UOL Group Limited Acquires the Pan Pacific
Hotel Brand from Tokyu Corporation
SINGAPORE, July 5, 2007 - Following the announcement by UOL Group Limited
(UOLG) on the completion of the acquisition of Pan Pacific Hotels and Resorts
Pte Ltd from Tokyu Corporation, Pan Pacific Hotels and Resorts is now fully
assimilated into the hotel division of UOLG.
UOLG's hotel division currently owns 13 hotels and Pan Pacific Hotels
and Resorts will add a further 11 hotels in America, Bangladesh, Canada,
Indonesia, Malaysia, Palau, the Philippines, Singapore and Thailand. UOL
Group Limited, formerly known as United Overseas Land Limited, operates
hotels in Singapore, Australia, Vietnam, Malaysia, Myanmar and China. Its
hotels include Parkroyal on Beach Road, Marina Mandarin Singapore, Crowne
Plaza Darling Harbour Sydney, Sofitel Plaza Xiamen and Novotel Garden Plaza
Saigon.
"We are pleased to have concluded the purchase of this upscale brand
and believe this strategic investment will further UOLG's aim to be a global
hospitality management company. We are confident that the synergies of
the acquisition will help both UOLG and Pan Pacific Hotels and Resorts
grow to new heights." said Mr. Gwee Lian Kheng, President and CEO of UOL
Group Limited.
"We are excited to be part of the UOL Group and this marks a new chapter
for the company and the brand. With UOL Group's commitment, resources and
support, Pan Pacific Hotels and Resorts will now be able to chart a future
that will see the brand reaching its potential. We will be working closely
with UOLG to roll out brand initiatives and establish a stronger presence
in the marketplace," added Kevin Croley, Vice President of Sales and Marketing,
Pan Pacific Hotels and Resorts.
Pan Pacific Hotels and Resorts, together with UOLG, will allocate considerable
resources and effort to augment Pan Pacific Hotels and Resorts' portfolio
across the Pacific Rim. Foremost in the plans is the establishment of a
significant presence in key cities on the West Coast of America, Japan
and China. Pan Pacific Hotels and Resorts will also be expanding its product
range further into the leisure market as well as the extended stay market.
Pan Pacific Hotels and Resorts will be even more committed to its guests
and hotel partners. Apart from strengthening and expanding Pan Pacific
Hotels and Resorts' sales and marketing offices worldwide, there will be
an emphasis to drive greater profitability for its hotel owners. Guests
staying at Pan Pacific hotels and resorts can look forward to product and
service enhancements which will make their stay even more memorable.
About Pan Pacific Hotels and Resorts
Headquartered in Singapore, Pan Pacific Hotels and Resorts is a leading
hotel management company in the Pacific Rim region and is part of the UOL
Group, one of Singapore's largest hotel and property companies. Pan Pacific
Hotels and Resorts has been recognised by Conde Nast Traveler magazine
as one of the 25 hotel companies demonstrating social responsibility. It
has a portfolio of 11 hotels and resorts throughout Asia, the Pacific and
North America and offices in San Francisco, London, Singapore, Hong Kong
and Tokyo. Pan Pacific Hotels and Resorts is a founding member of the Global
Hotel Alliance. For more information, visit http://panpacific.com . |