Ascott Acquires The Domain Hotel in Silicon Valley for S$81.5 Million

Singapore-based CapitaLand’s wholly owned serviced residence arm, The Ascott Ltd (Ascott), is investing S$81.5 million to acquire and refurbish The Domain Hotel in Silicon Valley, California. The 136-key freehold property will continue to operate as it undergoes refurbishment in phases, and will be rebranded to a Citadines Cupertino Sunnyvale in the last quarter of 2018. Having more than tripled last year’s portfolio to over 2,900 units in the United States, the investment marks both Ascott’s fourth acquisition in the country within five months, as well as Ascott’s second Citadines-branded property, following its acquisition of Hotel Central Fifth Avenue New York in May. Ascott’s first property in Silicon Valley is surrounded by numerous renowned corporations, including Apple’s new headquarter campus, and will capitalise on the fast-growing demand from global technology companies and Fortune 500 multinational corporations.

Onyx Hospitality Group Reaches Partnership Agreement with YOO Hotels & Resorts

Thailand’s Onyx Hospitality Group has signed a strategic partnership agreement with UK-based YOO Hotels & Resorts to operate and develop the YOO Collection and Yoo2 hotel brands across Asia. Onyx currently operates six brands: Amari, OZO, Shama, Saffron, Oriental Residence and The Mosaic Collection, providing management solutions across the Indian Ocean, Arabian Gulf and Asia-Pacific regions. The first YOO properties in Southeast Asia will be developed in Phuket and Bali, with both properties scheduled to open in 2019. The YOO Collection, blending creative input by world-renowned designers, is positioned in the luxury segment, while Yoo2 is an upscale lifestyle brand that places emphasis on local influences, location and living space. 

Hotel Openings in India This Week

Lemon Tree Hotels announced the opening of two new hotels – the Lemon Tree Premier Patna in Bihar and the Lemon Tree Hotel Alwar in Rajasthan. Located along Exhibition Road, Lemon Tree Premier Patna features 105 rooms and suites. In terms of Food & Beverage offerings, the hotel features an all-day dining, an Indian specialty restaurant (opening soon) and approximately 10,100 square feet of meeting and event space. Other facilities at the hotel include a fitness center, a swimming pool and a spa. Patna is the capital and largest city of Bihar. It is also an important trade center and agricultural hub within the state. The Lemon Tree Hotel Alwar is located in Shanti Kunj and features 40 rooms and suites. The hotel offers an all-day dining restaurant, a lounge, approximately 2,950 square feet of meeting space and a fitness center. Alwar is an important tourist destination and industrial area and is the administrative headquarters of the Alwar district of Rajasthan.  

AccorHotels announced the opening of the ibis Coimbatore City Centre in Coimbatore, Tamil Nadu. Located in the city’s central business district, the hotel features 129 rooms. Food & Beverage offerings at the hotel include an all-day dining restaurant, a bar and 76 square meters of meeting space. The hotel also features a fitness center. Coimbatore is the second largest city in Tamil Nadu and is a growing business hub for textiles, industries, commerce, education, information technology, healthcare and manufacturing.

Tourist Expenditure in Japan on Track to Break Record

Statistics released by Japan Tourism Agency for year-to-date September 2017 indicate that both tourist arrivals and expenditure are expected to set a new record in 2017. Over the first three quarters, tourist arrivals for the nation has surpassed 20 million. With the boom in tourist arrivals, tourist expenditure over the same period has increased at similar pace and recorded ¥3.28 trillion (US$29.1 billion). Compared to the third quarter of 2016, tourist arrivals in 2017 increased 17.9 per cent year-on-year (y-o-y), achieving a total of 21,196,400. Meanwhile, over the same period, total spending increased 26.7 per cent y-o-y to record ¥1.23 trillion, while average spend per person increased 6.6 per cent y-o-y. Chinese and Taiwanese tourists are the two top spenders in Japan, accounting for ¥543.2 billion and ¥149 billion respectively. Spending by South Koreans recorded the most significant increase of 49.9 per cent y-o-y, making them the third largest spender, at ¥136.1 billion. Japan is targeting an annual arrival of 40 million tourists, with total expenditure of ¥8 trillion, by 2020. 

InterContinental Hotels Group Announces Four New Resorts in Southeast Asia

InterContinental Hotels Group (IHG) officially announced the signings of four new resorts in Southeast Asia. With three in Vietnam and one in Indonesia, these signings represent significant growth to the company’s regional portfolio. Located in Bali, Indonesia, is the 50-key Kimpton Bali. The resort is the inaugural Kimpton-branded property in the region since IHG acquired the iconic boutique brand in 2015. In the northern town of Sapa, Vietnam, the new 200-key InterContinental Sapa Resort and 275-key Holiday Inn Resort Sapa are both slated to open in 2021. The final signing is the debut of Hotel Indigo on Vietnam’s “pearl island”, Phu Quoc. Estimated to open in 2021, Hotel Indigo Phu Quoc Starbay will sit within the exclusive Starbay precinct, along the Dai Beach.

Absolute Share Price Performance, as on 20 October 2017