 June 2009 |
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Hotels in Asia Pacific continue to suffer under the current
global economic crisis with revenue per available room (RevPAR)
declining about 30% during the first quarter of 2009 with occupancy
and average room rates falling 15% and 17.4%, respectively.
Occupancy in the Asia Pacific region hovered around 57.9% while
average room rates fell US$26, resulting in a RevPAR decline
of US$30 to US$69 at the end of the first quarter of 2009. In
terms of hotel performance, Asia Pacific was the second most
affected region in the world following Europe. Double-digit
declines in RevPAR have been witnessed in most markets across
the region, with Indian cities worse off. In Mumbai, RevPAR
fell 53.2% to US$112 in the first quarter of 2009. |
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Mainland China developer SPG Land (Holdings) has announced plans
to diversify from being solely a residential developer into
one that develops projects including hotels, shopping centres
and offices in order to survive in a highly competitive market.
In 2004, the company entered a 50-50 joint venture with Hongkong
and Shanghai Hotels, Limited to acquire a prime site on the
Bund in Shanghai where the Shanghai Peninsula project is currently
under construction. With a total gross floor area of 92,520
square metres, the project comprises the 325-key Peninsula hotel,
the 39-unit Peninsula Residence and the Peninsula Arcada. The
soft opening of the Peninsula hotel is scheduled to take place
in September 2009 while the Peninsula Residence is expected
to be offered for private sale by end of 2009. |
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Starwood Capital Group has announced its plans to expand in
mainland China and Hong Kong after raising around US$2 billion.
Under a five-year plan, the group is planing more than 20 new
properties under the Baccarat and 1 Hotel and Residences brands
through establishing management agreements, equity investments
or by forming joint ventures with domestic developers. Among
these new properties, the group aims to open at least one to
three Baccarat Residences in each major mainland Chinese city
by 2014. The group is expected to launch its first managed 308-unit
Baccarat Residences located at 8 Ji Nan Road, Xintiandi, Shanghai,
in June and is working on a 1 hotel, a luxury green brand for
eco-conscious travellers in Shanghai. Currently, the group has
no direct investment with the mainland property market; however,
it has bought around 3% of Jinjiang International Hotels Development
Company Limited in 2006. |
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A mixed-use development, 120 on Victoria, is in the pipeline
to be developed in central Hamilton, New Zealand, and it is
likely to comprise a US$126million five-star hotel, a 2,200-seated
theatre, an art gallery, a conference centre and a wide variety
of food and beverage outlets. The hotel, which is likely to
feature 200 keys, will be Hamilton's first five-star hotel and
tallest building once completed. The viability of the project
is reliant on the authorities approving the leasing of the land,
which is located in the heart of the designated arts precinct.
Construction is expected to take two years once it is given
the go-ahead. |
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Nan Fung Group (Nan Fung), a Hong Kong-based developer, is looking
to invest approximately US$141 million as part of a refinancing
exercise by South Beach Consortium, in the South Beach Project
in Singapore. The consortium, which is a joint venture by City
Developments Limited, El-Ad Group and Dubai World, is expected
to commence development by 2010 and it has up till 2016 to complete
the development. The project, which is likely to cost a total
of approximately US$1.7 billion, is envisaged to comprise two
tower blocks and four conserved buildings featuring offices,
luxury hotels, retail space and residences. |
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Seychelles recorded an unexpected 5% increase in visitor arrivals
in May 2009 as compared to May 2008. However, visitor arrivals
still suffered a 9% decline for the first five months of 2009,
compared to the same period in 2008. The average length of stay
for visitors also declined from 10.2 nights recorded in May
2008 to 9.9 nights in May 2009. In general, the majority of
visitors to Seychelles comprise Europeans. As most of these
economies are badly hit by the global economic downturn, Seychelles'
tourism industry is expected to moderate in the near term. |
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Absolute Share Price Performance, as at
12 June 2009
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Closing Share Price as at |
12 June 2009 |
5 June 2009 |
% Change |
Australia Stock Exchange (ASX) |
Amalgamated Holdings |
4.50 |
4.40 |
2% |
General Property Group |
0.50 |
0.53 |
-6% |
Mirvac Group |
1.20 |
1.33 |
-10% |
Ocean Capital Limited |
0.31 |
0.30 |
2% |
Thakral Holdings Group |
0.26 |
0.23 |
16% |
Living and Leisure Australia Group |
0.02 |
0.02 |
6% |
Bangkok Stock Exchange (THB) |
Central Plaza Hotel Public Co Ltd |
3.20 |
2.96 |
8% |
Dusit Thani Public Co Ltd |
22.50 |
21.20 |
6% |
The Erawan Group Public Limited |
1.98 |
1.61 |
23% |
Grande Asset Development |
1.59 |
1.53 |
4% |
Laguna Resorts & Hotel Public Co Ltd |
27.00 |
26.50 |
2% |
Minor International PCL |
9.00 |
9.15 |
-2% |
China Shanghai Stock Exchange (RMB) |
Shanghai Jinjiang International Hotels Development |
17.65 |
18.52 |
-5% |
Beijing Capital Tourism Co Ltd |
15.53 |
15.77 |
-2% |
Jinling Hotel Corporation Ltd |
6.78 |
6.69 |
1% |
China Shenzhen Stock Exchange (RMB) |
Hunan Huatian Great Hotel Co Ltd |
10.95 |
10.80 |
1% |
Guangzhou Dong Fang Hotel Co Ltd |
8.10 |
7.93 |
2% |
Shenzhen Century Plaza Hotel Co Ltd |
5.71 |
6.20 |
-8% |
NASDAQ (US$) |
Home Inns & Hotels Management Inc |
16.90 |
18.34 |
-8% |
Hong Kong Stock Exchange (HK$) |
Miramar Hotel International Ltd |
7.50 |
7.80 |
-4% |
Regal Hotels International Holdings Ltd |
2.12 |
2.05 |
3% |
Sino Hotels Holdings Ltd |
2.60 |
2.76 |
-6% |
The Hong Kong & Shanghai Hotels Ltd |
8.29 |
7.25 |
14% |
Singapore Stock Exchange (S$) |
Amara Holdings Ltd |
0.32 |
0.33 |
-3% |
ART Management Pte Ltd |
0.69 |
0.71 |
-3% |
Banyan Tree Holdings Limited |
0.64 |
0.69 |
-7% |
CDL HTrust |
0.77 |
0.79 |
-3% |
Hotel Grand Central Ltd |
0.57 |
0.57 |
– |
Hotel Plaza Ltd |
1.00 |
1.03 |
-3% |
Hotel Properties Ltd |
1.68 |
1.74 |
-3% |
Mandarin Oriental International Ltd (US$) |
1.54 |
1.41 |
9% |
Shangri-La Asia Ltd (HK$) |
13.70 |
13.42 |
2% |
Stamford Land |
0.34 |
0.36 |
-6% |
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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. |