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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 19 June 2009
Indonesia's Intiland Launches New Hotel Chain Whiz Hotels
India's IHCL Acquires Mumbai Sea Rock Hotel And Will Redevelop Site
SUMMIT Group's Imperial Palace Hotels Going Global
China Set To Welcome More Ibis By End-2009
Western Australia's Hotels Slash Room Rates Amidst Downturn
Genting Group Sees No Obstacles In Investing In Macau
Absolute Share Price Performance, As At 19 June 2009
Indonesia's Intiland Launches New Hotel Chain Whiz Hotels Return to Headlines
Indonesia's PT Intiland Development Tbk (Intiland) has announced plans to launch a new hotel chain, Whiz Hotels, which is expected to offer reasonable rates and target mainly the domestic corporate markets, especially young executives. The company plans to develop up to 60 Whiz Hotels by 2014. According to the President Director and Chief Executive Officer of Intiland, Lennard Ho, hotel chain business in Indonesia has rising potential as Indonesians are becoming more affluent, as evidenced by the increase in domestic airline passengers and rising number of private car owners in the country.
India's IHCL Acquires Mumbai Sea Rock Hotel And Will Redevelop Site Return to Headlines
Tata Group's hospitality arm, Indian Hotels Company Limited (IHCL), has acquired an 85% stake in Elel Hotels and Investments, which owns the Mumbai-based Sea Rock Hotel, for approximately US$143 million. The company is expected to demolish the existing Sea Rock Hotel and redevelop the site into a world-class mixed-use development like the Burj Dubai, comprising a convention centre, and retail and commercial components. IHCL will fund the acquisition with approximately US$29 million raised through a rights issue among other sources. Additionally, IHCL has the option to acquire the remaining 15% in Elel Hotels and Investments.
SUMMIT Group's Imperial Palace Hotels Going Global Return to Headlines
South Korea's SUMMIT Group, a pioneer in the Korean model of hotel management, aims to take its Imperial Palace brand to the global level. The group has opened the IP Hotel Fukuoka in Japan and is planning to open the 557-key Imperial Palace Waterpark Cebu Resort in Cebu, the Philippines, in July. The Cebu resort is expected to comprise six buildings and a water park. The success of Imperial Palace is witnessed by the Imperial Palace Hotel in Seoul which began its operations as a tourist hotel known as Amiga more than two decades ago. The hotel which was refurbished in 2003 under a Victorian glamour concept, with a Korean-style lounge on the 20th floor of the hotel, has drawn numerous guests including repeat ones.
China Set To Welcome More Ibis By End-2009 Return to Headlines
A total of 19 Ibis hotels are expected to open in China by end of 2009. These new hotels include Ibis Beijing Capital Airport and Ibis Beijing Wangjing in Beijing, and Ibis Qingdao Donghai and Ibis Qingdao Ningxia in the holiday destination, Qingdao. The Ibis hotel network will be further strengthened in north China with the additions of Ibis Dalian Zhuanhe and Ibis Jinan Jiefang by 2009, as well as the opening of Ibis Shenyang Tiexi, Ibis Anshan Shengli Square, Ibis Batou Aerding and Ibis Weifang Qingnian in the next few years. Currently, there are 26 Ibis hotels across China, totalling approximately 5,348 rooms.
Western Australia's Hotels Slash Room Rates Amidst Downturn Return to Headlines
According to Australian Hotels Association Western Australia, hotels in Western Australia have reduced their room rates by as much as 68% during the current economic slowdown. Since March 2009, hotels have reported a decline of 10% in occupancy and 15% in revenue and it was estimated that there was almost a 50% drop in the visitor arrivals from Japan, Britain and the United States as compared to the same time period in 2008. The association expects the discounted room rates to persist for a few months and it is likely to affect investments in the industry in the short-term.
Genting Group Sees No Obstacles In Investing In Macau Return to Headlines
The management of Resorts World, the subsidiary of Malaysian gaming conglomerate Genting Group, has announced that the company sees no obstacles in investing in Macau but clarified that no decision has been made. Resorts World has been reported to be looking to acquire the stake of the American gaming firm, MGM Mirage, in a Macau casino. Genting has recently acquired a 3.2% interest in MGM Mirage after both Genting and Resorts World had acquired US$100 million worth of MGM Mirage's debt.
Absolute Share Price Performance, as at 19 June 2009
Closing Share Price as at 19 June 2009 12 June 2009 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 3.95 4.50 -12%
General Property Group 0.48 0.50 -4%
Mirvac Group 1.12 1.20 -6%
Ocean Capital Limited 0.30 0.30
Thakral Holdings Group 0.24 0.26 -8%
Living and Leisure Australia Group 0.02 0.02
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 2.98 3.20 -7%
Dusit Thani Public Co Ltd 25.00 22.50 11%
The Erawan Group Public Limited 1.72 1.98 -13%
Grande Asset Development 1.54 1.59 -3%
Laguna Resorts & Hotel Public Co Ltd 25.25 27.00 -6%
Minor International PCL 8.10 9.00 -10%
China Shanghai Stock Exchange (RMB)
Shanghai Jinjiang International Hotels Development 18.26 17.65 3%
Beijing Capital Tourism Co Ltd 16.29 15.53 5%
Jinling Hotel Corporation Ltd 7.22 6.78 6%
China Shenzhen Stock Exchange (RMB)
Hunan Huatian Great Hotel Co Ltd 6.96 7.30 -5%
Guangzhou Dong Fang Hotel Co Ltd 8.65 8.10 7%
Shenzhen Century Plaza Hotel Co Ltd 6.10 5.71 7%
Home Inns & Hotels Management Inc 16.03 16.90 -5%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 7.50 7.50
Regal Hotels International Holdings Ltd 2.09 2.12 -1%
Sino Hotels Holdings Ltd 2.60 2.60
The Hong Kong & Shanghai Hotels Ltd 8.00 8.29 -3%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.31 0.32 -3%
ART Management Pte Ltd 0.67 0.69 -4%
Banyan Tree Holdings Limited 0.60 0.64 -6%
CDL HTrust 0.76 0.77 -1%
Hotel Grand Central Ltd 0.56 0.57 -2%
Hotel Plaza Ltd 1.04 1.00 4%
Hotel Properties Ltd 1.58 1.68 -6%
Mandarin Oriental International Ltd (US$) 1.37 1.54 -11%
Shangri-La Asia Ltd (HK$) 12.50 13.70 -9%
Stamford Land 0.33 0.34 -3%
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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