| Indonesia's Tourist Arrivals Rose 13.7% To 4.1 Million For Year-To-Date November 2007 | Return to Headlines |
| According to the Central Bureau of Statistics, the number of foreign tourists visiting Indonesia rose 13.7% in the first 11 months of 2007 to approximately 4.1 million visitors, as compared to the 3.6 million during the same period in 2006. Among the 15 gateways for the foreign tourists to visit Indonesia, 11 saw an increase in the number of tourist arrivals in November 2007 as compared to November 2006, including a 62.4% increase in arrivals at the Adi Sumarmo Airport in Solo, Central Java; a 60.3% increase at the Hasanuddin Airport in Makassar, South Sulawesi; and a 48% increase at the Juanda Airport in Surabaya, East Java. In October 2007, the star-rated hotels in Indonesia's ten tourist destinations achieved an average occupancy of approximately 47.5%, with the top destination, Bali, achieving an occupancy rate of approximately 59.8%. | |
| Shangri-La Hotels And Resorts To Open Two New Hotels In Shanghai, China | Return to Headlines |
| Shangri-La Hotels and Resorts has announced the opening of two new hotels, Jing An Shangri-La and Jing An Kerry Centre Hotel in Shanghai by 2011. The two hotels will be located in a US$700 million twin-tower, business and entertainment development, Jing An Kerry Centre, located on Nanjing Road. The 347-guestroom Jing An Shangri-La is expected to occupy the top 24 floors of the 58-storey office and retail tower, while the 600-guestroom Jing An Kerry Centre Hotel is located in a 43-storey building. The opening of these two hotels is expected to increase the total number of Shangri-La rooms in Shanghai to 1,900. | |
| Macau's Hotel Lisboa To Be Rebuilt | Return to Headlines |
| Macau's Sociedade de Jogos de Macau (SJM) has announced plans to rebuild Asia's oldest casino resort, Hotel Lisboa, in 2009. The 17,500-square-metre project, which is expected to be completed by 2012, will have its architecture decided by an international architecture design contest. The landmark hotel, which has been in operations since 1970, has played an important role in Macau's economic development. Grand Lisboa, a recent addition by SJM in early 2007, will remain as SJM's answer amidst growing foreign competition which saw its market share decline since 2004. Currently, there are 28 casinos in Macau after the latest entry of MGM Grand Macau in December 2007. | |
| Vietnam To Consider Legalising Gambling | Return to Headlines |
| The Vietnam Ministry of Finance and Ministry of Planning and Investment are currently in the process of drafting legal documents to the government for consideration to legalise different forms of gambling in a bid to better manage such activities and to increase government funds. Before 2003, all forms of gambling except the state-run lottery service were illegal. Since then, the authorities have allowed some four-star and five-star hotels to operate electronic gambling centres for foreign passport holders and overseas Vietnamese, and given license for operations of four casinos in Hai Phong City, Quang Ninh Province, and Lao Cai Province. Presently, revenue from the current state-run lottery service makes up 2.4% of Vietnam's gross domestic product (GDP) and the service is growing 22% annually, contributing 2.5% to the total state budget. | |
| New Six-Star Hotel In Vietnam | Return to Headlines |
| Vietnam's Vinpearl Trade Joint Stock Company has announced it will build a six-star hotel at Bai Soi, central Khanh Hoa Province. The hotel, which is expected to consist of 150 keys, sits on a 25,000-square-metre land on Hon Tre Island, off Nha Trang. The company has also announced the expiry of a brand name leasing contract with Accor Group. With the company looking to establish its own brand, Vinpearl Land, the existing five-star Sofitel Vinpearl Resort and Spa will be renamed the Vinpearl Resort and Spa and to be managed by Vinpearl Hotel Management Company. | |
| HVS and BISU Host 4th China Hotel Investment Summit in April 2008 | Return to Headlines |
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HVS and Beijing International Studies University (BISU) will be co-hosting the China Hotel Investment Summit (CHIS) for the fourth time from 16 to 18 April 2008. The Summit will be organised jointly by HVS and Phoenix Consulting, and the event will be held at Grand Hyatt Shanghai. The Summit will witness a gathering of hospitality captains, business leaders and hotel investors in China and around the world to discuss the latest hotel investment trends and market developments in Greater China and the rest of Asia. The theme of the 2008 Conference is 'Investing in the Fastest Growing Hotel Markets'. The 4th China Hotel Investment Summit will provide in-depth insights to the vast opportunities for hospitality investments in the ever growing market in China and the galloping economies of Asian countries like Vietnam, Thailand, Korea and Japan. All these economies are in an upswing cycle which will provide a strong growth to the hotel real estate and tourism sectors. The Summit has invited leading expert speakers and panellists, as well as organised social events to maximise networking opportunities. Please visit http://www.chinahotelsummit.com for registration and sponsorship information. For additional information, please contact: Andrew Lee |
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| Absolute Share Price Performance, as at 4 January 2008 |
