Ibis Singapore on Bencoolen, a three-star hotel that opened its doors in February last year, has been put up for sale via a private tender. Results of the tender will not be out until next month, though market watchers are guessing that the 538-room hotel could fetch more than $200 million. Ibis Singapore is owned by hospitality group Accor and real estate investor LaSalle Investment Management in a...
Hotel
The Urban Redevelopment Authority, URA will launch a tender for a hotel site at the junction of Clemenceau Avenue and Havelock Road in two weeks time. It has accepted an application from a developer for the hotel site, which is on the Reserve List, for public tender. The developer has committed to bid at least $40.8 million for the land parcel. The URA said the 99-year leasehold site can generate a...
Asia Pacific hotel transactions are seeing a boom, with sales expected to reach some US$3.7 billion or S$5.2 billion - or 29 per cent of global sales - in 2010. This is according to Jones Lang LaSalle Hotels, which said that global transaction volume is forecast to reach US$12.8 billion or S$18.1 billion this year. Jones Lang LaSalle said Asia Pacific even exceeded the Americas by some 46 per cent with...
Hotelier Millennium & Copthorne has posted a profit of 12.2 million pounds (S$25.5 million) for the first quarter of this year. This is a 77 per cent increase from the same quarter a year ago. This was attributed to signs of recovery in some markets led by Singapore and New York. Meanwhile, revenue for the quarter was 160.5 million pounds, a 2.2 per cent increase from the same period last...
Any makeover plans for Raffles Hotel, which is to be sold to a Qatar sovereign wealth fund, will have to take into account its status as a gazetted National Monument. Proposals for any addition or alteration to the iconic landmark building must comply with the Preservation Guidelines (PGL) under the Preservation of Monuments Act, and will require the approval of both the Urban Redevelopment Authority...
THE trouble that Millennium & Copthorne New Zealand, a subsidiary of City Developments Ltd (CDL), has with a Chinese joint-venture (JV) partner has taken an ugly turn. Properties are said to have been sold by the partner unlawfully. CDL shares ended 2.27 per cent lower at $11.22 yesterday despite an assurance on Monday that there was unlikely to be a material impact on its financials, as its...
Singapore's Marina Bay Sands integrated resort will add more hotel rooms in the downtown area currently home to at least nine hotel chains. But the existing players see opportunities from the new kid on the block rather than threats. The tower blocks are now prominent landmarks in downtown Marina Bay. Hotels in the vicinity are watching the anticipated opening of Marina Bay Sands more with excitement than...
Millennium & Corpthorne Hotels New Zealand Limited, a subsidiary of Millennium & Corpthorne Hotels, one of the largest hotel owners and operators in the world announced on Monday, an update on the difficulties arising from actions initiated by one of its partners in a Chinese joint venture - First Sponsor Capital Limited (FCSL). Cheung Ping Kwong who controlled FSCL, in March seized the company...
AFTER three changes of ownership in seven years, the iconic Raffles Hotel looks headed for a makeover after its pending sale to a Qatar sovereign wealth fund. Qatari Diar, which is expected to assume ownership of the hotel by early next year, is looking to fund an earlier-announced extension to the hotel that envisages almost doubling the number of guest rooms. Last April, Saudi Arabian investment...
This would be part of deal that sees Qatar fund buy 40% of Fairmont Raffles Sources say the Raffles Hotel is likely to change hands - for the third time in seven years - after shareholding changes at current owner Fairmont Raffles. Toronto-based luxury hotel chain Fairmont Raffles said on Monday that Qatar's sovereign wealth fund Qatari Diar has acquired a 40 per cent stake in the group, in a US$847...