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Shanghai Will Get a Mirage by MGM Hotel

Alan Woinski
March 26th, 2024 at 7:29 AM EDT

Skift Take

Tishman Speyer partners with Diaoyutai MGM Hospitality to open Mirage by MGM Shanghai in 2027 within a new mixed-use tower at The Springs, featuring luxury rooms and upscale amenities.

The Singapore Tourism Board said the city-state welcomed 327,000 Chinese tourists in February, nearing pre-Covid levels. In Thailand, they saw an influx of over 600,000 Chinese tourists that month, only 60% of the figures recorded in February 2019. Vietnam said they welcomed 295,000 Chinese tourists in the month, not even half of its pre-pandemic levels. Singapore and China had a reciprocal visa waiver agreement that went into effect on February 9th, joining Thailand and Malaysia who had abolished visa requirements from China last year. Bloomberg said that not only was Singapore nearing pre-Covid levels with Chinese visitation, the average expenditure per visit by Chinese tourists there surged by 30% from 2023.

Macau’s hotel occupancy rate reached 89.7% in February, up 12 percentage points year on year and almost four percentage points higher than January. The Macao Government Tourism Office said the occupancy rate of five-star hotels in February was 90.9%, up 13.7 percentage points year on year while the occupancy rate of four-star hotels was 82.4%, up 8.6 percentage points. Three-star hotels occupancy rate was 92%, up 7.3 percentage points. Room rates averaged MOP1,544.9 (US$191.80), up 28.4% year on year. Five-star hotels saw room rates rise 28.5% to MOP1,732.3. The Macau Hotel Association counts 27 five-star hotels, 12 four-star hotels and 7 three-star hotels as members.

Tishman Speyer announced a hotel management agreement with Diaoyutai MGM Hospitality to create and operate a Mirage by MGM within the final mixed-use tower being developed at The Springs in ShanghaiMirage by MGM Shanghai will be located within AXIOM Tower B, a 56-story tower that Tishman Speyer is developing with Chengtou Holding. Tower B envisions premium offices, a theater, retail, an inspired food & beverage program and a range of hospitality-infused amenities and is one of a pair of iconic skyscrapers known as the “Eye of Wisdom” that comprise the final phase of The Springs development. The completion of Tower B is scheduled for 2025. Mirage by MGM Shanghai will open in 2027, featuring 205 luxury rooms, event spaces, fitness facilities and other upscale amenities from the ground floor to the 18th floor. The food & beverage destination will be curated on the fifth floor with specialty restaurants, bars and an outdoor terrace connected to a swimming pool that will serve as a fashionable sanctuary. A multi-functional banquet hall will be on the first floor.

Marriott International unveiled its first ever Courtyard by Marriott hotel in Western Australia, located in Murdoch. The 150-room hotel was developed in partnership with Hesperia and features an all-day contemporary dining venue called Substance Restaurant & Bar, along with flexible meeting spaces and a 24-hour gym. The hotel is located 10 minutes from the CBD and under half an hour from the airport. The Courtyard by Marriott Perth, Murdoch is Marriott’s fifth hotel in Western Australia, located just outside of the Perth CBD. Rooms range from 28-56sqm with a variety of options.

BE Group of Companies held a groundbreaking ceremony to commence construction of its third project in its hospitality portfolio, BE Resort-Siargao. The resort will be a three-story building with almost a hundred rooms in inventory, the largest on the island to date. It is on a 5,000-square-meter beachfront property in General LunaSiargao IslandSurigao del NorteBE Resort-Siargao will be the BE Group’s second resort outside Cebu and the first in Mindanao. It will carry the BE brand of Cebuano hospitality. The project’s target completion date is within two years.

The Royal Park Hotel Ginza 6-chome is opening on May 30th. The hotel is located near Higashi-Ginza Station in TokyoJapan, and offers 273 rooms, direct airport access, luxury shopping proximity, Yoshuku cuisine, and a blend of retro and modern design. The hotel is home to a large common bathing area and a restaurant serving “Yoshoku,” a type of cuisine that developed uniquely in Japan based on Western-style cuisine. The interior of the hotel has a design that coexists with retro and modern, a restaurant that serves Western food, one of Japan’s unique food cultures as well as a bar, lounge and large public bath. The hotel is a 3-minute walk from Higashi-Ginza Station.

Central Pattana aims to increase retail space in Bangkok by 2.2 million square meters. They unveiled a 121 billion baht investment over the next five years, aiming to expand its multi-use projects from 20 to 25. The 5 upcoming projects start with Dusit Central Park and the unveiling of Dusit Thani Hotel in September this year, followed by Central Park Retail and office building in mid-2025.

Crown Resorts said gaming regulators in the Australian state of Victoria have ruled they are suitable to continue to operate its Melbourne casino. The Victorian Gambling and Casino Control Commission ruled that the systemic failings at Crown Melbourne are now a thing of the past. The Special Manager who had been placed to oversee the casino’s remediation efforts for the past two years will be stepping aside and Crown will resume full operations of the casino.

Talks between Singapore’s sovereign wealth fund GIC and Blackstone for a property sale of $1.5 to $2 billion of assets in India have broken down, according to the Hindu BusinessLine. Properties that were to be part of the sale have a leasable area of 26 million square feet and include Eon Free ZoneTech Park One, the 415-key JW Marriott hotel and the Pavilion Mall. That includes the projects with Panchshil. Projects with Salarpuria in Hyderabad include Knowledge City and Knowledge CapitalBlackstone has had these joint ventures for 7-10 years and the usual period for investments that private equity firms follow is 5-7 years. Blackstone is now planning to launch a REIT for the properties housed under Nucleus Office Parks and the two joint ventures and is in the process of identifying investment bankers for the issue.

Hongkong and Shanghai Hotels said they expect Hong Kong’s hospitality sector to face more challenges ahead as tourist arrivals struggle to return to pre-pandemic levels, delaying a recovery in occupancy and tourism spending. They noted low levels of international arrivals from the US and Europe to Hong Kong and mainland China. They believe a negative perception about Hong Kong is still lingering in those markets along with trade wars, economic crises and geopolitical conflicts not being good for the international travel business. The Hong Kong Tourism Board is expecting 46 million tourists to the city this year. That is up 35% from 2023 but way down from the 2018 level of 65 million.

Alan Woinski
March 26th, 2024 at 7:29 AM EDT

Companies: MGM Resorts, BE Group, Blackstone, Cebuano, Central Pattana, Courtyard by Marriott, Crown Resorts, JW Marriott Hotels & Resorts, Marriott International

Locations: Australia, Bangkok, Hong Kong, Macau, Melbourne, Philippines, Shanghai, Singapore, Tokyo

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