Saturday, September 1, 2012

Park Hotel Group sees growth potential in Asia's hotel sector

SINGAPORE: Park Hotel Group said it sees strong growth potential in Asia's hotel sector.

It has been on an expansion drive, acquiring various hotels in Asia since 2005.

And its growth strategy is paying off, as the company said it has seen healthy returns from its Singapore and Hong Kong hotel properties.

It now counts eight hotels in its portfolio under its "Park Hotel" and "Grand Park Hotel" brands.

It's also expanding into hotel management services, where it is set to manage a new 13-storey Park Hotel, which will open in Alexandra Road in 2015.

It also recently visited frontier markets like Myanmar, to explore new investment opportunities.

Allen Law, CEO of Park Hotel Group, said: "We strongly believe the tourism arrivals to different areas within Asia is going to boom, especially with China, India and Indonesia, these big key markets, with higher income to be spending in enough travels."

The Park Hotel Group was eyeing a listing on a stock exchange to raise its profile and to fuel even faster growth.

But with current market volatility, the company said it's taking a wait-and-see approach until external headwinds subside.

Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)

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