Amara Holdings received a voluntary cash offer at 60 cents per share from a consortium linked to Albert Teo, Amara’s CEO, other members of his family, and private equity investor Dymon Asia. The offer is final and is a 53.8% premium over Amara’s price on June 15th, before the company announced its key shareholders were in talks over a possible transaction. The stock was halted on November 10th, trading at 46 cents. The offer is officially coming from Amethyst Assets with intent to take Amara private. Amethyst is 36.2% owned by First Security Pte Ltd, a company owned by Teo and his siblings who are also Amara executives. Concordia United, an investment vehicle from Dymon Asia Private Equity, has a 30.3% stake in Amethyst.
In the Q3 2023 China Construction Pipeline Trend Report by Lodging Econometrics, at the end of the quarter, China’s total construction pipeline reached a record high of 3,720 projects with 686,017 rooms, up 3% by projects and unchanged by rooms year-over-year. The LE forecast for new hotel openings for 2024 expects 983 new hotels with 156,814 rooms to open by year-end. In 2025, the forecast is for 899 new hotel openings with 169,363 rooms.
China Hotel Pipeline by Class Q3 2023
| Class | Projects | Rooms |
|---|---|---|
| Upscale chain scale | 850 | 198,277 |
| Upper midscale | 1,222 | 194,515 |
China Hotel Pipeline by Stage Q3 2023
| Stage | Projects | Rooms |
|---|---|---|
| Under Construction | 2,661 | 480,538 |
| Starting construction in the next 12 mos | 356 | 65,606 |
| Early planning | 702 | 139,873 |
| Brand conversions | 156 | 24,885 |
| Construction starts | 205 | 35,455 |
| New project announcements | 310 | 49,874 |
China Hotel Pipeline by City Q3 2023
| City | Projects | Rooms |
|---|---|---|
| Chengdu | 144 | 29,207 |
| Shanghai | 121 | 23,222 |
| Guangzhou | 108 | 22,686 |
| Hangzhou | 90 | 18,917 |
| Wuhan | 90 | 12,540 |
China Hotel Pipeline by Openings Q3 2023
| Stage | Projects | Rooms |
|---|---|---|
| Open at close of Q3 | 468 | 75,491 |
| Additional open by close of Q4 | 310 | 44,313 |
In partnership with Greentown China Holdings Limited, China Resources Land Limited and Hangzhou Metro Development Company Limited, Four Seasons will open its second hotel in Hangzhou, China in 2024. The hotel will be the heart of the city’s new mixed-use development project, Hangzhou Centre Towers. Four Seasons Hotel Hangzhou at Hangzhou Centre will be a 150,000 square meter complex consisting of two 130-meter towers and 8,500 square meters of vibrant outdoor green space throughout. The Four Seasons Hotel Hangzhou at Hangzhou Centre will have 214 guest rooms and suites with river and West Lake views ranging from 54 to 300 square meters. The hotel will feature an array of restaurant, lounge, and event spaces including a rooftop bar and garden tea pavilion. The hotel will have 2,855 square meters of indoor and outdoor event space and more than 1,000 square meters of recreation space, which will include an indoor pool, whirlpool spa, and fitness facilities.
InterContinental Hua Hin Resort in Thailand announced the reopening of the first phase of its beach wing after an extensive renovation. The primary phase covers key elements of the renovation which include a refreshed and expanded lobby, a dedicated group check-in, and new conservatories for an elevated arrival experience. The breakfast experience has been enhanced with the extension of air-conditioning seating and “hawker” stations that tell the stories of the famous Hua Hin night market. All 119 guest rooms, the Fitness Center, pool areas, beach area, and restaurants & bars have received upgrades. One noteworthy aspect of the renovation is the introduction of new room types, featuring a collection of one-bedroom suites, private pool suites with direct access to the lagoon pool, and rooms specifically designed to offer direct views of the ocean and pool. The final phase will include the upgrades of the Kids Club, function room, and an attraction that pays homage to the Hua Hin’s golden era of travel, all expected to be completed by the end of this year.
Dusit International has signed HMA and RMA agreements with Ziogreen Private Limited to manage four properties amidst the beautiful landscapes of Karnataka state, southern India. All four properties are slated to open in mid-2026 and will have a ‘holistic wellness’ focus and will operate under Dusit’s midscale brand, Dusit Princess. They will become integral components of two major mixed-use development projects, each comprising a Dusit Princess Hotel and Dusit Princess Residences, culminating in a total of 450 keys. Dusit Princess Coorg Hotel, Karnataka, India will have 100 rooms and Dusit Princess Residences Coorg, Karnataka, India will have 100 guest rooms and 50 villas. Ziogreen’s second large-scale wellness-focused project in Karnataka state is a 283,000 square meter mixed-use development in Bagepalli, 50km north of Bangalore International Airport. The project includes the 100-key Dusit Princess Resort Bagepalli, Karnataka, India and Dusit Princess Residences Bagepalli, Karnataka, India. The latter will serve as an exclusive senior living enclave with 150 residential villas set alongside putting greens and other lifestyle facilities. Dusit International manages a group of luxury villas in India, in Goa, under its Elite Havens subsidiary. The first Dusit-branded hotel in India, the 80 key DusitD2 Fagu, Shimla is scheduled to open in 2Q 2024.
The receivers and managers of Andaman Resorts Sdn Bhd, owners of The Andaman, a Luxury Collection Hotel in Langkawi, Kedah in Malaysia, have placed the five-star international class beach hotel up for sale. The latest development comes on the heels of an unsuccessful attempt by Landmarks Bhd to get an injunction to stop the sale. Landmarks has filed an appeal at the Court of Appeal. Andaman Resorts Sdn Bhd was placed under receivership in July. The advertisement by Deloitte shows the assets that would be up for sale include a 29.9-acre parcel of land with 64 years remaining on the lease and the building sited on the land. The sale would also include land rights for the spa and staff quarters, and equipment and motor vehicles. The charged assets are being sold on an “as is where is” basis with the assets expected to fetch between RM100 million and RM120 million.
Leading Bali property developer Mirah Investment & Development announced the launch of Kuara Residence, a residential segment of its exclusive boutique resort, Kuara Lombok. The new Kuara Residence offers one, three, and four-bedroom villa options with private pools and views over Bumbang Bay. Owners have access to Kuara resort services & amenities, including onsite horse stables, beachfront restaurants, an archery range, a pottery studio, and more. Kuara Resort includes a spa, yoga center, farm-to-table fine dining, and naturalistic river pools, located adjacent to a protected nature park in Lombok, Indonesia.
Personnel Moves
The Ascott Limited has appointed David Cumming and Kanit Sangmookda to spearhead growth in Southeast Asia, enhancing operational and strategic capabilities in Vietnam, Cambodia, Myanmar, Thailand, and Laos. Cummings joins as Regional General Manager for Vietnam, Cambodia, and Myanmar and Sangmookda joins as Country GM for Thailand and Laos. Cumming joins Ascott after holding leadership roles over the past two decades with Onyx Hospitality Group, IHG Hotels & Resorts, and Accor. Sangmookda previously managed large hotel portfolios for Marriott, Minor Hotels, and the former Starwood Hotels & Resorts.
The controversial founder of the Sahara Group, Subrata Roy, passed away at the age of 75. Roy spent quite a bit of time in prison after allegations of fund mismanagement amounting to Rs 24,000 crore. That being said, Sahara Group was known for ambitious projects like Aamby Valley City and acquisitions of legendary properties like The Plaza in New York City and Grosvenor House Hotel in London.
