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HAMILTON, Bermuda, February 3 – Orient-Express Hotels Ltd. (NYSE: OEH, www.orient-express.com),owner or part-owner and managers of 50 luxury hotels, restaurants, tourist trains and river cruise properties operating in 24 countries, today confirmed that it has completed its acquisition of Grand Hotel Timeo and Villa Sant’Andrea in Taormina, Sicily from The Framon Group for a combined price of EUR81million (US$ 117 million).

In addition, the Company confirmed it had concluded the sale of its Australian property, Lilianfels Blue Mountains, to Lilianfels Hotel Pty Ltd for AUD 21 million (US$ 19.3 million).

Orient-Express Hotels’ President and Chief Executive Officer, Paul White said, “The sale of Lilianfels, and the sale of other non-core assets in 2009, significantly strengthened our balance sheet. We are delighted to have secured this rare opportunity to acquire the internationally renowned Grand Hotel Timeo, with its sister hotel, Villa Sant’Andrea and we are confident we can make significant improvements in performance at both properties.”

The magnetic appeal of these projects, which are generally more costly than constructing something from scratch, lies in the fact that they are rich in history, local flavour and charm, says the hotelier.

In with the old

IT is ghosts of the past that worry hoteliers most when they convert old buildings into new lodgings – and not the supernatural kind. ‘With old buildings, you never know what you are getting into. You find faults you didn’t see before, once you start work on them,’ says Loh Lik Peng, who owns Hotel 1929 and New Majestic Hotel in the Chinatown area, both of which occupy pre-war structures. On top of that, he adds, engineering is costly and ‘a pain’, because such buildings have no grid; as a result, there can be no replication in design as every room has different dimensions.

Then there are restrictions on the extent to which the original structures may be modified. Take Wangz Hotel, for instance: the month-old hotel, which occupies a 20-year-old building at Outram Road, is located near an MRT tunnel, so it had to work around a structural load constraint. Says its director, Wang Chang Yuin: ‘Our structural engineer had to perform meticulous calculations on both internal and external loading to ensure that we didn’t put additional load on the building. The existing facade tiles and internal walls were removed, and lightweight materials, such as the external perforated aluminium cladding, were used instead.’

Still, such hurdles have not stunted the growth of a new boutique-hotel culture – crafted out of mature buildings – here. Over the past few months, several such lodgings have sprung up and more will open within the first half of this year, including a new venture by Mr Loh.

The magnetic appeal of these projects, which are generally more costly than constructing something from scratch, lies in the fact that they are rich in history, local flavour and charm, says the hotelier. ‘There’s something about old buildings that really captures my interest. There are layers of history imbued in them, and it’s like you’re peeling them back when you do your renovations and incorporating them with a new interpretation. I would never look at an empty plot of land and say that,’ he says.

Adds James Ting, general manager of Nostalgia Hotel, a six-month-old business that takes up two heritage shophouses in Tiong Bahru: ‘These buildings possess rich historical value. In converting them into new premises, we can preserve a part of Singapore’s history, perhaps for the younger generation to appreciate in future. Additionally, through the hotel’s architecture and retelling of its history, guests can get an insight into Singapore’s story and have a unique experience that is different from the monotony of chain hotels.’

BT Weekend takes a look at four new-old hotels that form part of the burgeoning boutique accommodation culture here.

Wanderlust
2 Dickson Road
To open by mid-year

DICKSON Road is a pretty offbeat location for a trendy hotel, what with the motor workshops, Chinese-style ‘beer garden’ and coffee shops that line it. But then, owner and lawyer-turned-hotelier Loh Lik Peng has never been one to follow convention. ‘Very often, a project is not about the location,’ he says. ‘It’s about falling in love with the building; looking at it and seeing a little gem there. It’s not about being near an MRT station; I never look at projects that way.’

His latest hotel, then, takes up a charming, tiled-front building that was constructed in the 1920s. ‘This was the Hong Wen School until the Buddhist Welfare Association took over in the 1970s, when Hong Wen moved to bigger premises,’ says Mr Loh. ‘Now I guess the association has outgrown it too – they’ve moved to Toa Payoh.’

To be called Wanderlust, the 29-room, four-storey establishment will be ’something a little more sophisticated and fun’ than the other hotels in the neighbourhood, and it’s being designed by cutting-edge creative agencies Phunk Studio, Asylum and fFurious, along with architects DP Architects. Each company is responsible for one floor.

On the hotel’s positioning, Mr Loh says: ‘There are very few nice, interesting hotels in Little India, nothing like what we’re doing. They’re all the budget sort, lacking in imagination and not leveraging on the uniqueness of the area. This is a really authentic part of Singapore, so I thought it’d be nice to do something special.’

No surprise then, that Wanderlust aims to bat creativity out of the park with visual treats like Asylum-designed bespoke wallpaper printed with modern images of Little India; neon lighting; and heavy play on light and shadow on the various floors. The rooms, to be priced from around $200 to $250 a night, promise to be ‘almost like a playground designed as furniture’: there’s a ‘monster room’, a ‘tree room’ and one with a spaceship concept, and all fittings are being custom-made because of the complex shapes needed.

Says Mr Loh: ‘We’re using fibreglass, concrete, steel, plywood … everything. It’s going to be the first hotel of this sort that I’m doing, as in working with this level of complexity.’

Additionally, the building will house a cantilevered pool on the second storey, as well as a small ground-floor bar and a casual French restaurant helmed by Anthony Yeoh of the Funky Chefs, who does ‘good, solid flavours’, proclaims Mr Loh.

Wanderlust’s site, says the hotelier, reminds him of Keong Saik, where he opened his first hotel, Hotel 1929, in 2003. ‘It was all hotels with hourly rates and brothels back then. In many ways, this area reminds me of that; it’s really local and I like that,’ he explains. As he sees it, going in early – wedged among those motor workshops and coffee shops – is a good thing. ‘You can’t help other people coming in and diluting the flavour,’ says Mr Loh, ‘but for a while, at least, you can capture the magic of an area.’

The Club 28 Ann Siang Road To open in April THOSE not content with just dinner and drinks at Harry’s will be glad to know that they can soon do bed and breakfast there as well: come April, the group behind the Harry’s chain of restaurant-bars will open a hotel under the newly-established Harry’s Hospitality umbrella.

To be called The Club, the 22-room establishment (rack rate: $400 a night) will also house function rooms plus a couple of F&B outlets that include a tapas restaurant, an outdoor terrace and a rooftop bar – necessary revenue-generating elements in such a small project, says Mohan Mulani, chief executive officer of Harry’s Holdings. ‘With a boutique hotel of this size, F&B is quite a key component in the business plan. You can’t just operate it on room sales alone,’ he says, adding that The Club plans to draw ‘a good 60 per cent’ of its revenue from that channel.

The project is a natural extension of his core business, he adds. ‘While it is a bit of a deviation from opening bars, it really isn’t that large of a deviation. And it gives the company a lot more depth also, plus more offerings for the customer.’

Bed and breakfast aside, what those customers will get is the opportunity to experience a bit of Singapore’s history too – The Club will be located in a historic shophouse that, most recently, used to be home to advertising agency Batey. ‘It’s where the Singapore Girl was born,’ says Mr Mulani, referring to the well-known Singapore Airlines campaigns that Batey produced. The area also used to house many remittance centres for the early Chinese immigrants, a fact that the architect Colin Seah of Ministry of Design, which worked on the hotel, played on.

The entrance, for example, will showcase murals that give a sense of what the place was in the past; there will also be features that hint of this history in the rooms, where the ‘modern day nomad and the nomad of yesterday cross paths for a moment’. The other key inspiration in The Club’s design is Singapore’s colonial past, which in one instance takes shape in the form of a larger-than-life Raffles statue standing with his head in the clouds.

Artists who have been involved in other Harry’s projects have also been tapped to contribute to the hotel – artworks from Romanian Valeriu Sepi (who did a mural in Harry’s Boat Quay outlet) and Singaporean Wyn-Lyn Tan, to name a couple, will decorate The Club.

The hotel’s site was selected for two reasons, says Mr Mulani. One, he has a ’soft spot’ for the area as he owned a wine bar there for more than a decade, which he had to give up three years ago when the building it was in was bought over. And two, ‘I hang around here a lot and I think Ann Siang Road is really heaving and happening again’. Even taking into account competition from the other boutique hotels in the Chinatown area, he is upbeat about the success of The Club. ‘With the product that we’re creating, I don’t think we have a very uphill task, in my humble opinion,’ he says.

Wangz Hotel
231 Outram Road
Tel 6595-1388
www.wangzhotel.com

AS the saying goes, third time lucky – and so’s the case with the 20-year-old building that Wangz Hotel is located in. Originally called Tarng Chern Building, the unique barrel-shaped structure used to house offices and a jewellery shop. Some years later, it was renamed Hope Centre and became home to a student hostel and several non-profit organisations. But it is with its third and latest reincarnation that the building has really been revitalised with a fresh new look and a more permanent purpose.

The 41-room, six-storey hotel is owned by the Wang family, who have been involved in property development (including serviced offices) since the 1990s but had not previously done a hotel before Wangz. ‘The idea of opening a boutique hotel had been at the back of our minds, but we hadn’t found a suitable property,’ says director Wang Chang Yuin.

When the family was approached about the Outram Road building, however, they took to it immediately. ‘We were drawn to the strategic location of the building,’ says Mr Wang. ‘It is close to the CBD and Orchard Road, and we like its prominent location. We also like the charm of the art deco buildings in the area.’ In addition, he adds, the hotel is the tallest building in the immediate vicinity and offers great views of the city skyline, particularly from its rooftop.

The decision to develop the site and create ‘a modern hotel that would stand out from the nearby art deco buildings’ was made in 2007; some two years and $8 million later, Wangz Hotel has emerged from its chrysalis of scaffolding. And what a transformation it has undergone: the original dull tiled facade is now all gleaming perforated aluminium, teased by local architects CPG Consultants into a three-way curve to give the building a ‘bulging’ effect and a futuristic look, and its interiors are a cocoon for culture. The spacious rooms – priced from about $228 a night, and stuffed with creature comforts such as pillow-top mattresses, iPod docking stations, goosedown duvets and Molton Brown bath amenities – feature artworks by artists such as Hijran Seyidov, a Dubai resident who counts royalty among his clients; Singaporean Anthony Tan, who is known for his nature-themed abstracts; and contemporary South Indian artist P Gnana, whose works are in the Singapore Art Museum collection.

Apart from studying these aesthetic treats, guests can also have drinks at Halo, the rooftop lounge, dine at in-house restaurant Nectar, or work out in the fully-equipped gym.

Already, the hotel is reporting a 55 to 80 per cent occupancy rate, with most guests coming from Europe, the United States and Australia.

‘There is a growing market for tourists who specifically go to boutique hotels because of the cosy environment and personalised service they offer,’ says Mr Wang. ‘Because of this, and given the usually small number of rooms each boutique hotel has, we think demand for such hotels will remain high.’

Nostalgia Hotel
77 Tiong Bahru Road
Tel 6808-1818
www.hotelnostalgia.com.sg

WITH the warm lighting that spills out of its wooden shutters in the evenings and the comfortable, lived-in buzz that radiates from it, one can easily imagine No 77 Tiong Bahru Road to be a home straight out of the pre-war era. Step inside the perfectly preserved shophouse, however, and a reception area will reveal the truth: the more-than-half-a-century-old building actually forms part of a hotel.

That homely feel is exactly what owner Cornerstone Link, a mining company based in Indonesia, was looking for when it bought the property from developer Lion Properties Group in September, says the hotel’s general manager, James Ting.

He adds that Nostalgia is positioned to feed the growing demand for such boutique accommodation.

‘Travellers are becoming more savvy and most are looking for a unique experience,’ he explains. ‘They no longer crave the monotony of luxury chain hotels but are looking for a different environment with character and charm.’

The appropriately-named Nostalgia Hotel, then, has 50 rooms (some of which are housed in the heritage shophouse and others in a new extension built over what used to be a bird singing corner) and features design and decor inspired both by Singapore’s colonial years as well as the romantic history of the neighbourhood – Tiong Bahru in the past was known as an area where the well-heeled kept their mistresses. It’s ‘old-world charm with a dash of modernism’, as Mr Ting puts it, which translates to lush fabrics, furniture in warm colours, gilded mirrors and chandeliers, set against a backdrop of specially commissioned contemporary artwork by a local artist and other modern touches.

The rooms, which are priced from about $215 per night, are equipped with cutting-edge conveniences like LCD TVs and iPod docking stations, as well as bath amenities by French designer Pascal Morabito or Chopard, depending on the category of room. Meanwhile, in the Balcony rooms, which are situated in the heritage bit of the hotel and overlook the junction of Tiong Bahru Road and Seng Poh Road, architects AMC Architects International have preserved the original louvered windows, wooden panels and wall artifacts of the original structure.

The new-old juxtaposition is intended to ‘reflect the existent community of Tiong Bahru’, a mature estate in a modern age, says Mr Ting. ‘We want to echo the cultural and historical values of the area and allow guests to experience the Singapore of yesteryear comfortably; as such, Nostalgia provides accommodation that reflects the essence of Singapore in a luxurious environment.’

Source : Business Times – 30 Jan 2010

Catalist-listed lifestyle and wellness service provider Mary Chia is expanding into the hotel business.

It said it has entered into a joint venture agreement with businessman Lee Boon Leng to set up a firm called Hotel Culture.

Hotel Culture’s primary business is to operate a hotel, a lifestyle and wellness centre, food and beverage and other hotel-related activities.

For a start, Hotel Culture has exercised an option to buy three properties located at Mosque Street for S$20 million. The properties will be re-developed into a 92-room heritage hotel by the joint venture firm.

Mary Chia said the new hotel will embrace a new lifestyle concept comprising a wellness spa that is integrated with hotel facilities. It added that the acquisition is part of its effort to innovate and introduce new brands into the market.

To pay for the properties, Mary Chia said about S$16 million will be borrowed externally, with the rest of the money coming from shareholders’ loans or equity.

Source : Channel NewsAsia – 28 Jan 2010

PROPERTY developer Hiap Hoe and SuperBowl Holdings, which owns and manages leisure and recreational facilities, are investing $300 million to open two hotels in Balestier through their 50:50 joint venture company, HH Properties.

HH has appointed Wyndham Hotel Management – which is part of the Wyndham Hotel Group – to run the two hotels. The hotel group’s portfolio consists of over 7,000 hotels and 11 brands.

The two hotels will be operated under the Ramada and Days Inn brands, which are new-to-market brands for Singapore.

The 390-room Ramada Singapore at Zhongshan Park will have more than 6,400 square feet of meeting space and will be linked to an adjacent office block. The Days Hotel Singapore, also at Zhongshan Park, will have 405 rooms. Both hotels are slated to open their doors in 2014.

‘Singapore is one of the most important business and leisure destinations in the Asia-Pacific region and we are thrilled to introduce our Ramada and Days Inn brands to the market,’ said Tom Monahan, Wyndham Hotel Group’s executive vice-president of international development. ‘We are very excited to be working with HH Properties as we expand our global footprint.’

While Hiap Hoe and SuperBowl Holdings have worked together in the past on residential projects such as The Beverly, this is the maiden venture into the hospitality industry for both companies.

The Balestier site was awarded to HH Properties in August 2008, when HH Properties acquired the land for some $75 million. The land cost is included in the $300 million investment.

Located opposite the Sun Yat Sen Nanyang Memorial Hall, it has a land area of about 190,000 sq ft and a gross permissible floor area of about 421,000 sq ft. HH Properties will also construct commercial developments on the site.

Teo Ho Beng, managing director of Hiap Hoe Group said: ‘We have spent a considerable amount of time planning the project. We selected Wyndham Hotel Group to manage the hotels based on its strong brand portfolio and track record.’

Source : Business Times – 28 Jan 2010

TOKYO—Citigroup Inc. is trying to sell a popular ski resort in northern Japan that it purchased nearly four years ago, people familiar with the matter said.

Citigroup was initially asking between $70 million and $80 million for the property. That would mark a gain from the $54 million the bank paid in 2006 for a bigger collection of properties that included the resort.

The likely buyer would come from a non-Japanese Asian country, underscoring the recent shift in the tenor of the market, away from one dominated by property funds reliant on bank loans to one led by cash-rich Southeast Asian and Chinese investors eager to secure a foothold in the world’s second-largest economy and property market.

“Investors from around Asia are looking to snap up hotels being sold by companies keen to raise capital,” said Raymond Clement, the Asia-based broker for service provider CB Richard Ellis Hotels Group. He believes there will be a sharp pickup in deals for Japanese hotels this year, led by Asian investors seeking trophy assets.

Citigroup hired property-services firm Jones Lang LaSalle to contact potential buyers about the resort on the island of Hokkaido last autumn. Most of the property funds quickly dropped out because they couldn’t raise enough debt. The sale is now in “advanced stages,” the people said, though they declined to say whether it had yet been narrowed to one bidder.

Interest from Asian property investors in Japanese hotels has picked up in recent years. Singapore-based Park Hotel Group bought the Hilton Otaru in December 2008, also in Hokkaido, and said it wanted to expand in Japan. Although hotel-occupancy rates in Japan were falling, it said it expected Japan to attract more tourists from Southeast Asia.

The trend has been a boon to bankers looking to raise capital. A real-estate fund managed by Morgan Stanley completed the sale of its Crowne Plaza Kobe hotel to Thai Charoen Corp. last year. The hotel was the Thai conglomerate’s first business in Japan. Morgan Stanley also sold its Westin Tokyo hotel in 2008 to Singapore’s largest sovereign-wealth fund, the Government of Singapore Investment Corp.

Citigroup raised about $11 billion last year from Japan by selling assets as diverse as a local brokerage and a call center. Last month, it repaid the U.S. government $20 billion, but Washington remains the company’s largest shareholder, with a roughly 27% stake.

The auction of the Hokkaido resort has proved a tough sell. Even the big Asian investors are nervous about the direction of property prices, particularly outside Tokyo.

Japan’s regions are mostly failing economically, losing population, and property prices are continuing a long slump. National land prices fell in the year to July at the fastest pace in five years, according to government data.

Skiing in Japan grew from the 1970s in step with middle-class incomes, as the young sought a pastime with a chic image. But the ski boom quickly faded as the economy sagged. In recent years, the strong yen has also hit tourism. The number of skiers and snowboarders slipped from a peak of 18.6 million in 1993 to 6.9 million in 2008, according to the Japan Productivity Center, a policy and research group.

A buyer has to be convinced that Citigroup’s resort will buck the slow decline of Japan’s hinterland. The resort, in an area called Niseko, is dotted with bars, restaurants and live-music venues, a contrast to many other Japanese winter resorts where people often eat in their hotel and go to bed early.

The resort gets an average of 11 meters of snow a year, making it one of the snowiest resorts on earth. Asia’s affluent, particularly Australians and more-lately mainland Chinese, started coming more frequently after the Sept. 11, 2001, attacks, when many wanted to avoid travel to places like Aspen and Davos.

The sale includes a pair of hotels, part of a mountain, two operational golf courses and a third golf course used for adventure activities.

Citigroup Principal Investments Japan bought seven ski sites, three golf courses and two hotels from Seibu Holdings Inc. for $54 million, according to data provider Dealogic. That included the Hokkaido property now on the market. The deal was signed in June 2006, just when Japan’s property prices looked to be recovering from the collapse of the bubble of the 1990s. Land prices rose in 2006 for the first time in 16 years.

Competition for assets was intense at the time, fueled by property loans from foreign banks. Morgan Stanley paid All Nippon Airways Co. $2.4 billion for 13 hotels the same year.

But then the property market slumped in 2008 as foreign investment banks slashed real-estate lending to preserve capital during the financial crisis. Japanese banks also turned more cautious on property lending as the domestic economy sank into recession. Property developers and construction firms accounted for the greatest number of bankruptcies during the crisis.

Source: The Wall Street Journal 22 Jan 2010

With more visitors expected, more hotels are set to compete for guests

THE number of visitors to Singapore is likely to grow this year, but so will the number of hotels vying for a share of the pie, says CBRE Hotels.

The consultancy expects the hospitality industry to continue facing a challenging 2010, and room rates and room revenues could dip by up to 4 per cent on an annualised basis.

Occupancy rates of 74-78 per cent are achievable, CBRE Hotels reckons. But to fill 76 per cent of rooms, hotels might not be able to raise average daily rates (ADRs) further. In fact, ADRs might fall to $187-$196, and revenue per available room (RevPAR) might drop to an average of $141-$149.

Based on the agency’s figures for 2009 up to November, the ADR was $193.40 and the RevPAR was $146.40. The occupancy rate stood at 75.7 per cent.

‘Whilst it is extremely difficult to forecast hotel performance beyond 2010, it is likely that performance may continue to soften in 2011 and stage a recovery from 2012 onwards,’ says CBRE Hotels Asia-Pacific executive director Robert McIntosh. ‘It is highly unlikely that hotel performance in Singapore will return to the market highs of 2008 for a number of years.’

The large number of hotels coming onstream was a key factor determining CBRE Hotels’ outlook. It estimates that some 29 hotels with over 10,700 rooms could enter the market by end-2012, and more than half of the rooms could be ready this year.

Just on Tuesday, Resorts World at Sentosa said that four of its hotels would open later this month, providing 1,350 rooms.

Including projects that have been announced but are still under planning, there could be as many as 42 new hotels with over 15,000 rooms by 2015.

‘Many market participants have serious concerns as to whether the anticipated demand will be sufficient to absorb the additional supply,’ says CBRE Hotels senior consultant Alison Poore.

But she adds that the opening of the integrated resorts and improving business and consumer sentiments will ‘help to soften the impact of such a dramatic increase in supply over time’.

CBRE Hotels also notes that most rooms scheduled for 2010 will be ready only towards the end of the year. This will give existing hotels time to attract new business and strengthen client relationships.

Cushman & Wakefield Singapore managing director Donald Han points out that a significant portion of the upcoming supply will comprise five-star hotels. As a result, room rates at three to four-star hotels could stay relatively resilient and display ‘potential upside’.

The bright spark for the hospitality industry would be the projected increase in tourist numbers. CBRE Hotels expects visitor arrivals to grow an annualised 5-10 per cent this year. This means that there could be some 10.1-10.7 million visitors.

‘Consumer confidence is certainly strengthening and corporate travellers are slowly but surely re-entering the market,’ says Ms Poore.

Source : Business Times – 7 Jan 2010

RESORTS World Sentosa (RWS) announced yesterday that it will throw open its doors on Jan 20, but those who want to visit the Universal Studios Singapore Theme Park or roll the dice at its casino will have to wait a little longer.

Announcing the highly anticipated opening date yesterday, RWS said that when Jan 20 rolls around, four of its six hotels and 10 restaurants and lounges will begin operations.

The four hotels are the Festive Hotel, Hard Rock Hotel Singapore, Crockfords Tower and Hotel Michael. The restaurants and lounges include modern patisserie Boulangerie on the second level of Festive Hotel and Indian restaurant Rang Mahal on the second level of the Hard Rock Hotel.

The IR’s theme park, FestiveWalk – a 500-metre stretch featuring retail outlets, restaurants helmed by celebrity chefs and clubs – and theatre are slated to open within the next two months, RWS spokesman Robin Goh said yesterday.

He said the testing of rides has already begun, and added that the theatre is ready for use – it staged its first event, the ChildAid charity concert, late last month.

No firm date was given for when the casino will open, but it is likely to be in the first quarter of the year, according to Mr Goh, who said an application has already been made to Singapore authorities.

The other attractions at the $6.59 billion, 49ha resort, including an oceanarium touted as the world’s largest, a marine museum and the two other hotels, will open much later: Construction is expected to begin only early this year.

The announcement has puzzled some analysts, who wonder why the IR is opening its hotels before most of its attractions are ready.

Mr Colin Tan, director of research and consultancy at real estate consultancy Chesterton Suntec International, called RWS’ move strange. ‘It is unlikely that visitors would make a trip to Sentosa to stay in a half-complete resort,’ he said.

When contacted, however, RWS said it was confident of drawing visitors come Jan 20. ‘There is a lot of anticipation for the resort and people are excited to be the first to experience it. We are, after all, Singapore’s first integrated resort,’ said Mr Goh.

Analysts, however, remain sceptical.

CIMB-GK economist Song Seng Wun said that being the first IR to open gives RWS bragging rights, but little else. ‘You may have a few people who want a preview of what is on offer. But it is more important that everything else opens soon,’ he said.

RWS has said from the time it won the right to open an IR here in 2006 that its targeted opening date was early this year.

At the preview for RWS staff yesterday, the chairman of the Genting Group and Resorts World Sentosa Lim Kok Thay reiterated this. He said: ‘We have been single-minded about this – no distractions or excuses – and today, we are happy to say we marked the first milestone towards delivering on that promise.’

Singapore’s other IR, Marina Bay Sands, is slated to open in mid-April, after several delays. Parent company Las Vegas Sands (LVS) said in 2006 that it would open by the end of 2009. But in July last year, the date was pushed back to end-March this year.

Just last month, LVS chairman Sheldon Adelson further delayed the opening till mid-April, saying that it was not going to open ‘until the time is right’.

Source : Straits Times – 6 Jan 2010

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