Hotel industry and travel news from around the Asia Pacific region: Singha Estate's Thailand-based S Hotels goes IPO, China records 782 million domestic trips over the October national days, Dream Cruises sails into Australia for the first time and more...
Singha Estate Launches SHR to IPO
Thailand-based property developer, Singha Estate will submit its Thailand-based subsidiary, S Hotels and Resorts initial public offering in order to raise fund for expansion in its hospitality business both domestic and abroad. Singha Estate has listed on the Stock Exchange of Thailand since 2014 and has its revenue increased from 9.7 billion baht in 2014 to 58.9 billion baht in 2018, led by its strong core residential business, commercial business, as well as hospitality business under the management of SHR. Currently, SHR owns 39 hotels, with a total of 4,647 keys over five countries, namely Thailand, UK, Maldives, Fiji, and Mauritius. After spinning off a business by IPO, the company will hold 60% share and aim to double growth through acquisitions in the next five years.
Mandala Asset Solutions Acquires Mackay Marina Hotel in Mackay, Queensland
Australia-based regional investment fund, Mandala Asset Solutions (“Mandala”) has announced the acquisition of the freehold Mackay Marina Hotel through the Trinity Accommodation Regional Hospitality Fund. The AUD10 million transaction includes the 79-suite hotel occupying 6,407 square metres of prime waterfront land, as well as the adjoining 1,412 square metre site which has development approval for an additional 120 rooms. Located in Mackay’s popular marine, tourism and leisure hub, the Mackay Marina Hotel features deluxe, executive and spa suites. Other facilities include the Latitude 21 Bar & Restaurant, a swimming pool, tropical gardens, a fitness centre and an event space with a capacity of up to 1,500 guests. Currently, Mandala owns and manages assets worth AUD43 million and this purchase adds to its existing portfolio of 15 properties in regional Australia.
Dream Cruises Sails Beyond Asia into Australia for the First Time
Owned by Malaysia-based Genting Cruise Lines Ship Management Sendirian Berhad, Dream Cruises celebrated the inaugural arrival of the Explorer Dream to homeport, Sydney, Australia, at the White Bay Cruise Terminal on 27th October 2019, commemorating the start of the cruise line’s first sailing beyond Asia. The cruise ship strives to provide a unique vacation experience for local Australian travellers and in bound international tourists with the growing Fly-Cruise opportunities. Explorer Dream currently offers round-trip cruise itineraries across Australia departing from Sydney and Brisbane till 1st December 2019 and from 9th to 23rd February 2020. This aims to pave the way for the return of Explorer Dream to Australia in the fourth quarter of 2020. Explorer Dream debuted in the premium and luxury Asian market in April this year, joining her sister ships Genting Dream and World Dream. The luxury ship measures 268 metres in length, 32 metres in width and has a total gross tonnage of 75,338 tons, featuring 928 cabins with lower berth capacity of 1,856 passengers. The cruise also features various food and beverage options onboard, virtual and augmented reality entertainment, a spa and a theatre.
China Records 782 Million Domestic Trips During National Day Holiday
According to the Ministry of Culture and Tourism, a total of 782 million domestic trips were made across China during the week-long National Day Holiday, recording a year-on-year increase of 7.81%. Domestic tourism revenue gained RMB649.71 billion between 1st and 7th October 2019, up by 8.47% compared to last year. A series of positive factors, such as the ticket price reduction or preferential policies for national tourist attractions, free-toll highways, diversified cultural and tourism activities offered in different parts of the country, competing service offered by tourist destinations, and strong regulatory measures, have contributed to the tourism growth. In comparison, Chinese visitors took 726 million trips over the holiday last year, generating RMB559.08 billion to the domestic tourism revenue.
Asian Development Bank has Committed Financing to Develop El Nido and Coron in Palawan Province, the Philippines
Asian Development Bank (“ADB”) has announced that it will provide financial support to the Philippine Department of Tourism (“DOT”) to develop El Nido and Coron in Palawan province, into environmentally-sustainable tourist destinations. The two localities were identified in anticipation of higher numbers of tourists visiting the islands over the next decade. The financing to the DOT will address the immediate need for urban infrastructure and services, such as solid waste management, drainage and sanitation, and clean drinking water. ADB also seeks to explore innovative funding to local business enterprises and community-based groups for skills and product development to improve the quality of services in these two fast-growing destinations. In addition, ADB will assist to build the capacity of local stakeholders to protect and conserve healthy oceans, and rehabilitate key biodiversity-based tourism sites. The tourism development project is planned for delivery in the fourth quarter of 2020.