Hotel industry and travel news from around the Asia Pacific region: Blackstone Group acquires Crown Resorts, STB and CapitaLand enter into a multi-faceted partnership to boost Singapore’s retail and more...
Blackstone Group Acquires Crown Resorts for AUD8.9 billion after Approval from Australian Federal Court
US-based Blackstone Group ("BG") has acquired Crown Resorts Ltd ("CRL") for AUD8.9 billion as the Australian Federal Court approves the deal. The offer of AUD13.10 per share is 11% higher than BSG's previous bid in November 2021. CRL is one of Australia's most extensive entertainment groups, operators, and developers of integrated resorts. CRL operates more than 3,000 guest rooms over three developments: Crown Melbourne, Crown Perth, and Crown Sydney. The major shareholder of CRL, James Parker, would be receiving AUD3.3 billion from the deal for the 37% shares of CRL.
S Hotel & Resort Moves Forward with its Portfolio Enhancement Strategy in the UK
Thailand-based S Hotel and Resorts Public Company Limited ("SHR") is moving forward confidently with its portfolio enhancement strategy in the United Kingdom. The strategy is based on three core pillars of portfolio enhancement: asset rotation and renovations, tactical mergers and acquisitions, and developing an asset-light business model to help accelerate its recovery from the global pandemic. The S Hotel & Resorts group currently has 27 hotels in the UK with 2,940 keys, operating under world-leading brands such as Mercure and Holiday Inn. In February 2021, S Hotels & Resorts invested GBP13.75 million to purchase additional 50% stakes in 26 of its UK hotels, raising its total ownership of these properties to 100%. The main strength of enhancing the UK hotel portfolio is that it is well-balanced both geographically and seasonally, and the revenue from the UK portfolio is expected to increase 50% in 2022 compared to 2021.
Alliance Global Group Injects USD75 million on Resort World Manila Expansion Projects
Philippine-based conglomerate Alliance Global Group Inc (“AGI”) announced to inject PHP4 billion (USD75 million) on expansion projects to Resort World Manila, a jointly owned integrated resort. AGI stated that the corporate would provide funding to the parent company Travellers International Hoel Group Inc’s ongoing expansion projects, especially in the leisure and entertainment sector, as part of a broader capital expenditure plan with a total amount of PHP60 billion (USD1.1 billion). With a propelled reinvigorated VIP business, Resort World Manila has demonstrated a rise in gross gaming revenues on eased quarantine restrictions. The entire Resort World Manila complex is currently opened for MICE activities as nearby hotels such as Marriott Manila, Sheraton Manilla, Hilton Manila, and Hotel Okura Manila provide sufficient room supply.
STB and CapitaLand Enter into a Multi-Faceted Partnership to Boost Singapore’s Retail Scene
Singapore-based Singapore Tourism Board ("STB") and Singapore-based CapitaLand Investment Limited ("CIL") entered into a multi-faceted three-year partnership earlier in June 2022. STB and CLI will curate 20 events and experiences together during the three years. The partnership objectives include home-grown profile brands locally and in China across selected CapitaLand malls in both countries, creating unique retail entertainment and lifestyle offerings, and collaborating with international brands to raise the profile of Singapore's retail scene. On June 12, STB collaborated with CLI to support the inaugural Wellness Festival Singapore ("WFS"), which is a key part of STB's strategy to position the city as a leading Urban Wellness Haven.
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