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Featured in this Asia Pacific Hospitality Newsletter - Week Ending 29 May 2009
Thistle Hotel Brand Making Its Debut In Asia
Japanese Investors Seeking Hotel Opportunities In South Sulawesi, Indonesia
InterContinental To Open A Crowne Plaza In Kaohsiung By End-2009
Unitech Sells Gurgaon Hotel For US$42 Million
Flu Fears And Appreciating Won Keeping Japanese Tourists Away
Revenue For Millennium and Copthorne Hotels Down 14% In First Four Months Of 2009
Absolute Share Price Performance, As At 29 May 2009
Thistle Hotel Brand Making Its Debut In Asia Return to Headlines
Thistle Hotels, part of Guoman Hotel Management (UK) Limited under the Hong Leong Group, will be making its debut in Asia with two properties in Malaysia. Thistle Port Dickson Resort and Thistle Johor Bahru, previously Guoman Port Dickson and Hyatt Johor Bahru, respectively, are undergoing a combined US$14 million refurbishment for their conversions. The 251-key Thistle Port Dickson Resort, which is scheduled to open in June 2009, is located along the west coast of Malaysia amidst 90 acres of greenery while the 381-key Thistle Johor Bahru is scheduled to open in July 2009 and located just across the border from Singapore.
Japanese Investors Seeking Hotel Opportunities In South Sulawesi, Indonesia Return to Headlines
Japanese investors led by Shio Honma of Real Housing Company have expressed interest in investing in the hotel industry in the New Bantaeng Business Centre located in Bantaeng District, South Sulawesi, Indonesia. It was reported that these investors are looking at developing fish processing industries in the district and considering hotel developments to complement the investments. Currently, there is a Japanese firm, PT Global Seafood International Indonesia, established in Bantaeng District.
InterContinental To Open A Crowne Plaza In Kaohsiung By End-2009 Return to Headlines
InterContinental Hotels Group PLC (IHG) has entered into a management agreement with Taiwan’s E United Group to manage the Crowne Plaza Kaohsiung E-Da World in Kaohsiung by the end of 2009. The 650-key hotel, which is located at Guang Yin Mountain, is expected to feature five food and beverage outlets, two ballrooms and ten function rooms among its facilities. Crowne Plaza Kaohsiung E-Da World will be the first Crowne Plaza hotel to be managed by IHG in Taiwan and will increase its room count to over 1,200 rooms in Taiwan.
Unitech Sells Gurgaon Hotel For US$42 Million Return to Headlines
Unitech, one of India’s largest real estate firms, is reported to have entered into a Memorandum of Understanding to sell its 190-key budget hotel located along National Highway 8 in Gurgaon for approximately US$42 million. In addition, it was also reported than Unitech is in advance stages to divest its 150-key Marriott-branded serviced apartments in Gurgaon for a similar price of around US$42 million. In 2008, Unitech had sold a 299-room hotel in Gurgaon for approximately US$49 million.
Flu Fears And Appreciating Won Keeping Japanese Tourists Away Return to Headlines
According to officials from airports in Incheon, Gimpo, Jeju and Gimhae on Korea, the four airports utilised by Japanese visitors, the number of visitor arrivals from Japan has declined by approximately 10% in the third week of May. Growing fears over the spread of the H1N1 flu virus have prompted Japanese travellers to cancel their trips. In addition, Korean industry experts have also attributed the recent decline in Japanese arrivals to the appreciating Won against the Japanese Yen.
Revenue For Millennium and Copthorne Hotels Down 14% In First Four Months Of 2009 Return to Headlines
Millennium and Copthorne (M&C), which has 30 hotels under its Millennium, Copthorne and Kingsgate brands, reported a 14% drop in its revenue for the first four months of 2009 as compared to the same period in 2008. Over the same period, average room rates for the hotels declined by 4% while occupancy fell by six percentage points to record 71%. Among the 30 hotels, Copthorne Hotel Wellington Oriental Bay in New Zealand is the only hotel performing better than 2008 due to its recent extensive refurbishments.
Absolute Share Price Performance, as at 29 May 2009
Closing Share Price as at 29 May 2009 22 May 2009 % Change
Australia Stock Exchange (ASX)
Amalgamated Holdings 4.56 4.49 2%
General Property Group 0.51 0.49 4%
Mirvac Group 1.15 0.98 17%
Ocean Capital Limited 0.30 0.31 -2%
Thakral Holdings Group 0.22 0.25
Living and Leisure Australia Group 0.019 0.019 0%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 2.90 2.90 0%
Dusit Thani Public Co Ltd 23.00 22.90 0%
The Erawan Group Public Limited 1.54 1.51 2%
Grande Asset Development 1.53 1.53 0%
Laguna Resorts & Hotel Public Co Ltd 25.75 26.25 -2%
Minor International PCL 7.85 7.30 8%
China Shanghai Stock Exchange (RMB)
Shanghai Jinjiang International Hotels Development 18.81 19.34 -3%
Beijing Capital Tourism Co Ltd 15.80 15.93
Jinling Hotel Corporation Ltd 6.91 6.51 6%
China Shenzhen Stock Exchange (RMB)
Hunan Huatian Great Hotel Co Ltd 10.63 10.66
Guangzhou Dong Fang Hotel Co Ltd 8.60 8.12 6%
Shenzhen Century Plaza Hotel Co Ltd 5.57 5.47
Home Inns & Hotels Management Inc 15.47 13.38 16%
Hong Kong Stock Exchange (HK$)
Miramar Hotel International Ltd 7.83 6.63 18%
Regal Hotels International Holdings Ltd 2.00 1.74 15%
Sino Hotels Holdings Ltd 2.80 2.65 6%
The Hong Kong & Shanghai Hotels Ltd 7.00 6.82 3%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.32 0.31 3%
ART Management Pte Ltd 0.67 0.64 5%
Banyan Tree Holdings Limited 0.64 0.54 19%
CDL HTrust 0.79 0.77 3%
Hotel Grand Central Ltd 0.61 0.53 15%
Hotel Plaza Ltd 0.89 0.93 -4%
Hotel Properties Ltd 1.78 1.47 21%
Mandarin Oriental International Ltd (US$) 1.60 1.08 48%
Shangri-La Asia Ltd (HK$) 11.60 10.54 10%
Stamford Land 0.39 0.33 18%
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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