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Marina Bay Sands to Inject USD750 Million for Its Second Phase of Hotel Transformation

Singapore’s Marina Bay Sands (MBS) has announced the second phase of its reinvestment programme. Amounting to an additional USD750 million, the second phase focuses on Tower 3, the Hotel Lobby, and Sands SkyPark. The transformation will also include a reimagined VIP arrival experience, new premium dining and retail offerings, a lobby transformation, and a renewed focus on wellness guest experiences. Additionally, the integrated resort will have more than 550 re-designed rooms, of which 380 are suites. This second phase is expected to be completed in different stages across 2025. Upon the completion of all three hotel towers in MBS, there will be 1,850 refurbished luxury rooms, which includes 770 suites.

Cross Hotels & Resorts to Launch Cross Vibe Brand in Indonesia

Thailand-based Cross Hotels & Resorts has entered into a double agreement with Indonesia-based PT Sunset Studio One, a subsidiary of Indonesia-based PT Bhuwanatala Indah Permai Tbk (BIP Group), to launch the Cross Vibe brand in Indonesia. The 175-key Cross Vibe Paasha Atelier Bali Kuta (“The hotel”) is located on Jalan Raya Kuta and is in close proximity to Kuta beach and Bali’s Ngurah Rai International Airport. The hotel offers a range of room types, namely – Superior, Superior Pool View, Duplex, Junior Suite, Deluxe Pool, and Deluxe Pool Suite. Other facilities include all-day international dining, a swimming pool, a day spa, and a gym.

Qantas Launches Darwin-Singapore Flight Service

Qantas has announced the launch of direct flights from Darwin, Australia, to Singapore. This new flight route will begin this coming December, whereby flights will initially operate five days per week. From March 2025, the flight frequency will increase to daily flights. This new service will add more than 60,000 seats on the route each year.

China Has Further Relaxed Visa Rules for International Travelers  

China’s National Immigration Administration has announced the relaxation of China’s entry requirements for international travelers. Firstly, foreigners who urgently need to enter China for non-diplomatic activities, may apply for port visas via port visa authorities by presenting their invitation letter and relevant documents. Secondly, foreigners on 24-hour direct transits will be exempted from border inspection procedures at nine international airports in China. Thirdly, foreigners entering China for short-term non-diplomatic activities, may apply for visa extensions and renewals at the Public Security Bureau. Moreover, foreigners who need to enter and exit the country multiple times, may apply for a multiple-entry visa. Lastly, the document submission process, for China visa applications, has been further simplified

308-key lyf Bugis Singapore Set To Open in Mid-2024 

Singapore-based The Ascott Limited (Ascott) and CapitaLand Wellness Fund (C-WELL) have completed a 50:50 joint acquisition of the freehold 308-key Hotel G, in Singapore. The hotel is located in Singapore’s downtown core district and is in close proximity to Bugis and Bencoolen MRT train stations. Following the acquisition, the hotel will simultaneously remain operational and undergo renovations to be rebranded as lyf Bugis Singapore. The rebranded 308-key hotel is expected to open in mid-2024, as a green-certified property that focuses on sustainability, health, and active wellness.

Absolute Share Price Performance, as of 19 January 2024

Closing Share Price

19 January 2024

12 January 2024

% Change

Australia Stock Exchange (ASX)

Elanor Investors Group

1.36

1.43

-4.9%

Event Hospitality & Entertainment Ltd

12.48

12.26

1.8%

General Property Group

4.36

4.65

-6.2%

Mirvac Group

2.09

2.07

1.0%

Bangkok Stock Exchange (THB)

Central Plaza Hotel Public Co Ltd

41.75

43.00

-2.9%

Dusit Thani Public Co Ltd

8.40

8.85

-5.10%

The Erawan Group Public Co Ltd

4.90

5.10

-3.9%

Grande Asset Hotels & Property Public Co Ltd

0.15

0.15

0.0%

Laguna Resorts & Hotel Public Co Ltd

38.50

38.75

-0.6%

Minor International Public Co Ltd

27.50

28.25

-2.7%

S Hotels and Resorts Public Company Limited

2.30

2.36

-2.5%

China Shanghai Stock Exchange (RMB)

Jinling Hotel Corporation Ltd

8.19

8.39

-2.4%

China Shenzhen Stock Exchange (RMB)

Huatian Hotel Group Co.,Ltd.

4.44

4.11

8.0%

Guangzhou Lingnan Group Holdings Company Limited

9.08

9.13

-0.5%

NASDAQ (US$)

Huazhu Group Limited

31.82

33.02

-3.6%

Hong Kong Stock Exchange (HK$)

Miramar Hotel & Investment Co Ltd

10.20

10.60

-3.8%

Regal Hotels International Holdings Ltd

2.90

2.87

1.0%

Sino Hotels Holdings Ltd

1.80

1.78

1.1%

The Hong Kong & Shanghai Hotels Ltd

5.44

5.73

-5.1%

Shangri-La Asia Limited

4.90

5.15

-4.9%

National Stock Exchange (INR)

Chalet Hotels Ltd

730.70

749.10

-2.5%

IHCL (Taj Hotels, Resorts & Palaces)

479.10

461.55

3.8%

EIH (Oberoi Hotels & Resorts)

293.45

279.70

4.9%

Hotel Leela Ventures

29.50

30.55

-3.4%

Lemon Tree Hotels Ltd

134.15

133.80

0.3%

Mahindra Holidays & Resorts

399.05

407.30

-2.0%

Royal Orchid Hotels

333.85

363.25

-8.1%

SAMHI Hotels Limited

184.45

193.35

-4.6%

Korea Exchange (KRW)

The Shilla

57,500

61,000

-5.7%

Singapore Stock Exchange (S$)

Amara Holdings Ltd

0.51

0.60

-15.0%

ARA Htrust (US$)

0.29

0.31

-6.5%

Ascott Residence Trust

0.95

0.97

-2.1%

Banyan Tree Holdings Limited

0.34

0.34

0.0%

CDL Hospitality Trusts

1.02

1.06

-3.8%

Far East Hospitality Trust

0.63

0.65

-2.3%

Frasers Hospitality Trust

0.48

0.49

-2.1%

Hotel Grand Central Ltd

0.81

0.80

0.6%

Hotel Properties Ltd

3.59

3.60

-0.3%

Mandarin Oriental International Ltd (US$)

1.52

1.49

2.0%

Stamford Land Corporation Ltd

0.40

0.40

0.0%

Taiwan Stock Exchange (NT$)

Formosa International Hotels Corporation

208.00

223.00

-6.7%

The Ambassador Hotel, Ltd

44.85

48.90

-8.3%

Tokyo Stock Exchange (JPY)

Japan Hotel REIT Investment Corp.

72,600

70,200

3.4%

Imperial Hotel, Ltd

990.00

982.00

0.8%

Red Planet Japan Inc

17.00

19.00

-10.5%

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel. 


Hok Yean Chee, Regional President – HVS Asia Pacific hychee@hvs.com


Mandeep S. Lamba, President, South Asia – HVS Anarock mlamba@hvs.com


Mei Leng Ho, Senior Vice President – HVS Singapore mlho@hvs.com


Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific fkittler@hvs.com

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