Inaugural AGM For Mantra Group Sees Future Growth Opportunities
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.
Press Releases
Home Inns Group to Acquire Yunshang Siji Hotel Management Company
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.
Accor sells its 19.4% stake in TAHL (Australia)
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.
HVS Announces First Office in Thailand
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 Announces Completion of Merger
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.
Weak Rupee Disguises Solid Growth in India's Travel Market
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:
HFTP Sydney Australia Chapter on the Horizon
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.
Completing Action to Take the Company Private, China's 7 Days Group Holdings Limited Enters into Definitive Merger Agreement
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.
Cornell International Summit In Shanghai To Feature Experts In Real Estate, Architecture, And Urban Planning
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 Special Committee Appoints Financial Advisor and Legal Counsel
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.
Carlyle Group and Sequoia Capital China Offer Proposal to Buy China's 7 Days Group for $625 Million
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.
New Chapter Establishes a Presence in India for HFTP
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.
HFTP and HCAA Hong Kong Announce Strategic Alliance to Increase Educational Opportunities for Hospitality Professionals Worldwide
In a bid to ensure the quality of hospitality finance and technology education within the global hospitality industry, Hospitality Financial and Technology Professionals (HFTP) has formed an affiliation with the Hotel Controllers and Accountants Association of Hong Kong (HCAA). The goal of this new partnership is to combine resources that will increase their respective members access to quality education, networking and certification programs.
Hotel Industry To Be Constrained In Near Term: Study | Business Standard India
With around 3,620 new hotel rooms in the branded segment expected to be operational over the next three years, the hospitality industry in Chennai is expected to be constrained in the near term, though the adverse impact is expected to be short-lived, according to a study from real estate services firm Jones Lang Lasalle, India.
Indian Hotels Is Said to Seek Bigger Stake in Orient-Express | bloomberg.com
The Mumbai-based company has approached Orient-Express about a deal, though discussions are at an early stage and may fail to lead to an agreement, the people said, declining to be identified as deliberations are private. Indian Hotels owns 6.9 percent of Hamilton, Bermuda-based Orient-Express, whose market value has jumped 32 percent this year to $1.2 billion.
Intelligent Spas' New Singapore Spa Report Finds Unprecedented Changes
Intelligent Spas' new Singapore Spa Benchmark Report identified the spa industry underwent significant changes between 2009 and 2010. "Unprecedented changes have occurred in the Singapore spa market which are the most dramatic seen by Intelligent Spas within any spa industry it has studied over the last 10 years", explained Julie Garrow, Managing Director of 100% independent research company Intelligent Spas (www.IntelligentSpas.com).
India Hotel Valuation Index (HVI) 2011 | HVS
As we enter 2011 and start the next decade, it is both important and relevant to look back at the last decade to understand how our industry has evolved during this period and what we can learn from these ten very interesting years. At the beginning of the last decade, we were a country with only a limited number of international brands and had hotels that were mainly concentrated in the major metros and predominantly in the luxury/first class positioning. Over the years, the hotel industry has undergone significant changes and has reinvented itself in a manner that we believe has benefited the industry as a whole, including all its constituents – hotel guests, investors, employees and other stakeholders.
Accor Global President Heads Line Up of 70 Speakers for ANZPHIC 2011
The largest ever collection of accommodation industry CEOs and other senior executives to appear at an event in the Australia, New Zealand and Pacific region, has been announced for ANZPHIC 2011 - the main annual event on the hotel industry calendar - and its pre-event, the inaugural Serviced Apartment Summit. The two conferences will be held from 22 to 24 June 2011 in Sydney. For details visit www.anzphic.com
India's Minister of Tourism to Provide the Keynote Address at HIFI
The hosts of the Hotel Investment Forum India (HIFI) have announced that The Honourable Kumari Selja, India's Minister of Tourism, will provide the keynote address at the event, scheduled for January 12-14, 2011, at the Renaissance Mumbai Hotel & Convention Centre in Mumbai, India. HIFI is co-hosted by BHN and Horwath HTL, India.
Hotel Indigo Shanghai on the Bund opens in December
Hotel Indigo Shanghai on the Bund, Hotel Indigo's first property in Asia Pacific, opens its doors in December 2010. Sitting directly on the Huangpu River front, Hotel Indigo Shanghai on the Bund assures not only spectacular views of both the historic Bund and dramatic Pudong skylines, but an upscale boutique hotel experience where the focus is on inspired service, fresh and vibrant design reflecting the local neighbourhood, and providing guests with an authentic taste of today's Shanghai, where old and new converge.