Hotel industry and travel news from around the Asia Pacific region: Wanda Tourism merges with Online Travel Platform Tongcheng, Oakwood signs second in Singapore, Pattaya Marriott to be rebranded and more...
Wanda Tourism Merges with Online Travel Platform Tongcheng
Wanda Tourism has recently transferred its controlling stake in 12 offline travel agencies, that it had previously acquired, to China’s private equity-backed online travel platform Tongcheng Network Technology Co Ltd (Tongcheng Tourism). The aim is to create a large travel company that will have a market capitalization of over RMB20 billion and could be publicly listed at some point. Tongcheng Tourism will complete the transaction in cash and stocks after the approval by its board of directors. The deal is expected to put the value of Tongcheng Tourism at over RMB20 billion and boost their cash reserve to more than RMB5 billion, according to the company’s announcement. Meanwhile, Tongcheng’s management team also announced that it has completed a new RMB1 billion capital injection, received in a strategic funding round backed by Wanda Group, Ctrip and Tencent Holding, in order to remain the largest shareholder group and maintain control of the company.
Oakwood Signs Second Property in Singapore
Following the announcement of the upcoming Oakwood Studios Singapore earlier this month,Oakwood Asia Pacific has signed a management agreement with local developer, OUE Limited to operate a second property in Singapore, scheduled to open by mid-2017. TheOakwood Premier OUE Singapore will be located in the heart of Singapore’s Central Business District (CBD) and will offer 268 serviced residences, ranging from studio-sized units to one- and two-bedroom apartments. The hotel will be a part of an integrated mixed-used development, OUE Downtown, which will also comprise retail and premium office spaces, aiming to create a vibrant work-play-live environment in the CBD area. Dean Schreiber, Managing Director of Oakwood Asia Pacific, commented, “This has been an amazing year for Oakwood Asia Pacific. Our accelerated pace of development saw us adding 26% to the existing portfolio of Oakwood Asia Pacific in 2016 alone, and we expect to continue on this blistering pace over the next few years.”
Pattaya Marriott to Be Rebranded as AVANI Pattaya Resort & Spa
Thailand’s Minor Hotels has revealed plans to rebrand the Pattaya Marriott Resort & Spa " a hotel under Minor’s ownership since 1978. The company has decided to reposition the property under its new AVANI Hotels & Resorts brand. The property is currently undergoing refurbishment of all its rooms and is expected to make its debut in November 2016. The resort features 298 guest rooms and suites, five F&B outlets, a swimming pool, a health club, two tennis courts and a spa. This is the latest example of Minor rebranding its owned hotel assets under its own brands; earlier, the Marriott and Four Seasons hotels in Bangkok were converted to their Anantara brand. AVANI Pattaya Resort & Spa marks the brand’s fourth location in Thailand, following two existing properties in Bangkok and one in Khon Kaen.
Mövenpick Partners with Nusasiri to Manage Three New Properties in Thailand
Mövenpick Hotels & Resorts has signed a management contract with real estate developer,Nusasiri Plc to manage three new properties in Thailand " Mövenpick Residences Ekkamai, Bangkok; Mövenpick Resort Khao Yai, and Mövenpick Resort Mai Khao Phuket. Mövenpick Residences Ekkamai will be the first property under the exclusive Mövenpick serviced apartment brand. The property will consist of 160 serviced apartments in configurations of one-, two- or three-bedrooms. The Mövenpick Resort Mai Khao Phuket will comprise 220 guest rooms and feature unique F&B offerings including an interactive all-day-dining restaurant and an electric beach club. Last but not the least, the Mövenpick Resort Khao Yai will feature 114 rooms, including suites and two-, three- and four-bedroom villas, and an iconic European inspired clubhouse encompassing all its F&B and recreation facilities. The two properties in Bangkok and Phuket are expected to open by the end of this year, while the property in Khao Yai is slated to open in Q4 2017.
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