Worldwide Hotels Group Wins Club Street Hotel Site Bid with SGD562 Million in Singapore

Singapore-based hotel owner and operator, Worldwide Hotels Group (“Worldwide Hotels”), has acquired a 99-year leasehold hotel site along Club Street in Singapore’s Central Business District. The bid of SGD562.2 million (SGD2,148.50 per square foot per plot ratio) was made through Worldwide Hotels’ subsidiary, Midtown Development, and is a record price for a 99-year leasehold land at a state tender. The bid was also 22% higher than the hotel site sale at the Singtel site on Hill Street in February 2018. With an expected investment of more than SGD700 million, Worldwide Hotels envisages a four-star property that will become the group’s landmark hotel. Worldwide Hotels currently owns and manages six hotel brands in Singapore.

Thailand Extends Temporary Visa-On-Arrival Fee Waiver for Tourists

The Tourism Authority of Thailand (“TAT”) has announced the Royal Thai Government’s approval of an extension for the Visa-On-Arrival (VOA) fee waiver for citizens of 20 countries until 30 April 2019. Previously, the waiver was applicable from 15 November 2018 to 13 January 2019. The continuation of the stimulus measure is timely as Thailand is set to celebrate the Lunar New Year in February and the Thai New Year (Songkran) in April. The measure also aims to enhance the country’s attractiveness and promote tourism. Other notable events and festivals scheduled during the period include the World Wai Kru Muay Thai Ceremony on 17 March at Ayutthaya and the Poi Sang Long Festival during March or April in the northern province of Mae Hong Son. The THB2,000 (US$63) VOA fee waiver is eligible for citizens arriving with the purpose of touring for not more than 15 days from: Andora, Bulgaria, Bhutan, China including Taiwan, Cyprus, Ethiopia, Fiji, India, Kazakhstan, Latvia, Lithuania, Maldives, Malta, Mauritius, Papua New Guinea, Romania, San Marino, Saudi Arabia, Ukraine and Uzbekistan.

Vietjet Launches Third Route to Japan

Vietnam-based VietJet Air (“Vietjet”) has launched a new service between Hanoi and Tokyo on 11 January 2019. Following the opening of the Hanoi - Osaka and Ho Chi Minh City - Osaka routes, it is the third direct route between Vietnam and Japan, operating daily return flights with a length of approximately 6 hours per leg. The new route is expected to strengthen trade, investment, tourism, and cultural ties between the two countries. As the capital city of Vietnam, Hanoi provides travellers from Tokyo and the Kanto region with convenient access to other famous destinations in Vietnam. To further boost travel demand between the two countries, Vietjet has cooperated with Japan Airlines on a code-share flight service, which is also applicable to its domestic routes, such as Hanoi - Ho Chi Minh City - Da Nang. Vietjet operates a network comprising 39 domestic routes and 66 international routes with over 385 flights per day, covering major destinations in North and Southeast Asia.

Park Hotel Group Debuts in Seoul

Singapore-based hotel owner and operator, Park Hotel Group (“Park Hotel”), has opened its first property in Seoul, South Korea. The newly built Park Hotel Yeongdeungpo, is owned by South Korea-based firm K2 Group (“K2 Group”) and will be managed by Park Hotel. Located in the Yeongdeungpo district, the 14-storey hotel is next to Seonyudo Station, a 10-minute drive to the Yeouido financial hub, and a 50-minute and 25-minute drive from Incheon International Airport and Gimpo International Airport respectively. The 140-key property features five room categories, all with floor-to-ceiling windows or balconies with panoramic views of the city skyline or the Hangang River. It also offers a 24-hour fitness room, a business centre, a meeting room, a banquet hall, and three restaurants. Park Hotel currently manages 15 properties across eight countries including Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Maldives and Singapore.

Hilton Opens Flagship Property in Da Nang

US-based hotel franchisor and hotel management company, Hilton Hotels & Resorts (“Hilton”) has debuted in Da Nang with the opening of 223-key Hilton Da Nang, Vietnam. The property is conveniently located near the Han Bridge and Bach Dang street with access to Da Nang’s main entertainment, shopping and business facilities. The hotel is accessible via a 10-minute drive from Da Nang International Airport and 5-minute drive from Da Nang Beach. The hotel offers rooms and suites ranging from 36 square metres to 202 square metres and a lounge on the 27^th floor serving breakfast and drinks. In addition, the property features an all-day dining restaurant, a café, a rooftop grill bar, 725 square metres of meeting space, a 24-hour gym and a heated outdoor swimming pool. The new opening represents Hilton third property in Vietnam after Hilton Hanoi Opera and Hilton Garden Inn Hanoi.  

Absolute Share Price Performance, as on 18 January 2019