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Current State of Asian Hotel Industry Findings Presented at
NYU International Hospitality Industry Investment Conference
Poll discloses “Top Five Countries” for Hotel Investment
 
New York.  June 11, 1999.  Six international hotel experts were members of the executive panel organized to discuss the current state of the hotel industry in Asia as part of the 21st Annual NYU International Hospitality Industry Investment Conference, June 6-8, in New York City.  The panel presented its findings this week to an audience of industry professionals attending the conference at the New York Marriott Marquis Hotel in midtown Manhattan. 

The discussion topic was "International Market Spotlight: Asia and the Pacific Rim."  Background on the current state of the regional economy was presented by Mr. Patrick Quek, President and CEO of PKF Consulting.  Mr. Quek also served as moderator of the panel.  The Asia division of Mr. Quek's company, Hospitality Asset Advisors, Pte Ltd, is headquartered in Singapore.

Panelists included Mr. Theodore Teng, President-Asia/Pacific of Starwood Hotels & Resorts Worldwide, Mr. Richard C. Helfer, President of Raffles Holdings and Chairman and CEO of Raffles International Ltd.., and Mr. Ichigo Umehara, President of Pan Pacific Hotels.  Raffles, Pan Pacific, and the Asia division of Starwood are all headquartered in Singapore.

Also on the panel were Mr. William J. R. Cross, Asia/Pacific Regional Director for Knight Frank Expotel, and Mr. Peter Barge, Chairman and CEO of Jones Lang LaSalle Hotels.  Both Mr. Cross and Mr. Barge are headquartered Australia.

Mr. Quek pointed out that, while the past two years have been disappointing for investors in Asia/Pacific hotels, a sense of stability for the industry is returning to the region.

A highlight of the panel's presentation was PC-generated online opinion poll to determine the "Top Five Countries" in the Asia/Pacific region in terms of hotel investment opportunity.  The poll results, in order of preference, were as follows:
 

Country & Rank
Reason for Choice 
1. Thailand Affordable pricing, proven product, proximity to major demand generators
2. Philippines Language compatibility for visitors and workforce, perceived as a “new frontier”
3. South Korea Improving economic conditions, strong fundamentals for investment; Seoul still undersupplied with hotel rooms
4. Singapore Excellent fundamentals and market dynamics, language compatibility, availability of qualified personnel
5. China Purely on market demand; huge opportunities

The conference, which is annually sponsored by New York University, drew more than 1,800 attendees this year.  It is the largest and, at 21 years, the longest-running hotel investment conference in the world.

PKF Consulting, is an international hospitality and real estate consulting firm with offices in nine U.S. cities.  Its Asia division, Hospitality Asset Advisors, Pte, Ltd, is based in Singapore.  PKF Consulting, together with its associated hotel brokerage firm, PKF Investments, and the Asia division are all wholly owned subsidiaries of Hospitality Asset Advisors International.

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Contact:
Gary Carr
Director of Communications
PKF Consulting
425 California Street, Suite 1650
San Francisco, CA 94104
Phone: (415) 421-5378; Fax: (415) 956-7708
e-mail: gcarr@pkfc.com
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Also See: Occupancy and ADR Increases Provide Thailand's Laguna Resorts & Hotels a Record 1998 / Feb 1999 
Hong Kong's Average Hotel Occupancy Rate for December 1998 was 81%, Up from just 69% in December 1997 / Jan 1999

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