STANDING head and shoulders above the tired facades of an electrical shop and a coffee shop in Dickson Road in Little India is a shiny 29-room hotel, Wanderlust. Not the only new kid on the block, it faces a brand-new branch of the Hotel 81 chain of budget hotels. Just a few paces away, workers are busy moving in the lobby furniture of a yet-to-be-named 90-room hotel. These are among at least nine...
Hotel
Millennium and Copthorne (M&C) Hotels, the hotel arm of mainboard-listed City Developments (CDL), has reported that its post-tax headline profit rose some 45 per cent on-year to £36.5 million ($78.4 million) for the first half of this year. This came on the back of 11 per cent rise in group revenue to about £350.5 million. Revenue per available room (RevPAR) - an industry performance gauge - rose...
IBIS Singapore on Bencoolen, a three-star hotel, has been sold just 18 months after it opened its doors. Details were not disclosed but it is understood a Singapore private investor paid a figure above $200 million for it. The hotel was put up for sale via a private tender in June by joint owners LaSalle Investment Management and French hotel group Accor. They announced the sale yesterday, but did not...
Property and hospitality firm City Developments, through its subsidiary City e-Solutions, has acquired Renaissance Syracuse Hotel in Syracuse, New York. The purchase price of the hotel is US$10 million, which represents US$35,842 per key and a 14 per cent yield on 2009 net operating income. The acquisition was made through a joint venture firm, which City e-Solutions has a 50 per cent stake. The...
Mainboard-listed Amara Holdings' hospitality arm, Amara Hotels & Resorts, says it will develop its first hotel in central Bangkok. The 272-room hotel will be located on Surawong Road, an area known for its rich and colourful local entertainment and shopping activities, as well as the financial district of Bangkok. Amara says the location was also chosen for its convenient access to and from...
Hospitality chain Leading Hotels of the World is looking to put its premier brand behind a second luxury hotel chain in Singapore. It's targetting to have something ready by year end but said the schedule hasn't been confirmed. The group's network in Singapore currently only has Capella Singapore, a luxury resort on the tourist island of Sentosa. But around the world, it represents over 450 legacy...
AUSTRALIA-BASED StayWell Hospitality Group is looking to stamp its Park Regis and Leisure Inn brands on more properties in Singapore and the rest of Asia. The first Park Regis hotel here is set to open in September, and the group also has the country's first Leisure Inn hotel on the drawing board. StayWell may be rather new to Singapore, but it is not venturing unassisted. The group's chairman is Asok...
The Urban Redevelopment Authority (URA) has launch a hotel site at the junction of Clemenceau Avenue and Havelock Road for tender. A developer showed interest in the 99-year site, next to Central Mall, committing to pay at least $40.8 million or $328 per sq ft per plot ratio (psf ppr) for it. The site is within walking distance to the Singapore River and the popular entertainment, food & beverage and...
A hotel site at Robinson Road and Boon Tat Street has been put up for sale under the Reserve List. The Urban Redevelopment Authority (URA) says the land parcel has a site area of 1,863 square metres and can generate a maximum gross floor area of 7,450 square metres. The site, located in the heart of the Central Business District, is within walking distance to Raffles Place and Marina Bay. It also...
Singapore conglomerate Hong Leong Group has said the next part of its regional growth plans will involve budget hotel projects. It is looking to avoid the high costs of entry in saturated markets like Shanghai. However, Hong Leong said while it welcomes the cooling measures in China to avoid a bubble, their full effect on the market is yet to be seen. China's cities are expanding and pushing up land...