Siem Reap Province, 01 March 2017– Sokha Hotels & Resorts, Cambodia's leading hospitality company, today announced that the final hotel building Bayon block with 328 rooms with a restaurant and a lobby lounge within Sokha Siem Reap Resort & Convention Center complex has been completed and ready for grand opening in Q4 2017.
Wanda Hotels and Resorts and Baicheng Real Estate Group signed a formal agreement on the entrusted management project of Wanda Realm Wuzhishan, which marks the first step for Wanda Hotels and Resorts in its 'asset-light' strategic transformation.
With great excitement, USA-headquartered Hospitality Financial and Technology Professionals (HFTP®) has announced an extended partnership with the China Hospitality Technology Alliance(CHTA) for the purpose of furthering each association's resources used to educate and certify hospitality technology professionals. The partnership between HFTP and CHTA is the latest step in HFTP's long-term plan to fully expand across the globe.
Bengaluru-based MRG Hospitality and Infrastructure, which owns a chain of boutique hotels under the 'Goldfinch' brand, has acquired the four-star business hotel Aura Grande in Mumbai for Rs 100 crore. The 94-room hotel is located in the Andheri suburb of the city.
Marriott International and Ant Financial Services Group, an independent financial group and an ecosystem partner of Alibaba Group, announced today an agreement to roll out Alipay, an innovative payment option, to hotels and resorts under Marriott International's brands. With this agreement, guests at select Marriott International hotels will be given the option to pay for their hotel stays, food and beverage purchases as well as for meeting and event bookings using Alipay on their smartphones. The agreement represents another step in Marriott's creation of a complete mobile-powered travel experience that is effortless, seamless and more rewarding for its guests. Working with China's largest e-payments provider, Marriott International will initially activate Alipay at 10 hotels in greater China, gradually expanding to other hotels in China and across Asia by mid-2016. To better serve China visitors traveling abroad, Marriott also expects to introduce Alipay to properties in key markets outside Asia by the end of 2016.
Homeinns Hotel Group ("Homeinns" or the "Company") (NASDAQ: HMIN), a leading economy hotel chain in China, today announced that its special committee of independent directors of the Company's Board of Directors (the "Special Committee") has selected Credit Suisse Securities (USA) LLC ("Credit Suisse") as its financial advisor and Simpson Thacher & Bartlett LLP ("STB") as its legal counsel.
Mantra Group (MTR), Australia's only publicly listed pure-play hotel group on the ASX, today held its inaugural Annual General Meeting in Brisbane following its listing in June 2014.
Home Inns & Hotels Management Inc., a leading economy hotel chain operator in China, today announced that it has signed a legally binding memorandum of understanding to acquire 100% ownership of Yunshang Siji Hotel Management Company from Kunming Department Store (Group) Co., Ltd., a publicly listed company in the domestic A-share market, for a cash purchase price of RMB 230 million, subject to satisfactory due diligence and customary purchase price adjustments. The transaction is expected to close on April 1, 2014.
As part of its asset management strategy, Accor announces the sale of its 19.4% stake in the Tourism Asset Holdings Ltd. (TAHL), Australia's largest hotel owning Company, to the Abu Dhabi Investment Authority (ADIA) for a value of AU$66m (€46m), and a repayment of AU$76m (€53m) loans. TAHL owns 31 hotels in Australia (4,097 rooms), all of which are operated by Accor through lease or management contracts under the ibis, ibis budget, ibis Styles, Mercure, Novotel and Pullman brands. All contracts will be maintained.
The critical challenges as identified by the owner community (Addendum) bear a strong correlation to a hotel's typical life cycle. While some of these challenges are self-created, others are beyond an owner's control. Either way, these set an incorrect precedence for new hospitality ventures, reflecting poorly on the Indian hotel industry at large.
HVS President and Chief Executive Officer Stephen Rushmore, Jr. is proud to announce that HVS has just launched its first office in Thailand with a Consulting and Valuation location in Bangkok. Under Managing Director Daniel Voellm based in Hong Kong, Christian Pucher heads the new HVS Bangkok hotel consulting and valuation office.
7 Days Group Holdings Limited (NYSE: SVN; "7 Days Group" or the "Company"), a leading economy hotel chain based inChina, today announced the completion of the merger contemplated by the previously announced agreement and plan of merger datedFebruary 28, 2013 (the "Merger Agreement"), by and among the Company, Keystone Lodging Company Limited ("Parent"), Keystone Lodging Acquisition Limited ("Merger Sub"), and Keystone Lodging Holdings Limited ("Holdco"). As a result of the merger, the Company became a wholly owned subsidiary of Parent.
Sherman, CT USA -- Despite facing a myriad of challenges from within and outside the travel industry, India remains among the fastest growing travel markets in the Asia Pacific region, according to a new PhoCusWright report. Although the country's slowing economy, depreciating rupee, and ailing airline industry burden the travel market, gross bookings will march ahead by double digits through 2015, when they will reach US$28.8 billion."The weakness of the rupee and overall economic sluggishness in the Indian economy have definitely taken a toll," says Chetan Kapoor, PhoCusWright's research analyst, Asia Pacific. "But while the Indian travel market appeared flat in dollar terms in 2012, nearly all travel segments saw double-digit increases in local currency terms, and most will maintain strong growth through 2015."Online travel in India continues to outpace the total travel market, with online gross bookings projected to reach $12.5 billion in 2015, up 80% over 2012. While air and rail make up the vast majority of India's online travel market, the country's fragmented hotel landscape poses the biggest opportunity. Online lodging bookings will rise more than 30% annually over the next several years as OTAs push to expand their offerings beyond air.PhoCusWright's India Online Travel Overview Sixth Edition: Rail and Hotel Steal the Spotlight presents market sizing and projections for India's total and online leisure and unmanaged business travel markets from 2011-2015. The report features rich analysis of the Indian travel market, with coverage of online versus offline bookings, bookings by travel segment, supplier-direct versus intermediary bookings and more. Highlights include:
Langham Hospitality Investments, a trust backed by Great Eagle Holdings Ltd. (41) hotels, is seeking as much as $700 million in an initial public offering in Hong Kong, two people with knowledge of the matter said. Langham Hospitality, based in Hong Kong, began gauging demand for the IPO this week and plans to start trading late next month, said the people, asking not to be identified because the information is private. The trust may raise at least $600 million, they said.
Hospitality Financial and Technology Professionals (HFTP) continues to expand its global presence with the impending charter of a new chapter, the HFTP Sydney Australia Chapter. Once established, the new chapter will seek to serve members throughout the Sydney region.
7 Days Group Holdings Limited, a leading economy hotel chain based in China, today announced that it has entered into a definitive Agreement and Plan of Merger with Keystone Lodging Holdings Limited, Keystone Lodging Company Limited, a wholly owned subsidiary of Holdco, and Keystone Lodging Acquisition Limited, a wholly owned subsidiary of Parent, pursuant to which Parent will acquire the Company for US$4.60 per ordinary share or US$13.80 per American Depositary Share, each representing three ordinary shares.
At the Cornell International Summit: Real Estate and the Built Environment, industry leaders and academics will discuss innovation and growth in China’s commercial real estate market. The summit will be held Saturday, April 20, 2013 at the Waldorf Astoria Shanghai on the Bund and is co-presented by the Cornell School of Hotel Administration, College of Architecture, Art, and Planning, and Center for Real Estate and Finance.
7 Days Group Holdings Limited (NYSE: SVN; "7 Days Group" or the "Company"), a leading economy hotel chain based inChina, announced today that the special committee of the Company's board of directors (the "Special Committee"), consisting of Mr.Tan Wee Seng and Mr. Bin Dai, has retained J.P. Morgan Securities (Asia Pacific) Limited ("J.P. Morgan") as its financial advisor and Baker & McKenzie as itsUnited Stateslegal counsel.
7 Days Group Holdings Limited (NYSE: SVN; "7 Days Group" or the "Company"), a leading economy hotel chain based inChina, announced today that its board of directors has received a proposal letter datedSeptember 26, 2012 from certain existing shareholders of the Company, including Mr. Boquan He, Mr. Nanyan Zheng and their respective affiliates, and joint sponsors, including the Carlyle Group and Sequoia Capital China and their respective affiliates (collectively, the "Consortium Members"), to acquire all of the outstanding shares of the Company not currently owned by the existing shareholders in a going private transaction (the "Transaction") forUS$4.2333 per ordinary share of the Company andUS$12.70per American Depositary share ("ADS", each ADS representing 3 ordinary shares of the Company), as the case may be, in cash, subject to certain conditions.
Hospitality Financial and Technology Professionals (HFTP) recently established an official presence in India with the charter of a new chapter, the HFTP India Chapter. The new chapter is designed to serve members from throughout India. It is based in Mumbai and has a current membership of 20 hospitality professionals from all over the country who hold a mix of positions in the areas of finance and technology.