HVS Monday Musings: Will EV Charging Stations be the New Service Offering at Hotels in India?

By Mandeep S Lamba and Dipti Mohan
This article discusses some of the benefits of installing electric vehicle charging stations at hotels in India.

To view and download the full article, please click here.  

Intercontinental Hotel Double Bay Sold for AUD180 million in Australia

On 10 May 2021, Australia-based developers Fridcorp and Piety Group (“Fridcorp and Piety”) announced its AUD180 million acquisition of the Intercontinental Hotel Double Bay from China-based private equity firm, Shanghai United Real Estate Investment (“Shanghai United”). The 140-key hotel has a total gross building area of 19,545 square metres and occupies a 3,670-square-metre lot in the Eastern Suburbs of Sydney, 4-kilometres east of the CBD. The hotel features extensive conference facilities, a rooftop pool and bar, six retail tenancies, a spa, a gym, a restaurant and bar, and a 156-lot underground public car park. Fridcorp and Piety mentioned that they have several plans in place to restore the property to its former prestige. It was reported back on 28 May 2017 that this property was acquired by a joint venture between Shanghai United and Zobon Real Estate Group from Singapore-based Royal Group for AUD140 million.

Long Island Resort Whitsundays Acquired by Sydney-based Hotel Group for AUD20 Million in Australia

Ocean Hotels, a company owned by private investor David Kingston, has successfully sold the Long Island Resort (“LIR”) to a Sydney-based hotel group for AUD20 million. Formerly known as CLUB Croc Long Island Resort, the eight-hectare resort is located on the north side of the Long Island, a prime beachfront land in the Whitsunday Islands within the Great Barrier Reef. Being only seven kilometres off the Queensland coastline, LIR could be easily accessed via the Cruise Whitsundays ferry circuit or privately chartered water-taxi or helicopter. This 172-key resort spans from the 350-metre wide Happy Bay beachfront to the rear second beach frontage, and offers a wide range of recreational facilities, including two swimming pools, a tennis court, helipad, restaurant and bar, function room, minigolf, boat moorings and 41 staff lodging rooms. The resort underwent a AUD1.3 million refurbishment of 75 guest rooms in 2014/15. The new buyer sees great opportunity to reposition LIR into a premium resort, with a development approval granted in 2008 for an additional 162 rooms. Currently there are two other hotels situated in Long Island: The 23-key Palm Bay Resort and 10-key Elysian Retreat.

Luxury Wellness-Focused Resort Slated to Open In Moganshan, China

Thailand-based Dusit Thani International, represented in China by Dusit Fudu Hotels and Resorts, has recently complete the signing of a management agreement with Zhejiang Xinyishang Tourism Development Company Limited (“Zhejiang Xinyishang Tourism”) to manage the 300-key Dusit Thani Resort Moganshan, Zhejiang. The Resort is 10 minutes by car from the high-speed train station, one hour by car from Hangzhou Xiaoshan International Airport, 30 minutes by car from Hangzhou city centre and two hours by car from Shanghai. Comprising 100 well-appointed villas and guest rooms, the first phase of the project is slated to open later this year. Facilities will include an all-day dining restaurant, wellness centre with an outdoor swimming pool and Dusit's signature Devarana Spa. Set to follow in 2023, phase two will comprise 200 guest rooms and villas, two specialty restaurants, outdoor recreation facilities, a grand ballroom and conference facilities. Liu Yi Qiang, Legal Representative of Zhejiang Xinyishang Tourism mentioned that the addition of the wellness resort is part of Zhejiang’s vision to develop Moganshan into a world-class destination for both domestic and international tourists. He added that they are confident it will raise the profile of the destination and bring value to the wider community.

Vietnam Announces USD65 Billion Master Plan for Traffic Infrastructure

The Transport Department and Strategy Institute under the Transport Ministry has revealed three different proposals for the master plan to be carried out in the 2021 to 2030 period with a vision until 2050. The first proposal is expected to cost from VND900 trillion to VND1,000 trillion (USD39-43 billion) which includes constructing 5,000 kilometres of expressway; completing Long Thanh International Airport, the largest in Vietnam upon completion in Dong Nai Province, Lach Huyen Port in the northern port city of Hai Phong, and two high-speed railroad routes between Hanoi and Vinh, and Ho Chi Minh City (“HCMC”) and Nha Trang. The second proposal will cost an estimated VND1,000 trillion to VND1,200 trillion (USD43-53 billion) to complete 5,000 kilometres of expressway, build the two high-speed railways, complete two railways sections linking with Lach Huyen Port, and the International Container Terminal Tan Cang - Cai Mep in Ba Ria-Vung Tau Province, second phase of Long Thanh airport, third terminal for HCMC’s Tan Son Nhat airport and Hanoi’s Noi Bai airport, and the expansion of Dien Bien airport. The third proposal is expected to cost the most, at VND1,400-1,500 trillion (USD61-65 billion). It will be an extension of the first proposal, with additional work including a series of railways in different parts of the country.

Absolute Share Price Performance, as on 14 May 2021