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...
Hotels
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...
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...
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...
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...
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...
The world's leading luxury hotels are rushing to expand in Shanghai ahead of next year's World Expo, with hopes high for the upscale travel sector in the Chinese financial hub despite the global downturn. The opulent Peninsula, the only new building on the main part of Shanghai's historic Bund in 60 years, just opened, embracing the city's Jazz Age heyday with a chauffeur-driven 1934 Rolls Royce Phantom...
Mainboard-listed Straits Trading Company said it's reorganising its hospitality assets under one unit. It has set up a wholly-owned subsidiary called Rendezvous Hospitality Group, or RHG, which will own hospitality assets in excess of S$300 million. These include 13 hotels currently under management and four additional properties under development. It has appointed Iqbal Jumabhoy as the CEO of this new...
Good news for Singaporean holiday makers and local businessmen travelling abroad. According to the latest Hotel Price Index from Hotels.com, the average price of a hotel room around the world fell by 17 per cent in the first six months of 2009. The survey found that in major destinations across the Asia Pacific, Singaporeans are now able to enjoy lower hotel rates for regional travel. Beijing saw hotel...