Next Story Group Acquires Southbank Hotel for AUD45 Million in Melbourne, Australia

Singapore-based hospitality company, Next Story Group ("Next Story"), has acquired a newly built hotel in Melbourne’s Southbank for AUD45 million. Located at 167 city road and built on a 606-square-metre site, the 16-storey, 162-key property will become Next Story's first hotel under its upper mid-scale LinQ brand. This will also be Next Story's third hotel in Melbourne, complementing the 120-key Sage Hotel Melbourne in Ringwood and Next Hotel Melbourne which is slated to open in 80 Collins Street by Q2 2020. The soft opening is scheduled for 1 September 2019. The acquisition is part of Next Story's expansion plans, which focus on strategic growth in Australia, Southeast Asia, and South Asia. LinQ brand targets budget-conscious corporate travellers with limited amenities and room sizes ranging from 15 to 22 square metres. Next Story currently has 40 operating and pipeline properties in its portfolio, which includes four hotel brands: Next, Sage, LinQ and Kafnu.

KMA Group and Centara Signs MoU for Six Hotels in Myanmar

Thailand-based hotel chain, Centara Hotels & Resorts (“Centara”), will soon make its debut in Myanmar with six new upscale and upper-upscale hotels in major cities. Following the signing of a memorandum of understanding (MoU) between Centara’s subsidiary, Centara International Management Co. Ltd., and Thai conglomerate, Kaung Myanmar Association Group of Companies (“KMA Group”), KMA group is investing USD63 million to revamp and rebrand three of its existing hotels with Centara brands and to build three new hotels in Bagan and Than Daung. Works at one of the existing hotels, the Centara Paradise Inle Resort & Spa in Inle, Nyaungshwe Township, Shan state, has been completed and is slated to open by the end of 2019. Meanwhile construction of the new hotels, namely Centara Bagan River Resort & Spa Kaytumadi Dynasty Bagan Resort, Centara Boutique Collection, and Shwe Than Daung Resort, as well as the refurbishment of Centara Royal Naypyitaw Hotel in Nay Pyi Taw and Centara Royal Kaytumadi Resort & Spa in Taungoo, Kayin State, will begin in the next few months. Centara’s current portfolio comprises 63 properties spanning across major destinations in Thailand, the Maldives, Sri Lanka, Vietnam, Oman, and Qatar.

Queensland to Construct New Theatre in Queensland Performing Arts Centre in Australia

The Queensland Government has announced the concept design of an AUD150 million theatre, which will be housed within the Queensland Performing Arts Centre in the Queensland Cultural Centre at South Bank. The new world-class theatre will support more than a hundred jobs during construction and more than 40 full time jobs upon completion. Slated for completion in 2022, the theatre is expected to deliver capacity of an extra 260 performances annually, potentially welcoming an additional 300,000 visitors every year. Premier Annastacia Palaszczuk stated that the Government’s commitment of AUD125 million towards the AUD150 million development is the largest investment in Queensland arts infrastructure since the Gallery of Modern Art. Construction for the theatre will commence in 2020, with the winning tender to be announced later in 2019. The winner will manage and participate in the design process and manage the construction.

SEG Plans to Accelerate the Development of a New Fourth Hotel in Gold Coast, Australia

Australia-based Star Entertainment Group Limited (“SEG”) has announced plans to accelerate the development of a fourth tower within The Star Gold Coast’s multi-billion-dollar precinct. The 215-metre tower includes a five-star mixed-use hotel with residential properties, lagoon pools, a nightlife venue, plus additional restaurants and bars, a luxury day spa and wellness centre, as well as outdoor spaces for the local community and visitors. The construction will begin in 2020, with pre-sales for apartments set to launch this month. The new hotel at The Star Gold Coast would complement the existing The Star Grand hotel, The Darling hotel, and the first Dorsett hotel in Australia, which is slated to open in 2022. SEG has revealed plans for a new dining precinct to connect The Star Grand hotel, restaurant, and gaming complex to The Dorsett, once it has been completed.

IHG to Open InterContinental Hayman Island Resort After AUD100 Million Renovation

UK-based hospitality company, InterContinental Hotels Group (“IHG”), will open InterContinental Hayman Island Resort on 1 July 2019. Hayman Island is the most northerly of the Whitsunday Islands, right on the Great Barrier Reef and part of the Cumberland Islands, which are located off the coast of Central Queensland, Australia. Located on a 988-acre private island, the 166-key luxury resort is the only property on the island and has undergone an AUD100 million-dollar refurbishment. Offering rooms, suites, and eight villas located right on the beach front, it also features five food and beverage outlets, a spa with 13 treatment rooms, a resort boutique, kids club, a fitness centre, meeting facilities for groups of up to 300, a variety of water sports, cruises to the Great Barrier Reef and a PADI SCUBA dive centre. The newly built Beach House, a new collection of luxury private residences, offers three more suites and multiple private pools. IHG owns, manages, leases or franchises, through various subsidiaries, over 3,650 hotels and 543,775 guest rooms in nearly 100 countries and territories around the world.

Absolute Share Price Performance, as on 17 May 2019