Leela Owner Files for an IPO
Skift Take
Schloss Bangalore, owner of The Leela hotel chain, has filed for a US$599 million IPO to fund expansion and debt repayment, with Morgan Stanley, BofA Securities, JPMorgan, and Citi managing the issue.
The Thai baht has seen its strongest surge in 26 years. That is causing a lot of concern for the tourism industry as it reduces the spending power of foreign tourists and they tend to travel elsewhere on holiday. The 26 year high is linked to the U.S. dollar weakness and is said to have already disrupted the competitive edge of Thailand’s tourism industry. The baht has risen 9% against the U.S. dollar in the past three months. Thailand has already seen 25 million arrivals this year, up 31% year over year but this could threaten the last four months of the year’s arrival targets. The Tourism Authority of Thailand has a full year goal of 36.7 million tourists generating 2 trillion baht in revenue.
The Macau Government Tourism Office said around 23 million tourists have visited Macau in the first eight months of this year, up 30% from last year and at 84% of January to August 2019 levels. The MGTO is predicting 34 million visitor arrivals by the end of 2024, above the 33
