HVS Asia Pacific Hospitality Newsletter - Week Ending 21 May 2021 (May 24, 2021)

Virtual Tourism Sentiment Survey Response

By Peggy Lee, Chariss Kok Xin and Chee Hok Yean
The COVID-19 pandemic has accelerated the technology and virtual reality scene in every industry, including travel and tourism. With border restrictions in place, many are not able to travel. Hence, tour companies have introduced online travel experiences to showcase a destination, culture, event, various classes and many more. Is virtual travel the new way to travel? Will virtual travel replace the need for physical travel altogether?

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HVS Monday Musings: Vacation Home Rentals – the Next Big Story in the Making in India

By Mandeep S Lamba and Dipti Mohan
This article discusses some of the factors that have driven the growth of the vacation home rentals segment in India.

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Quest to Expand into New Zealand Market with Seven New Properties

Australia-based Quest Apartment Hotels (“Quest”), a member of Singapore-based The Ascott Limited, has announced that they will continue their expansion of their New Zealand portfolio, with seven properties slated to open between June 2021 and July 2022. The first property slated for opening in June 2021 is the Quest Takapuna, a 51-key hotel located on the North Shore of Auckland. Following this, Quest has also announced three other hotels openings in 2021, which includes Quest Mt Eden in September, Quest Queenstown in October, and Quest on Cambridge in Christchurch in November. In 2022, Quest will be opening three more hotels, namely the Quest Lambton in Wellington in February, Quest Hastings in June, and Quest Mt Maunganui in July. Managing Director of Quest David Mansfield stated that he is confident that this expansion would capitalise on the increase in travellers attributed to the trans-Tasman bubble. Upon completion, Quest’s New Zealand portfolio is expected to increase to 42 properties, with its global portfolio reaching 177 hotels.

Intercontinental Hotel Group Announces AUD32 Million Revamp in Adelaide and the Signing of New Properties

Built in 1988 and rebranded in 2009, InterContinental Adelaide is one of Adelaide’s most iconic luxury hotels. The 367-room hotel will undergo its first major renovation since its opening which is expected to commence in late 2021 and complete in early 2023. The AUD32 million refurbishment will include rooms redesign, meeting spaces, hotel entrance, lobby, hallways, lifts, restaurants, and a new club lounge. South Australian Premier, Steven Marshall, mentioned that the refurbishment would value-add to South Australia’s tourism, events, and business sectors. Apart from the refurbishment, UK-based Intercontinental Hotel Group (“IHG”) will also bring Kimpton Hotels & Resorts, its boutique luxury brand, to Sydney. Together with Australia-based Pro-invest Group, they will convert and reposition Sydney’s Primus Hotel into the 172-room Kimpton Sydney, which is set to open in October 2021. Additionally, IHG has also announced the signing of the 200-room InterContinental Parramatta, scheduled to open within a mixed-use development in 2025. Currently, IHG has 60 hotels operating under six brands in Australasia, including a big presence in South Australia with Crowne Plaza Adelaide, Holiday Inn Express Adelaide, and the new Hotel Indigo Adelaide recently opened on 1 March 2021.

Absolute Share Price Performance, as on 21 May 2021

Closing Share Price as at 21 May 2021 14 May 2021 % Change
Australia Stock Exchange (ASX)
Elanor Investors Group 1.79 1.78 0.6%
Event Hospitality & Entertainment Ltd 12.75 12.36 3.2%
General Property Group 4.66 4.61 1.1%
Mirvac Group 2.77 2.74 1.1%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 32.00 31.50 1.6%
Dusit Thani Public Co Ltd 8.00 8.05 -0.6%
The Erawan Group Public Co Ltd 3.00 2.98 0.7%
Grande Asset Hotels & Property Public Co Ltd 0.53 0.51 3.9%
Laguna Resorts & Hotel Public Co Ltd 33.50 33.50 0.0%
Minor International Public Co Ltd 31.00 29.50 5.1%
S Hotels and Resorts Public Company Limited 3.24 2.94 10.2%
China Shanghai Stock Exchange (RMB)
Jinling Hotel Corporation Ltd 8.50 8.50 0.0%
China Shenzhen Stock Exchange (RMB)
Huatian Hotel Group Co.,Ltd. 3.00 3.04 -1.3%
Guangzhou Dong Fang Hotel Co Ltd 7.61 7.39 3.0%
Huazhu Group Limited 56.84 56.50 0.6%
Hong Kong Stock Exchange (HK$)
Miramar Hotel & Investment Co Ltd 14.92 15.00 -0.5%
Regal Hotels International Holdings Ltd 4.06 3.88 4.6%
Sino Hotels Holdings Ltd 2.49 2.50 -0.4%
The Hong Kong & Shanghai Hotels Ltd 7.77 7.78 -0.1%
Shangri-La Asia Limited 6.85 6.90 -0.7%
National Stock Exchange (INR)
Chalet Hotels Ltd 156.35 147.50 6.0%
IHCL (Taj Hotels, Resorts & Palaces) 130.3 112.9 15.4%
EIH (Oberoi Hotels & Resorts) 99.9 92.2 8.4%
Hotel Leela Ventures 6.8 6.1 11.6%
Lemon Tree Hotels Ltd 40.4 38.3 5.4%
Korea Exchange (KRW)
The Shilla 91000 92600 -1.7%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.39 0.37 6.8%
ARA Htrust (US$) 0.50 0.49 2.1%
Ascott Residence Trust 0.98 0.99 -0.5%
Banyan Tree Holdings Limited 0.30 0.29 5.3%
CDL Hospitality Trusts 1.18 1.18 0.0%
Eagle Htrust 0.14 0.14 0.0%
Far East Hospitality Trust 0.58 0.58 0.9%
Frasers Hospitality Trust 0.51 0.50 2.0%
Hotel Grand Central Ltd 1.04 1.03 1.0%
Hotel Properties Ltd 3.30 3.26 1.2%
Mandarin Oriental International Ltd (US$) 1.96 1.90 3.2%
Stamford Land Corporation Ltd 0.43 0.40 7.6%
Taiwan Stock Exchange (NT$)
Formosa International Hotels Corporation 135.5 133.5 1.5%
The Ambassador Hotel, Ltd 27.7 28.4 -2.6%
Tokyo Stock Exchange (JPY)
Japan Hotel REIT Investment Corp. 65500 63100 3.8%
Imperial Hotel, Ltd 1900 1907 -0.4%
Red Planet Japan Inc 54 54 0.0%

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel.
Hok Yean Chee, Regional President – HVS Asia Pacific [email protected]
Mandeep S. Lamba, President, South Asia – HVS Anarock [email protected]
Mei Leng Ho, Senior Vice President – HVS Singapore [email protected]
Steven Zhu, Vice President – HVS Shanghai [email protected]
Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific [email protected]

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