Meliá Hotels International Pens Management Agreement for 5 New Hotels

Meliá Hotels International is on track to rapidly expand their Asia Pacific portfolio, with a distinct growth strategy that focuses on management agreements rather than acquisitions. With already 23 new hotels signed in the first three quarters of the year, the international hotel company is targeting another 30 new signings in the final quarter of 2017. The company has announced five new hotels that they have recently signed, which include the Meliá Xueye Lake, Meliá Chiang Mai, INNSIDE Bangkok Sukhumvit, Meliá Ba Vi Mountain Retreat and Meliá Bukit Tinggi. In China, the 120-key Meliá Xueye Lake will reside on Lake Xueye, which is surrounded by Ji’nan, Zibo, Tai’an and Laiwu. In Thailand, the 325-key Meliá Chiang Mai, scheduled to open in 2019, will represent the company’s first hotel in the Chiang Mai region. In addition, INNSIDE Bangkok Sukhumvit, slated to open in 2021, will be the company’s second property in Thailand’s capital. In Vietnam, the 100-key Meliá Ba Vi Mountain Retreat, with an expected opening in 2018, will sit in Ba Vi National Park, west of Hanoi. The final property, slated to open in 2022, is the 219-key Meliá Bukit Tinggi in Malaysia, situated close to near Kuala Lumpur International Airport.

Ascott Opens Its First Serviced Residence in Cambodia

Singapore-based CapitaLand’s wholly-owned serviced residence arm, The Ascott Ltd (Ascott) has opened its first serviced residence in Cambodia – the CASA Meridian Residence in Phnom Penh. Located at the heart of the capital’s up-and-coming residential and retail hub, Diamond Island (Koh Pich), the residence occupies the top 13 floors of the 34-storey integrated development, CASA by Meridian, which also comprises a high-end shopping mall, prime office spaces and wellness facilities. The 75-unit CASA Meridian Residence features a wide selection of apartments ranging from studios to one-, two- and three-bedroom apartments that can accommodate up to six guests. The residents also have access to a fully-equipped gymnasium, outdoor swimming pools, a sauna, a club house, a business center with meeting space, as well as serviced offices for rental. The residence not only represents Ascott’s entry into Cambodia, but also reestablishes its firm footprint in the ASEAN region, being present in nine out of ten ASEAN countries.

Wanda Group Announces Vision for Sydney Landmark Integrated Development

Chinese property developer, Wanda Group, has unveiled its vision for One Circular Quay, a massive landmark integrated development in Sydney, Australia. To be located on the Sydney Harbor, the project will comprise two adjacent towers. The first is a residential tower – One Circular Quay – that will house 190 luxurious apartments across 59 floors. The second tower with 28 floors, will house the new 181-key Wanda Vista Hotel, which will be the group’s flagship hotel in Australia. Facilities provided will include 24-hour concierge assistance, valet services, private dining, swimming pool, gym, day spa and treatment rooms. One Circular Quay is slated for completion by mid-2020.

Hotel Okura to Launch New Upscale, Select-Service Hotel Brand

Japan-based hospitality company, Hotel Okura Co. Ltd., and Hawaii-based real estate firm, Trinity Investments LLC., have announced a joint venture to create NIKKO STYLE – a new upscale, select-service hotel brand that will be introduced throughout Japan. Trinity Investments will look to raise as much as US$300 million in equity to initially fund the chain. NIKKO STYLE will be operated by Okura Nikko Hotel Management Co. Ltd., a subsidiary of Hotel Okura. The new hotel brand will launch under Okura Nikko Hotel Management’s Nikko Hotels International umbrella and cater to both business and leisure travelers looking for a new lifestyle experience at an affordable cost. NIKKO STYLE hotels will feature rooms about 250-350 square feet in size and priced at an average rate of JP¥18,000 to JP¥25,000 with only a breakfast area and limited meeting space. With the first hotel slated to open in 2020, the partners aim to open 20 to 30 NIKKO STYLE hotels in major metropolitan and regional areas across Japan, targeting the surge in tourism as well as filling the void in the select-service category in the country. Following the establishment of the brand, the joint venture plans to expand to select markets in Asia, North America, and Europe.

Dusit International Signs DusitD2 in Hua Hin, Thailand

Dusit International, one of Thailand’s leading hotel and property development companies, has signed a hotel management agreement with Enrich Paranimmitr Company Limited, a subsidiary of Bangkok-based Enrich Group, to manage the dusitD2 Hua Hin Hotel and Residences in Thailand’s popular seaside town of Hua Hin. Set to open in the first quarter of 2020, the upscale dusitD2 hotel will consist of 154 keys, while the dusitD2 branded condominium will feature 364 furnished residential units, along with retail and office spaces. Hotel facilities will include an all-day dining restaurant, a swimming pool, a fitness center, a kid’s club, a rooftop bar and 300 square meters of meeting space. Dusit International currently has 28 properties in operation across four brands in eight countries. In addition to dusitD2, other brands in Dusit International’s portfolio include Dusit Thani, Dusit Devarana and DusitPrincess.

Absolute Share Price Performance, as on 10 November 2017