Celadon to open first managed property in Vietnam
Vietnam-based hotel management group Celadon International Hotels will operate a new luxury hotel in Hue. The five star, 271-bedroom property will be the first hotel managed by the group when it opens later this year. The hotel will have meeting space for up top 1,500 delegates, a spa, designer shopping arcade and an interactive "lifestyle museum" explaining the city's rich history.
UK represented at Italian food festival
British food will be topping the bill at the Salone del Gusto in Turin this autumn. UK favourites including Cornish pilchards, old Gloucester beef, Gloucester cheese, three counties perry and artisan Somerset perry will be available at the international show. A Scottish "taste island" will showcase Belhaven beer and the products of Quality Meat Scotland. The event, from 26-30 October, will also feature food and drink from Africa, Asia, America and Australasia.
Park Plaza continues German expansion
Park Plaza hotels will open an eighth hotel in Germany in August 2008. The 250-bedroom Park Plaza Munich will be part of a mixed use development called Arnulfpark and will also contain a fitness centre, conference facilities and a restaurant. The four-star hotel is being developed by KapHag, who will work alongside interior designers Nalbach+Nalbach.
Hyatt to pull out of Manila property
The Hyatt Regency Manila will cease to be part of Hyatt International's management portfolio from the end of this year. The hotel, owned by Hotel Enterprises of the Philippines Inc (HEPI), will not be able to carry the Hyatt brand name after 31 December 2006. In May 2002, more than 200 employees staged a 37-day strike following the allegedly illegal dismissal of 48 regular workers subsequently replaced with 60 contractors. The only remaining Hyatt property in the Philippines will be the Hyatt Hotel and Casino Manila.
Sydney hotels increasing in value
The value of Sydney hotels is at its highest point for two years according to the latest hotel valuation index from the Property Council of Australia. The latest quarter results, for December 2005, show that a four-star Sydney hotel's average annual income return was 9.57%, up from 9.33% in September 2005. The average capital return was 7.72%, up from 5.96% in the previous quarter. The total return index, benchmarked against a typical Sydney hotel in 1995 shows an increase of 240% above this value, which represents a substantial increase from the benchmark figure of 177% in 2003.
IHG opens Texas hotel
InterContinental Hotels Group has added a seventh Crowne Plaza hotel to its portfolio in Texas with the opening of the Crowne Plaza Austin. The 292-bedroom hotel, which has two dining areas and large meeting facilities, takes the group's room total in the state to more than 2,200. IHG has spent more than $4m (£2.16m) renovating the site.
By Alix Young