Pullman by Accor Debuts in Singapore

France-based AccorHotels (“Accor”) has been appointed by Singapore-based property developer EL Development Private Limited (“EL Development”) to manage the hotel in Hill Street. Located at Singapore’s civic and cultural district, the property is in proximity to Orchard Road shopping belt and the Central Business District. The new-build hotel will be positioned as a business hotel, managed by Accor’s Pullman brand, and is slated to open in late-2021. The 10-storey hotel will feature 340 to 350 rooms ranging from 22 sqm to 38 sqm, subject to the authorities’ approval. Other facilities will include a pool, a fitness centre, a restaurant and some meeting rooms. EL development acquired the Hill Street site from Singapore Telecommunications Limited (“Singtel”) for S$118 million in February 2018. As Singtel has leased back the property until mid-2019, the redevelopment is planned to commence thereafter. Accor currently manages 15 hotels in Singapore, with the new signing being the first under the Pullman brand. 

IHG joins with Ratanakorn Asset to Open Eight New Properties in Thailand

UK-based InterContinental Hotels Group (“IHG”) has partnered with Thailand-based real estate company Ratanakorn Asset (“Ratanakorn”) to open eight new properties in Thailand. Located in key resort destinations of Pattaya, Rayong, Phuket, Khao Lak, and Koh Samui, the signing includes Holiday Inn, Holiday Inn Express, and Staybridge Suites brands and will add more than 2,000 rooms. Slated to open later this year, Holiday Inn Express Pattaya Koh Larn, a conversion from the current Sealay Resort Koh Larn, will be the first to open of the eight properties, with the remaining seven to open as new-build hotels within the next five to ten years. Half of the new projects will be located in the eastern seaboard, which is aligned with the Thai government’s recent investment initiative, Eastern Economic Corridor (EEC) Project, to connect with China’s Belt and Road Initiative (BRI). The THB20 billion investment will double Ratanakorn’s assets under management and will increase its portfolio to THB50 billion.

Regional Expansion Plans of Akaryn Hotel Group

Thailand-based Akaryn Hotel Group (“Akaryn”) aims to increase their presence within the ASEAN region with a five-year plan in place to open two properties in Vietnam by the year 2020. Initiatives are underway to welcome a 100-room property in Danang and a 300-room property in the city of Hoi An. In addition to the two properties in Vietnam, the founder and managing director of Akaryn Hotel Group, Ms. Anchalika Kijkanakorn further outlines the Akaryn’s plan to expand into Bali, as well as opportunities for further growth in Thailand. The groups local strategy will focus on popular tourist destinations including Krabi, Pattaya, Samui, and Chiang Rai, in an effort to offer accommodations in strategic locations for international travelers.

Radisson Brand to Expand in China

International hotel chain Radisson Hotel Group (“Radisson”) will expand its footprint in China with Radisson Ningbo Beilun to be opened in Ningbo, Zhejiang Province. Scheduled to open in the third quarter of 2018, it will be the fourth Raddisson hotel in mainland China, after the existing properties in Shanghai, Suzhou and Tianjin. Located in the city’s Beilun District and free trade zone, the 21-storey hotel will feature 230 guestrooms and suites. It will be next to commercial offices, dining outlets, retail malls, parks, a media broadcasting base, main expressways, Ningbo Lishe International Airport and Hangzhou Xiaoshan International Airport. A number of attractions, including Harbor Land Theme Park, Jiufeng Mountain, Yangshashan Seaside Resort, China Port Museum and Ancient Asoka Temple, can be found nearby. The launch of Radisson Ningbo Beilun accords with the Radisson brand's expansion plans across Asia Pacific. The group’s expansion will focus on fast-growing markets in this region, including China, India and Indonesia.

Absolute Share Price Performance, as on 15 June 2018