Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways.
“We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店).
Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團).
Photo courtesy of Grand Hyatt Taipei
The Grand Hyatt Taipei (台北君悅大飯店), owned and built by Hong Leong Hotel Development and affiliates, earlier sought to end cooperation with US hotel chain Hyatt Hotels Corp, which in 2018 inked a pact with private equity fund Riant Capital Ltd (子樂投資) to launch two sister brands nearby — Park Hyatt and Andaz, local media reported.
Hong Leong was reportedly worried that there would be excessive competition among similar brands.
Riant Capital now favors developing office spaces rather than hotel rooms for its upcoming Taipei Sky Tower (台北天空塔) project, which is where CTBC Financial Holding Co’s (中信金控) headquarters used to be, local media said.
Rent rates for office space have increased significantly in Taipei’s prime Xinyi District (信義), as there is no new supply, while there is solid leasing demand from international technology and financial companies, property analysts have said.
Grand Hyatt Taipei, which turns 30 next month, was the nation’s first international hotel brand and remains the largest by number of rooms at 850.
Hong Leong has committed to the local government and community by investing in the hotel’s staff and its physical assets, as evidenced by its renovation of facilities, Kwek said.
“Grand Hyatt Taipei has become an icon and we are confident it will continue to shine and serve local and international guests well,” he said.
Situated near Taipei 101, the hotel has witnessed the growth and prosperity of Xinyi as it has evolved into a central business district in Taiwan and the region, he added.
David Udell, Hyatt’s group president for the Asia-Pacific, said that the Grand Hyatt brand aims to offer captivating and theatrical experiences for all guests.
“We are grateful for our partnership with Hong Leong and look forward to continuing to bring the Grand Hyatt experience to local and international guests for many more years to come,” Udell said.
The hotel would continue to be a preferred venue for hosting large-scale events and weddings, Udell said, adding that the facility is also famed for its award-winning dining outlets.
MULTIFACETED: A task force has analyzed possible scenarios and created responses to assist domestic industries in dealing with US tariffs, the economics minister said The Executive Yuan is tomorrow to announce countermeasures to US President Donald Trump’s planned reciprocal tariffs, although the details of the plan would not be made public until Monday next week, Minister of Economic Affairs J.W. Kuo (郭智輝) said yesterday. The Cabinet established an economic and trade task force in November last year to deal with US trade and tariff related issues, Kuo told reporters outside the legislature in Taipei. The task force has been analyzing and evaluating all kinds of scenarios to identify suitable responses and determine how best to assist domestic industries in managing the effects of Trump’s tariffs, he
‘SWASTICAR’: Tesla CEO Elon Musk’s close association with Donald Trump has prompted opponents to brand him a ‘Nazi’ and resulted in a dramatic drop in sales Demonstrators descended on Tesla Inc dealerships across the US, and in Europe and Canada on Saturday to protest company chief Elon Musk, who has amassed extraordinary power as a top adviser to US President Donald Trump. Waving signs with messages such as “Musk is stealing our money” and “Reclaim our country,” the protests largely took place peacefully following fiery episodes of vandalism on Tesla vehicles, dealerships and other facilities in recent weeks that US officials have denounced as terrorism. Hundreds rallied on Saturday outside the Tesla dealership in Manhattan. Some blasted Musk, the world’s richest man, while others demanded the shuttering of his
TIGHT-LIPPED: UMC said it had no merger plans at the moment, after Nikkei Asia reported that the firm and GlobalFoundries were considering restarting merger talks United Microelectronics Corp (UMC, 聯電), the world’s No. 4 contract chipmaker, yesterday launched a new US$5 billion 12-inch chip factory in Singapore as part of its latest effort to diversify its manufacturing footprint amid growing geopolitical risks. The new factory, adjacent to UMC’s existing Singapore fab in the Pasir Res Wafer Fab Park, is scheduled to enter volume production next year, utilizing mature 22-nanometer and 28-nanometer process technologies, UMC said in a statement. The company plans to invest US$5 billion during the first phase of the new fab, which would have an installed capacity of 30,000 12-inch wafers per month, it said. The
Taiwan’s official purchasing managers’ index (PMI) last month rose 0.2 percentage points to 54.2, in a second consecutive month of expansion, thanks to front-loading demand intended to avoid potential US tariff hikes, the Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) said yesterday. While short-term demand appeared robust, uncertainties rose due to US President Donald Trump’s unpredictable trade policy, CIER president Lien Hsien-ming (連賢明) told a news conference in Taipei. Taiwan’s economy this year would be characterized by high-level fluctuations and the volatility would be wilder than most expect, Lien said Demand for electronics, particularly semiconductors, continues to benefit from US technology giants’ effort
RSS