The Pan Pacific Hotels Group's (PPH) net profit for the second quarter of 2011 fell 56 per cent to S$6.35 million, from S$14.5 million achieved in the corresponding quarter of 2010. The decline occurred despite a higher revenue of S$88.1 million this second quarter, a rise of 12 per cent from S$78.4 million achieved in Q2 of 2010. In a statement released on Thursday, PPH said expenses rose because of...
Hotel
Cockpit International group has sold the 241-room Ibis Novena located at the corner of Balestier and Irrawaddy Roads for $118 million or $489,626 per room. The freehold hotel opened in April this year. The buyer is said to be Singapore-based Grand Line International, controlled by the Kum family. Market watchers say the pricing achieved for Ibis Novena reflects the steady appreciation in transaction...
Tune Hotels welcomed its two-millionth guest on July 13 at its hotel in Danga Bay, Johor Bahru in Malaysia. Since its opening last year, Tune Hotel Danga Bay has been heavily promoted as a gateway to Singapore. Tune Hotels, started four years ago, is part of the Tune Group founded by Tony Fernandes and Kamarudin Meranun. The group is made up of low-cost carrier Air Asia, mobile operator Tune Talk, Tune...
Millennium & Copthorne Hotels (M&C) made its first investment in the Japanese hotel market. Its wholly-owned subsidiary, CDL Hotels has bought a property in the Ginza district of Tokyo for 9.5 billion yen (73.6 million pounds). The M&C said it intends to build a hotel on the site and construction is targeted to be completed by the end of 2014. The development project will be project managed...
The Urban Redevelopment Authority (URA) has released the detailed sales conditions for a hotel site (Land Parcel B) located at Kallang Riverside. The land parcel, which can potentially yield about 490 hotel rooms, has an area of about 0.82 hectares with a lease period of 99 years. The site has a maximum permissible gross floor area of about 22,900 square metres and a maximum allowable building height of...
WITH visitors from all over the world coming to Singapore's shores, the hotel industry here has been diversifying to accommodate different tastes and various budgets, with offerings ranging from business travel to boutique hotels. Enter The Porcelain Hotel - a boutique hotel in the Chinatown precinct with Oriental-themed spa treatments by beauty veteran Mary Chia Holdings. The Porcelain Hotel is...
The Urban Redevelopment Authority (URA) has released the detailed sales conditions for a hotel site located at Race Course Road and Perumal Road on Tuesday. With a land area of 0.38 hectare, the hotel site can generate a maximum permissible gross floor area of about 13,500 square metres with a lease period of 99 years. The hotel site is next to Sri Srinivasa Perumal Temple and is located near the...
Rates for hotel rooms in Singapore continue to rise even with the increase in supply, according to a report by hospitality consultant CBRE Hotels. Hotel room rates in 2010 increased 11.3 per cent with mid-tier hotels registering the highest increase at 22.4 per cent to S$168.50 per night, according to the Singapore Tourism Board. CBRE Hotels expects room rates to increase between 10 to 15 per cent this...
Overseas Union Enterprises (OUE) said it plans to buy LCH Hotels, which owns the 320-room Crowne Plaza Changi Airport, for S$224.5 million. OUE will also settle a shareholder loan as well as debt of S$68.5 million. It said the proposed acquisition will expand the earnings base of the company's portfolio of hospitality assets, particularly in light of the group's competitive presence in Singapore's robust...
Pan Pacific Hotels will launch its flagship PARKROYAL hotel in Singapore in 2012. Designed by multi award-winning design and architecture firm WOHA, the hotel on Upper Pickering Street will feature a hotel-in-a-garden concept with sustainable features that have earned it a Green Mark Platinum rating. The 363-room property is situated at the key gateway into the Central Business District (CBD) and the...