The Claremont hotel along Serangoon Road, near the junction of Owen Road, has been put up for sale. The guide price for the eight-storey, freehold budget hotel is about S$90 million, or S$1 million per room. Knight Frank, which is marketing the 90-room property through an expression of interest exercise that closes on July 28, were not able to list the room sizes of the hotel at the time of...
Hotels
Marriott International is close to winning a bidding war for Starwood Hotels & Resorts that would create the global hotel leader, trumping an offer from China's Anbang. Marriott improved its November cash-and-stock offer for Starwood by more than US$1 billion, to US$13.6 billion, in an amended deal approved by their respective boards of directors, the companies announced in a joint statement on Monday...
OUE Hospitality Trust (OUE H-Trust), which owns Mandarin Orchard Singapore and the adjoining Mandarin Gallery, will buy Crowne Plaza Changi Airport and the Crowne Plaza Changi Airport Extension for a total of S$495 million. It said on Friday (Nov 28) that conditional agreements have been made to acquire Crowne Plaza Changi Airport for S$290 million, as well as the extension for another S$205 million...
InterContinental Hotels Group, owner of the Holiday Inn and Crowne Plaza brands, is seeking at least US$1 billion (S$1.29 billion) from the sale of a Hong Kong hotel, the Bloomberg news agency reported unidentified sources as saying. The UK company hired Jones Lang LaSalle to find a buyer for the InterContinental Hong Kong Hotel, the people said. It aims to complete the sale by...
Singapore's Fraser and Neave has received an unsolicited cash offer from an unidentified party for its serviced-residence and hospitality business. The conglomerate said the S$1.4 billion (US$1.1 billion) offer is unrelated to any director or substantial shareholder of F&N. Last month, TCC Assets, which is linked to Thai Beverage, offered S$8.88 a share for the entire F&N business, valuing the...
The Virgin Group, founded by British billionaire Richard Branson, formed a partnership to spend as much as US$500 million ($663 million) on high-end hotels over the next three years, banking on brand recognition to lure affluent clients. Virgin Hotels, intended as a four-star chain, will cater to "high income, well-educated, metropolitan 'creative class'" customers, according to a brochure on its website...
Luxury hotel brand Langham is doubling the number of hotels in its global portfolio to 50 within the next five years. The hotelier said year-to-date, its revenue has grown by over 20 per cent compared to a year ago. And it's looking for more room to grow, including in the Chinese market, which Langham said will be driven by domestic demand. A night's stay at the Langham hotel in London will cost at...
The buoyant economic conditions today have caused hotel room rates in major Asian cities like Hong Kong and Singapore to become more expensive. Corporate travel firm Hogg Robinson Group said the rates grew 3.1 per cent on-year in the first half of the year. It added that the increase in rates would likely hit five per cent by the end of the year. A stay in a Hong Kong hotel may cost US$304.66 on...
Hotel room rates in major Asian cities are largely trending upwards, led by Singapore, Hong Kong and Tokyo. Overall, room rates in Asia grew 3.1 per cent for the first half on a year-on-year basis, according to corporate travel firm Hogg Robinson Group. And industry experts expect the rates to increase further - to a maximum growth rate of 5 per cent for the full year. They agree that the better economic...
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...