Dorchester Collections, a hotel management company, wants to extend its portfolio by opening new locations in New York and Asia.
"We'd like to be represented in Beijing, Shanghai, Hong Kong, and Singapore," Christopher Cowdray, the company's chief executive officer, told Bloomberg. "We'd like to be in New York, and that's our primary goal." property qatar
The Dorchester name would be used for the new properties. There was no mention of a timeline or specifics about the expansion.
Other hotel chains, such as Dorchester, are recognizing Asia's business potential. Marriott International promised a "explosive" expansion in Asia last month, stating that one hotel would open every eight days through 2016.
In Asia, the hotel business is seeing a surge in investor interest. In comparison to last year, investment volumes in Asia increased by 145 percent at the end of the third quarter.
According to STR Global, the number of hotel rooms in Beijing climbed 2.7 percent in the first nine months, while the average daily charge at luxury hotels fell 3.7 percent and occupancy declined 6%.
The Dorchester Collections owns ten hotels in Europe and the United States, including properties in Los Angeles, Paris, Rome, and Geneva, thanks to purchases. According to Bloomberg, the Beverly Hills hotel entertained Elizabeth Taylor, Marilyn Monroe, John Wayne, and Frank Sinatra, among others.
Industrial Deals in Hong Kong are at an all-time low.
According to a research from Savills, the volume of industrial transactions in Hong Kong fell 76.2 percent in the third quarter compared to the same period previous year.
Transaction volumes fell 15.9% in the third quarter, with only 578 acquisitions executed compared to the previous quarter.
"With most purchasers becoming wary, volumes continued to fall and the sales market halted," according to Simon Smith of Savills Research. "In the meantime, the leasing market was supported by exceptionally restricted availability and spillover demand."
According to Savills, there were only 20 big industrial agreements worth more than HK$30 million in the third quarter, compared to 25 in the second quarter, as high transaction costs and an uncertain investment environment kept end users on the sidelines.
The number of major/en-bloc deals via business transfer increased amid the decline in market mood, as buyers sought to avoid additional costs such as higher stamp duty.
Vacancy rates in the warehouse market have risen to 1.2 percent. As a few occupiers looked for relocation space at around 20,000 square feet, modern warehouse vacancy remained at 0.2 percent.
As a result, third-quarter warehouse rents jumped by 3.9 percent.
According to Savills, the latest government actions in February have reduced short-term investment opportunities while halting price increases in the factory sector. The research does, however, note an increase in the number of long-term investors and funds entering the market, as well as increasing interest in revitalizing old structures.
"We're cautiously positive about the industrial sector," Savills added, "with both regeneration potential and constrained availability supporting the flattened factory and warehouse sectors." "While we expect rental growth to decelerate to 0 to 5% in 2014 due to a higher base of comparison and slower genuine demand, we expect price growth to follow a similar pattern over the next 12 months."