Accor Buys Back Some Shares from Jinjiang

The Macau Government Tourism Office said they expect the number of overseas arrivals this year to reach 60-70 percent of pre-Covid levels, with more than two million tourists visiting the city. Macau welcomed 1.46 million international visitors in 2023, a huge disappointment considering they gave so much incentive to their concession holder casinos to focus on international visitation. 2023 international visitors only reached 47.6% of pre-Covid levels. That prompted tourism officials to double and triple down on promotions. They plan to spend US$29.2 million this year on promotional campaigns and incentives targeting overseas markets, including giving 250,000 “gifts” to overseas travelers.

In February, the Macau unveiled the “My Treats for You” scheme which gives discounts and special offers for international tourists on air tickets, cross-border transportation, hotel accommodation, dining, entertainment and show tickets. 49% of the 250,000 “gifts” will be international air ticket discounts and 46% will be free bus and ferry tickets to Macau from the Hong Kong International Airport. In 2023, there were 28.21 million visitors to Macau, recovering to 71.6% of the pre-Covid volume. Visitors from the Greater China region rebounded to 73.6% of the 2019 level, accounting for 94.8% of the total visitation count.

Marriott International’s Sheraton Hotels & Resorts brand unveiled the Sheraton Jakarta Soekarno Hatta Airport, continuing Marriott’s expansion in Indonesia. The 227-room hotel is part of another worldwide transformation of the Sheraton brand, this one focusing on design and experience signatures that foster community, gathering and productivity in all areas of the hotel. This is the first five-star urban resort within the vicinity of Soekarno-Hatta International Airport, located just a 5-minute drive from Cengkareng Golf Club and Soewarna Business Park. The hotel introduces a modern community hub featuring Sheraton signature elements like the Community Table and The Booth for productive workspaces and The Studios for collaborative meetings. The hotel includes three pools, a 24/7 fitness center and exclusive access to the Sheraton Club for Marriott Bonvoy elite members. There are dining and beverage options including a Pool Bar along with over 683 square meters of event space.

Accor announced a share repurchase agreement was reached to buy back a block of seven million of its own shares, representing 2.77% of its capital, from Jinjiang International. The price per Accor share for the transaction is 39.22 euros, a discount of -3% from the closing price on March 11th. The share repurchase will amount to 275 million euros, is part of the 400 million euros share buyback program of Accor for 2024. Following this transaction and cancellation of the repurchased shares, Jinjiang International’s stake in Accor will be reduced from 7.96% to 5.33% of the share capital. Jinjiang International agreed to be bound by a seven-month orderly disposal provision applicable in case of a market trade.

Belle Corporation is seeking to buy all P4.6 billion worth of minority-held shares of its highly profitable gaming subsidiary Premium Leisure Corporation with the intent to voluntarily delist it from the Philippines Stock Exchange. PLC, through its partnership with Melco Resorts and Entertainment Corporation, has an interest in the development of City of Dreams Manila, an integrated entertainment and gaming complex located at the Philippine Amusement and Gaming Corporation Entertainment City in Paranaque City. The tender offer price is to be determined upon receipt and acceptance by the BEL Board of the fairness opinion report of First Metro Investments Corporation.

Chalet Hotels Ltd said its shareholders had approved a special resolution to raise INR 2,000 crore. The company had sought approval of its shareholders for a special resolution through a postal ballot notice dated January 24, 20-24 to consider and approve the raising of capital by way of public or private offerings, including through a Qualified Institutions Placement to eligible investors through an issuance of equity shares or other eligible convertible securities for an amount not exceeding INR 2,000 crore. Chalet Hotels said they need to raise the capital as they are in an expansion phase and foresee opportunities for growth, as it continues to evaluate organic and inorganic options to improve its market share and accelerate its business growth. The proceeds will be utilized towards pre-payment and/or repayment of debt; organic and inorganic growth/expansion; redemptions/restructuring of preference shares or other outstanding securities along with other general corporate purposes.

The Fern Hotels & Resorts, which calls itself India’s leading environmentally sensitive hotel chain, announced the signing of a new hotel, The Fern Residency, Godhra, Gujarat. The company has 33 properties in Gujarat, operational or soon to open. The new hotel, once operational, will feature 64 well-appointed rooms with a host of F&B, banqueting and conferencing facilities, which include two restaurants, a swimming pool and gym and two banquet halls spread across 6,000 square feet and 2,300 square feet respectively. The new property is expected to open in 2027. The hotel property is being developed in the heart of the city, expected to cater to leisure travelers.

Indian Hotels Company announced the signing of a hotel in Surat, Gujarat. The Greenfield project will be branded as an IHCL SeleQtions hotel. The 175-key hotelis strategically located on upscale Dumas Road, a comfortable drive from the airport and key business districts. The hotel will offer an all-day diner, a specialty restaurant, and recreational facilities including a swimming pool and a fitness center. Meeting and event facilities will include an over 8,000 square foot spacious banquet hall, as well as multiple conference and meeting rooms. Surat is the second largest city of Gujarat, known as the ‘Diamond City of India.’ With the addition of this hotel, IHCL will have 23 hotels across Taj, SeleQtions, Vivanta and Ginger brands in Gujarat including four under development.

Personnel Move

CapitaLand Ascott Trust announced Bob Tan will retire as the Chairman of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management Pte Ltd. Mr Lui Chong Chee, a Non-Executive Independent Director, will succeed Bob Tan on April 22 as part of CLAS’ Board renewal process. Lui Chong Chee joined the CLAS Boards as a Non-Executive Independent Director on February 1, 2024.