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ITC Shareholders Okay Hotel Spin-Off

Alan Woinski
June 10th, 2024 at 9:30 AM EDT

Skift Take

ITC shareholders approved the company’s plan to spin off its hotel business, retaining a 40% stake, with overwhelming support from minority shareholders.

STR reported China hotel data for the week ended June 1st. Hotel RevPAR in China was up 2% year over year, up against a +60.4% comp. Occupancy was up 3.9% year over year.

For the second consecutive month, Japan recorded over 3 million visitors with a 56.1% year-over-year increase from April 2023. A total of 3,042,900 visitors were recorded in April 2024, up 56.1% over April 2023. The total number of visitors in the first four months of the year exceeded 11 million. April 2024 also brought a record number of US visitors to Japan at 228,900, up 24.5% from a year ago.

The Philippines received just above 2.4 million foreign tourists in the first five months of 2024, up 16.3% from a year ago. The Dept of Tourism said foreign tourists accounted for 93.4% of aggregate arrivals, which includes people classified as overseas Filipinos. South Korea remains the top source with 682,362 arrivals in the five months to May 31, up 22.1% year on year. The US was second with 403,721, flat from the year ago. China was third with 168,628.

ITC shareholders approved the Indian consumer goods maker’s plan to carve out its hotel business, in line with the recommendation of key proxy advisors. About 99.6% of the firm’s minority shareholders voted in favor of the move. ITC will maintain a 40% stake in ITC Hotels with the shareholders holding the rest.

Singapore-based REIT ARA Asset Management plans to acquire the 434-room Conrad Seoul from Brookfield Asset Management for 400 billion South Koreanwon (US$292 million), which would be the largest hotel deal in South Korea so far this year. Brookfield had initially placed the asset on the market last year at a price of over US$370 million. Mirae Asset Global Investments was supposed to buy the 38-floor hotel and the IFC Seoul in 2022 but that deal fell through.

Hyatt Hotels announced the opening of Park Hyatt Changsha, marking the debut of the Park Hyatt brand in the heart of Central China’s Hunan capital. The hotel occupies the uppermost floors of the 1,000-foot tall Tower Two skyscraper at Changsha’s International Finance Square. Park Hyatt Changsha has 230 modern rooms, including 24 suites with the rooms including a lounge area and walk-in wardrobe. There is also a 2,884-square-foot Presidential Suite. Food and dining options include Lilan, which spans the hotel’s entire 62nd floor. Wellness facilities are on level 48 and event spaces are on levels 63 and 4.

Accor Greater China, together with Changzhou High-Speed Railway Town and Chanzhou High-Tech Group Co., Ltd., announced the signing of a multiple property hospitality project in the community of Changzhou High Speed Rail New Town. Sofitel Changzhou will be in Star City, next to Changzhou North Stationand will have 310 guest rooms, a spa and wellness center with pool, executive lounge, restaurants and bars, and meeting facilities. In the nearby Changzhou International Talent Plaza, Accor will create Novotel Changzhou, a 324 guestroom tower, with a second 223-room tower for Novotel Living Changzhou.

The Park Plaza Bangkok Soi 18 will be rebranded and reimagined with a new upper-upscale concept, eventually relaunching as Radisson RED Bangkok Sukhumvit 18 in Q4 2025. Upon reopening it will feature 125 rooms, public spaces, fitness center, rooftop pool and bar, meeting rooms and more. The hotel is owned by Park Royal Co. Ltd.

Dusit International announced the signing of a partnership with VillaCarte Group, a Phuket-based real estate development company, to manage a dual-branded luxury hotel and apartment complex at the heart of VillaCarte’s Layan Verde Projecton the west coast of Phuket. The property will be located just 800 meters from Bang Tao Beach where Dusit has operated the Dusit Thani Laguna Phuket resort for over 30 years. Layan Verde spans over 108,000 square meters and comprises 15 mid-rise buildings. The Dusit Collection – Layan Verde hotel will be set over five buildings comprising 398 rooms and is the first property to be signed under Dusit’s new luxury Dusit Collection brand. Another five buildings will be managed by Dusit with 388 rooms under Dusit Residences – Layan Verde. All components are slated to open in 2027.

Wyndham Hotels & Resorts announced the opening of La Quinta by Wyndham Parnell AucklandNew Zealand. The 116-room hotel, owned by Safari Group, has become the third La Quinta by Wyndham property in the country and the second in Auckland. The hotel includes meeting facilities and comprehensive business services, a variety of room types, a fitness center, an on-site restaurant, and a lounge area.

Minor Hotels has added two properties in Sri Lanka, marking the introduction of its NH Collection Hotels & Resorts and upscale NH Hotels & Resorts brands in the country. Minor will manage the two properties, one in Colombo and the other in Bentota, following an agreement with Softlogic Holdings, the properties’ owners. The five-star NH Collection Colombo Hotel opened on June 1st with 219 rooms and suites, a 45-minute drive from Bandaranaike International Airport. The five-star hotel has the city’s largest Presidential Suite, along with six food and beverage outlets including a rooftop bar. NH Bentota Ceysands Resort is 90 minutes south of Colombo and is scheduled to open July 1 with 166 rooms, a swimming pool, a water sports center, a spa, five restaurants and bars and more.

Hilton announced the signing of its first DoubleTree by Hilton in the city of Kochi, the commercial capital of Kerala in India. The DoubleTree by Hilton Kochi was developed in association with Indraprastha Group and is scheduled to open in 2029, Hilton’s second hotel in Kerala. The new build hotel is being built along NH 47in Maradu. It will feature 171 guest rooms, including residential accommodations and spacious suites, three food and beverage outlets, including a specialty rooftop venue and 9,000 square feet of versatile indoor and outdoor event space. Wellness amenities will include an outdoor pool, spa, fitness center and an executive lounge.

Marriott Hotels announced the opening of Lampung Marriott Resort & Spamarking the brand’s debut in LampangIndonesia. The resort is nestled along the southern coast of Sumatra, a 30-minute flight from Jakarta. The resort comprises 154 rooms and suites, plus there are eight 1 and 2-bedroom villas. There are four dedicated rooms for families in four design themes – Magical ForestOceanic AdventureCelestial Voyage and Rockstar Retreat. The brand’s Greatroomopen-air lobby lounge is a highlight, there are food and beverage options, fitness center, Quan Spa and more.

IHG Hotels & Resorts has entered into a management agreement with AXA IM Alts for the launch of Holiday Inn Kyoto Gojo, slated to open in early 2025. The marks the return of the Holiday Inn brand to Kyoto and is the 11th Holiday Inn in Japan. The hotel will feature 183 rooms after significant renovations to transform into a Holiday Inn. Upgrades will include a modern open-lobby lounge and café bar, upscale restaurant, banquet halls, traditional Japanese daiyokujo baths and a gym.

International fund manager Pro-invest has listed the Kimpton Margo Sydney for sale. The hotel opened in February 2022 and is the luxury boutique brand’s first foray into Australia, comprising 172 of the city’s largest and most luxurious guestrooms and suites, world-class beverage and food offerings, rooftop swimming pool and a 24 hour fitness center. CBRE has been exclusively appointed to manage the sale via an International Expression of Interest campaign.

Alan Woinski
June 10th, 2024 at 9:30 AM EDT

Companies: ITC Hotels, Accor, Brookfield, Conrad Hotels & Resorts, DoubleTree by Hilton, Dusit Collection, Dusit International, Hilton Hotels & Resorts, Holiday Inn, Hyatt Hotels Corporation, IHG Hotels & Resorts, Kimpton, La Quinta, Marriott Hotels, Marriott International, Minor Hotels, Mirae Asset Global Investments, NH Collection, NH Hotels, Novotel, Park Hyatt, Sofitel, Wyndham Hotels & Resorts

Locations: Auckland, Changzhou, China, Colombo, Indonesia, Japan, Kerala, Kyoto, Philippines, Phuket, Seoul, South Korea, Sri Lanka, Sydney, Tokyo

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