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Fosun Denies Claims It’s Seeking Buyer for Club Med

Alan Woinski
November 15th, 2022 at 7:45 AM EST

Skift Take

  • Bloomberg said Fosun is also considering strategic options for French luxury resort chain Club Med SAS and could seek a value of about $1.5 billion for the business.
  • Shanghai Disney Resort remains closed, two weeks after Covid-19 cases caused operations to cease.
  • Marriott International announced plans to expand its select service portfolio in Greater China with the expected addition of 30 hotels in the segment by the end of 2023.

Bloomberg published an article suggesting Fosun International Ltd. is exploring the potential for sales of most of the company’s divisions, seeking capital to repay debt. Bloomberg said the company told advisors its domestic food and beverage business is available for potential investors or buyers, and is considering strategic options for its investment in electric vehicle battery maker JEVE. In the property sector they have reportedly been exploring a potential transaction involving The Bund Finance Center in Shanghai. Bloomberg said Fosun is also considering strategic options for French luxury resort chain Club Med SAS and could seek a value of about $1.5 billion for the business in a transaction. Fosun Tourism Group denied they are considering strategic options for Club Med. A company spokesperson said they have no intention of selling Club Med. Last month Fosun reported Club Med revenue rose 145% year on year in the first nine months of the year. That was up 96% from the same period in pre-pandemic 2019.

Shanghai Disney Resort remains closed, two weeks after Covid-19 cases caused operations to cease. This includes Shanghai Disneyland, Disneytown, Wishing Star Park, Shanghai Disneyland Hotel and Toy Story Hotel. On Monday, 16,072 new Covid cases were recorded across Mainland China. If you are looking back at the reports from last week, you realize the number of daily cases has doubled one again. That number is also up from the 14,761 cases reported on Sunday. Guangzhou, the location many are worried about going into complete lockdown, saw their number of daily cases double from last week with a fresh high of 4,065 new cases reported on Monday.

Marriott International announced plans to expand its select service portfolio in Greater China with the expected addition of 30 hotels in the segment by the end of 2023. Marriott said the additions are fueled by the strong demand for Marriott’s select service accommodations in emerging destinations and complement an existing portfolio of more than 460 properties in the region. Marriott’s select service portfolio currently includes the following brands spanning across 67 cities in Greater China: Moxy Hotels, Fairfield by Marriott, Courtyard by Marriott, Four Points by Sheraton, AC Hotels by Marriott, Aloft Hotels and Element Hotels. The select service pipeline represents over 50% of Marriott hotels expected to open in Greater China across 2022 and 2023. Marriott said they are also enhancing their strategic positioning in Greater China through dual-brand projects and its franchise-plus model. In 2022, the company signed six dual-brand hotel projects representing 14 hotels, among which three are under the Fairfield by Marriott brand and two under the Four Points by Sheraton brand. The model involves Marriott working with franchisees and recommending candidates for the initial general managers who work towards the hotel opening and throughout the initial year of operations by leveraging Marriott’s support, system and resources. Next month the AC Hotel by Marriott will open in Suzhou. Travelers heading to iconic destinations such as Chengdu and Wuhan can soon enjoy AC Hotels’ refined experience. The Moxy Hotels brand, with six existing hotels in five Chinese cities is set to bring its spirit to more cities through its debut in Suzhou and Xi’an. Moxy also is preparing for its future entry into Chongqing and Ningbo. The Fairfield by Marriott brand opened its one hundred and fiftieth hotel in Greater China earlier this year, the Fairfield by Marriott Hangzhou Xihu District. In 2023, 10 Fairfield by Marriot hotels are expected to enter niche destinations in eastern China including the country-level cities Kunshan and Zhuji. The Courtyard by Marriott brand expects to celebrate its fiftieth hotel milestone in the Chinese market in the middle of 2023 with anticipated property additions in Chongli as well as in Jiuzhaigou. Four Points by Sheraton has the most robust share of Marriott’s select-service pipeline in Greater China. They expect to accelerate that growth with five openings in 2023. Aloft Hotels will open two hotels in Beijing and Yantai in 2023 and Marriott’s Element Hotels brand will open in Guangzhou Baiyun in 2023.

Hilton said their latest openings in Asia Pacific include the Hilton Garden Inn Da Nang in Vietnam in early 2023, Conrad Shenzhen in China in 2Q 2023, La Festa Phu Quoc, Curio Collection by Hilton in Vietnam in summer 2023, and the Jumana Bali Ungasan, LXR Hotels & Resorts in Indonesia in late 2023.

IHG Hotels & Resorts announced its Luxury & Lifestyle collection brand, Vignette Collection, will come to the beach destination of Patong in Partnership with Dinso Resort Co., Ltd in mid-2023. The Dinso Resort Phuket, Vignette Collection will be IHG’s fourth opened or pipeline Vignette Collection property in the Kingdom, following the launch of its seventeenth and newest brand last year. IHG has hotels across four of its brands in Phuket: InterContinental, Hotel Indigo, Holiday Inn and Holiday Inn Express. The Dinso Resort Phuket, Vignette Collection will offer 148 rooms and suites and 26 tree-top pool villas with views of the Patong coast. Facilities will include two restaurants and bars, a 150 square meter meeting room, a swimming pool, fitness center and a spa. IHG has 30 hotels across nine brands in Thailand and a pipeline of 36 properties set to open as it grows its Luxury and Lifestyle portfolio in the country by 50% by 2026 while doubling its estate across all brands.

Genting Singapore said they are doing a complete remake of its Festive Hotel at Resorts World Sentosa. The 389-room hotel is scheduled to reopen in the first quarter of 2023. Genting Singapore is underway with a pledged S$4.5 billion expansion plan for Resorts World Sentosa with the group saying its is proceeding expeditiously as planned.

The Trump family signed a licensing deal with Dar Al Arkan, the Saudi developer behind a massive $1.6 billion hotel and golf project in Oman. The Trump name will adorn the resort and villas being built on a hillside next to the Gulf of Oman. The project’s website described a charming mixed-use development project on hilltops 300 feet above the shores of Muscat. It is expected to include 3,500 residential units consisting of medium-sized villas, townhouses and low-rise apartments. There will be two hotels, a plaza filled with cafes and restaurants, a gated promenade, luxury retail and wellness centers and outdoor landscapes.

Wynn Resorts said the first full scale casino in the United Arab Emirates will be in operation in 2026, built on an artificial island off the coast of the Ras Al Khaimah emirate. While a casino was not originally named, nearly everyone in the US casino world knew the integrated resort would have gambling. Wynn Resorts said this property will be bigger than its massive Las Vegas resort. Foundation work on the property will begin in the middle of next year. The project will feature a luxury hotel with over 1,000 rooms, a shopping mall, meeting and convention facility, a spa, more than 10 restaurants and lounges and gaming areas.

Personnel Move

Jumeirah Group announced the appointment of Peter Roth as their new Regional Vice President for Madinat Jumeirah. Roth will take responsibility for the extensive Madinat Jumeirah development in Dubai, spanning over 40 hectares and home to Jumeirah Dar Al Masyaf, Jumeirah Al Qasr, Jumeirah Mina A’Salam, and Jumeirah Al Naseem while additionally assuming the role of GM of Jumeirah Al Qasr. Roth will also oversee the group’s spa brand Talise Spa and its destination dining concepts at the resort, including KAYTO, Shimmers, French Riviera, Rockfish and Pierchic.

Alan Woinski
November 15th, 2022 at 7:45 AM EST

Companies: AC Hotels by Marriott, Aloft Hotels, Club Med, Conrad Hotels & Resorts, Courtyard by Marriott, Curio Collection by Hilton, Disney Parks, Element, Fairfield Inn & Suites, Fosun International, Genting Group, Hilton Hotels & Resorts, Holiday Inn, Holiday Inn Express, Hotel Indigo, IHG Hotels & Resorts, InterContinental, Jumeirah Hotels and Resorts, LXR Hotels & Resorts, Marriott International, Moxy Hotels, Resorts World Sentosa, Trump Hotels, Vignette Collection

Locations: Beijing, Chengdu, China, Chongli, Guangzhou, Indonesia, Oman, Phuket, Ras Al Khaimah, Shanghai, Singapore, Suzhou, Thailand, Vietnam, Wuhan, Xi'an

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