Creating Memorable Hotel Experiences - Pan Pacific Hotels ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Creating Memorable
Hotel Experiences
Pa n pa c i fi c h o t el s g r o up L i m i t ed a n n u a l r ep ort 2 0 0 9
PAN PACIFIC HOTELS GROUP LIMITED
Company Registration No. 196800248D
REGISTERED OFFICE
101 Thomson Road #33-00 United Square
Singapore 307591
PRINCIPAL PLACE OF BUSINESS
238A Thomson Road #08-00 Novena Square
Office Tower A, Singapore 307684
T (65) 6808 1180 | F (65) 6821 8001
pphg.com
Corporate Information
BOARD OF DIRECTORS MANAGEMENT AUDITORS
Dr Wee Cho Yaw Mr Gwee Lian Kheng PricewaterhouseCoopers LLP
About Chairman
Mr Gwee Lian Kheng
Group Chief Executive
Ms Wee Wei Ling
8 Cross Street, #17-00
PWC Building
Singapore 048424
Pan Pacific
Group Chief Executive
Executive Director,
Mr Alan Choe Fook Cheong
Asset Management Partner-in-charge:
Hotels Group
Dr Lim Kee Ming
Mr Sim Hwee Cher
Mr Wee Ee Chao Mr Amedeo Patrick Imbardelli Year of appointment: 2008
Mr Low Weng Keong President &
Chief Executive Officer PRINCIPAL BANKERS
Ms Wee Wei Ling
Mr James Koh Cher Siang United Overseas Bank Limited
Mr Foo Thiam Fong Wellington
Far Eastern Bank Limited
Mr Wee Ee Lim Company Secretary
Public Bank Berhad
CREATING MEMORABLE HOTEL EXPERIENCES Mr Amedeo Patrick Imbardelli Malayan Banking Berhad
Mr Neo Soon Hup
Pan Pacific Hotels Group owns, manages and/or Australia and New Zealand
EXECUTIVE COMMITTEE Chief Financial Officer
markets over 30 hotels, resorts and serviced suites Banking Group Limited
with more than 9,000 rooms in Asia, Oceania and Dr Wee Cho Yaw
Chairman Mr Kevin Croley
North America including those under development. REGISTERED OFFICE
Senior Vice President,
Mr Gwee Lian Kheng Marketing & Sales 101 Thomson Road
Headquartered in Singapore, it is a listed hotel Mr Alan Choe Fook Cheong #33-00 United Square
subsidiary of UOL Group Limited, an established Mr Wee Ee Chao Mr Scott Swank Singapore 307591
property company in Asia with a diversified portfolio Senior Vice President, T (65) 6255 0233
of investment and development properties. AUDIT COMMITTEE Hotel Operations F (65) 6252 9822
Dr Lim Kee Ming PRINCIPAL PLACE
Known formerly as Hotel Plaza Limited, Pan Pacific Mr Eric Levy
Chairman OF BUSINESS
Hotels Group hails the successful integration Senior Vice President,
of two distinguished brands, “Pan Pacific” and Mr Alan Choe Fook Cheong 238A Thomson Road
Development and Growth
“PARKROYAL”, into one core business. Mr Low Weng Keong #08-00 Novena Square
Mrs Melody King Office Tower A
As an international hotel management company, NOMINATING COMMITTEE Singapore 307684
Senior Vice President,
Pan Pacific Hotels Group is focussed on creating Mr Alan Choe Fook Cheong Human Capital and Development T (65) 6808 1180
memorable hotel experiences, with a global Chairman F (65) 6821 8001
commitment to providing personalised, genuine care. Dr Wee Cho Yaw INTERNAL AUDIT W pphg.com
Dr Lim Kee Ming Mr Yeo Bin Hong
Combining agility and flexibility in its business SHARE REGISTRAR
Senior Manager, Internal Audit
approach, Pan Pacific Hotels Group responds to Boardroom Corporate &
REMUNERATION COMMITTEE
changing market trends by building brands that Advisory Services Pte. Ltd.
Dr Lim Kee Ming COMPANY SECRETARY
resonate with its guests, customers and associates. 50 Raffles Place, #32-01
It enhances shareholders’ value by driving greater Chairman Mr Foo Thiam Fong Wellington
Singapore Land Tower
innovation, customer focus and partner engagement. Dr Wee Cho Yaw
DEPUTY COMPANY Singapore 048623
Mr Alan Choe Fook Cheong T (65) 6536 5355
SECRETARY/ LEGAL MANAGER
F (65) 6536 1360
Mr Yeong Sien Seu
This report is printed on recycled paper.
PAN PACIFIC HOTELS GROUP LIMITED 01
ANNUAL REPORT 2009
Contents
02 Our Vision, Purpose and Values 26 Operations Overview
03 Snapshot 37 Our Awards in 2009
04 Chairman’s Statement 38 Charting Our Future
06 Board of Directors 40 Great People
10 Key Management Executives 42 Human Capital and Development
12 Group Structure 44 Great Relationships
14 2009 in Summary 46 Five-Year Financial Summary
16 Great Brands 49 Financial Review
18 Pan Pacific Hotels and Resorts 51 Financial Calendar
20 PARKROYAL Hotels & Resorts 52 Group Value-Added Statement
22 Spa and Lifestyle Brands 53 Financial Contents
24 Great Hotels
02 PAN PACIFIC HOTELS GROUP LIMITED 03
ANNUAL REPORT 2009
Snapshot
DELIVERING SHAREHOLDERS’ VALUE
2005 2009 CAGR
Our Vision, REVENUE $276m $288m 1.07%
$94.95 $106.62 2.94%
Purpose and
REVPAR
EBITDA $81m $84m 0.91%
Values PROFIT AFTER TAX AND MINORITY INTERESTS
EARNINGS PER SHARE*
$34m
8.38¢
$39m
6.78¢
3.49%
-5.16%
* before exceptional gains, impairment charge and fair value adjustments
KEY FINANCIAL TRENDS
DELIVERING OUR BRAND PROMISE GROUP REVENUE RETURN ON EQUITY
Great brands are inspired by vision, led by purpose $’M $’M
Hotel Average
and enlivened by values that deliver positive 350 315 Ownership 900 30% Shareholders’
experiences. 276 287 290 288 Property 800
Fund
300 Investments 25% Return on
At Pan Pacific Hotels Group, the diverse talents Property 700 Equity
250 Development
of our people and distinctive properties across 600 20%
Hotel Management
regions and cultures are united by a common Services
200 500
vision: Creating Memorable Hotel Experiences. Investments 15%
400
150
Our actions are guided by an unwavering purpose 300 10%
to build Great Brands, Great Hotels, Great People 100
and Great Relationships. 200
100 5%
50
As a Group, our teamwork and achievements are
0
underscored by a culture of open communications; 0
2005 2006 2007 2008 2009
clear processes that still leave room for associates’ 2005 2006 2007 2008 2009
adaptability in changing conditions; the boldness
NET CASH FLOW RETURNS ON ASSETS SOURCES OF FINANCE
to strive for better performance; and the courage
to resolve challenging decisions. $’M
% Singapore Hotels Borrowings
Average 1200
30 Minority
As a responsible corporate citizen, our values are Australia Hotels 1,003 Interests
also shaped by a larger purpose in respecting, 25 Average 1000 934 Shareholders’
881
sharing and caring for the communities in which Vietnam Hotels Fund
20 Average
we operate. We connect with our stakeholders 800 742
Myanmar Hotels 645
by recognising and valuing diversity in every 15 Average
possible way. China Hotels 600
10 Average
Malaysia Hotels 400
5 Average
Pan Pacific Hotels
200
0 Group Average
0
-5
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
04 PAN PACIFIC HOTELS GROUP LIMITED 05
ANNUAL REPORT 2009
Kuala Lumpur was due to higher food and beverage serviced suites and new column-free meeting and
revenue. Although the PARKROYAL Yangon improved ballrooms. In connection with this proposal, the
its performance in 2009, the operating environment Company has purchased certain air space rights for
remained difficult. $1,590,000. Provisional planning approval has been
obtained and it is envisaged that the project will be
Hotel Management Division completed in mid-2012.
In line with the Group’s intent to grow its hotel
management chain, the Group’s hotel management Proposed Hotel & Commercial
Development at Upper Pickering Street
Chairman’s
division has rebranded two hotels in China owned
by related companies. The Pan Pacific Xiamen was Following the termination by mutual consent of
rebranded in August 2009 while the Pan Pacific the original contract for the construction of the
Statement Suzhou was rebranded in January 2010. proposed development at Upper Pickering Street,
a fresh tender was called and a new main contract
In February 2010, the Group opened the 148-unit was awarded in December 2009 at a reduced pricing.
Pan Pacific Serviced Suites Bangkok, an extended- Work on the 367-room hotel and approximately
“As Asia is expected to lead the stay property to complement the existing Pan Pacific 7,320 square metres of office space is expected to
business recovery this year, the Group Bangkok. The Group has also secured the contract be completed in mid-2012.
to manage the Nirwana golf and spa resort in Bali
will focus on extending our two brand as Pan Pacific Nirwana Bali Resort with effect from Outlook for 2010
names in this region.” April 2010. Current economic data suggests that the recession
has ended in most countries and business and
Corporate DevelopmentS consumer confidence is expected to improve in
Name Change 2010. International travel is projected to grow
At the extraordinary general meeting held on 28 moderately in the Asia Pacific region. In Singapore,
2009 Performance and Your Board is recommending a first April 2009, shareholders approved the change of the opening of the two integrated resorts and
Dividend and final dividend of 3.5 cents per the Company’s name to Pan Pacific Hotels Group resultant increase in room supply is expected to
share (2008: first and final dividend Limited. The “Pan Pacific” brand, which the Company moderate the increase in average room rate of the
2009 was a challenging year for the
of 4 cents) amounting to $21 million had acquired from its holding company UOL Group Group’s hotels and intensify competition for hotel
hotel industry as international travel
(2008: $24 million) for the year ended Limited (“UOL”) in October 2008, has a rich heritage staff. While the Group’s hotels in the Asia Pacific
was impacted by the global economic
31 December 2009. and is a well established name in the hospitality are expected to benefit from higher occupancy in
slowdown and concerns of a H1N1
industry and in the Asia Pacific region. Together with line with the increase in visitor arrivals, average room
pandemic. The Singapore economy
Operations the “PARKROYAL” brand, the Group is able to rates are expected to recover at a slower pace.
was not spared and contracted by 2.0%
Singapore Operations offer our customers a wider choice of hotels and
in 2009, while tourist arrivals dropped
extended-stay brands. It will also allow the Group As Asia is expected to lead the business recovery
by 4.3% to 9.7 million. As a result of lower tourist arrivals
to expand its hotel management services with a this year, the Group will focus on extending our two
into Singapore in 2009, the average
broader range of investors. brand names in this region.
For the year under review, the Group’s occupancy for the hotel industry
pre-tax profit before impairment decreased by 4.6 percentage
Acquisition of Subsidiary Acknowledgement
charge and fair value losses decreased points to 76% and average room rate
by 35% to $50.8 million (2008: $78.1 decreased by 22.3% to $191 in 2009 To streamline the operations of the PARKROYAL I wish to thank my fellow directors for their wise
million). The Group recognised a (2008: $246). The Group’s hotels in Serviced Suites in Singapore, the Group acquired counsel and guidance during the past year. On 21
fair value loss of $1.6 million on its Singapore, PARKROYAL on Beach Road from UOL, the entire issued share capital of Parkroyal August 2009, Mr Amedeo Patrick Imbardelli joined
investment properties, smaller than and PARKROYAL on Kitchener Road, Serviced Residences Pte. Ltd. (”PSR”) for a total the Board and we welcome him. My appreciation
the loss of $9.8 million in 2008. For reported lower revenue and profit. consideration of $581,000. PSR is the managing also goes to the management and staff for their
2009, no impairment provision was agent for the Company’s 90 units of serviced suites hard work during this challenging year under review,
required for a hotel development Overseas Operations located at The Plaza, Beach Road. and to our shareholders and business associates for
project (2008: impairment provision of their continuing support.
With the exception of our operations
$37.0 million). As a result, the Group’s in Malaysia and Myanmar, all the Hotel / Serviced SuiteS Development
profit before tax increased by $17.9 Group’s hotels were affected by the Proposed Redevelopment at The Plaza,
million or 57% to $49.2 million (2008: global economic crisis and registered Beach Road
$31.3 million). The Group’s net profit declines in both occupancy and/or Arising from a strategic review to enhance the
attributable to shareholders increased average room rates. The performance DR WEE CHO YAW
value of the Group’s existing assets, the Company
by 207% to $39.3 million from $12.8 of the PARKROYAL Penang was better Chairman
obtained approval to re-develop the existing
million achieved in 2008. due to higher room revenue while the Furniture Mall located at The Plaza into a 165-unit February 2010
better performance of PARKROYAL
06 PAN PACIFIC HOTELS GROUP LIMITED 07
ANNUAL REPORT 2009
1. DR WEE CHO YAW - Chairman Mr Gwee holds a Bachelor of Accountancy
A career banker with 50 years of experience. (Honours) degree from the University of Singapore
Received Chinese high school education. and is a Fellow Member of the Chartered Institute
Dr Wee has been the Chairman of the Company of Management Accountants and Association of
(“PPHG”) and its holding company, UOL Group Chartered Certified Accountants in the United
Limited (“UOL”) since 1973. Kingdom, as well as a Fellow of the Institute of
Certified Public Accountants of Singapore.
He was appointed to the Board since 25 May 1973
and was last re-appointed as Director at PPHG’s Mr Gwee was named Asia Pacific Hotelier of the
Annual General Meeting on 28 April 2009. Dr Wee, Year in 2003.
Board of who is a non-executive and non-independent
Director of PPHG, is also the Chairman of the 3. MR ALAN CHOE FOOK CHEONG
Directors Executive Committee and Member of the
Nominating and Remuneration Committees.
An architect and town planner by profession,
Mr Choe was appointed to the Board since 2
May 1990 and was last re-appointed as Director
He is the Chairman of United Overseas Bank at PPHG’s Annual General Meeting on 28 April
Limited, Far Eastern Bank Limited, United 2009. An independent and non-executive
Overseas Insurance Limited, United International Director, he chairs the Nominating Committee
Securities Ltd, Haw Par Corporation Limited, and is a Member of the Executive, Audit and
United Industrial Corporation Limited, Singapore Remuneration Committees. He is also a Director
Land Limited and Marina Centre Holdings Private of UOL.
Limited. He is the Chairman of Wee Foundation.
He was previously the Chairman of Overseas Mr Choe was the first General Manager of the
Union Enterprise Limited. Urban Redevelopment Authority and a Senior
Partner of one of the largest architectural practices
Dr Wee is the President of the Singapore in Singapore. He was the Chairman of Sentosa
Federation of Chinese Clan Associations and also Development Corporation, Sentosa Cove Pte Ltd,
the Honorary President of Singapore Chinese Pasir Ris Resort Pte Ltd, a Trustee of NTUC Income
Chamber of Commerce & Industry and a Pro– and Member of the Singapore Tourism Board. He
Chancellor of Nanyang Technological University. was previously a Director of Keppel Land Limited
and Frasers Centrepoint Limited.
In 2008, he was conferred an honorary Doctor of
Letters by the National University of Singapore Mr Choe holds a Bachelor of Architecture
for his accomplishments in banking, education degree, a Diploma in Town & Regional Planning
and community leadership. from University of Melbourne, and a Fellowship
1 2 3 Diploma from the Royal Melbourne Institute
Dr Wee was a recipient of the Credit Suisse-Ernst of Technology. He is a Fellow Member of the
& Young Lifetime Achievement Award in 2006 Singapore Institute of Architects, Singapore
4 5 6 and was named Businessman of the Year in 1990 Institute of Planners and Royal Australian
and 2001. In 2009, he was conferred a Lifetime Institute of Architects. He is also a member of the
Achievement Award by The Asian Banker. Royal Institute of British Architects, Royal Town
7 8 9 10 Planning Institute, Royal Australian Planning
2. MR GWEE LIAN KHENG - Group Chief Executive Institute and American Planning Association.
Mr Gwee is the Group Chief Executive of PPHG
and UOL and has been with the UOL Group since He was awarded the Public Administration Medal
1973. An executive and non-independent Director, (Gold) in 1967, the Meritorious Service Medal
he was appointed to the Board since 20 January in 1990, and the Distinguished Service Order
1987 and was last re-elected as Director at PPHG’s in 2001.
Annual General Meeting on 28 April 2009. He is
also a member of the Executive Committee.
Mr Gwee sits on the board of various subsidiaries
in the PPHG Group and UOL Group. He is also a
Director of United Industrial Corporation Limited
and Singapore Land Limited and was previously a
Director of Overseas Union Enterprise Limited.
08 PAN PACIFIC HOTELS GROUP LIMITED 09
ANNUAL REPORT 2009
4. DR LIM KEE MING a non-executive Director of Haw Par Corporation Mr Low is also an independent Director of listed 10. MR AMEDEO PATRICK IMBARDELLI
Dr Lim Kee Ming was appointed to the Board Limited. He had previously served as Chairman companies Riverstone Holdings Limited and Mr Imbardelli joined PPHG in July 2008 as the
since 1 June 1995 and was last re–appointed of the Singapore Tourism Board between 2002 Unionmet (Singapore) Limited. He was a former President and Chief Executive Officer and was
as Director at PPHG’s Annual General Meeting to 2004. Country Managing Partner of Ernst & Young, appointed to the Board on 21 August 2009
on 28 April 2009. An independent and non– Singapore and is currently a Deputy President as an executive, non-independent Director.
executive Director, Dr Lim also chairs the Audit M r We e h o l d s a B a c h e l o r o f B u s i n e s s and Deputy Chair, Board of Directors of CPA He is also a director of various subsidiaries
and Remuneration Committees and is a Member Administration degree from The American Australia Limited. in PPHG.
of the Nominating Committee. He is also a University, Washington DC, USA.
Director of UOL. Mr Low is a Fellow Member of CPA Australia, Mr Imbardelli brings with him over 25 years
6. MR JAMES KOH CHER SIANG Institute of Chartered Accountants in England of experience in the hotel industry including
Dr Lim is the Chairman of Lim Teck Lee Group Appointed to the Board since 23 November & Wales, Institute of Certified Public Accountants managing global multibrand organisations. He
of companies. He is also a Director of Haw Par 2005, Mr Koh was last re-elected as Director at of Singapore and an Associate Member of leads the strategic management and expansion
Corporation Limited. He is presently the President PPHG’s Annual General Meeting on 23 April Chartered Institute of Taxation (UK). of PPHG’s hotels and businesses, including
of Ngee Ann Kongsi and Chairman of Ngee Ann 2008. An independent and non–executive both “Pan Pacific” and “PARKROYAL” brands
Development Pte Ltd, as well as an Honorary Director, he is also a Director of UOL. 8. MR WEE EE LIM across the Asia Pacific region. Prior to joining
President of Singapore Chinese Chamber of Appointed to the Board since 9 May 2006, PPHG, he held senior management positions at
Commerce & Industry and Teochew Poit Ip Huay Mr Koh is the Chairman of the Housing & Mr Wee was last re-elected as Director at PPHG’s InterContinental Hotels Group, Southern Pacific
Kuan and Advisor of Network China. Development Board (“HDB”), which he joined Annual General Meeting on 25 April 2007. A Hotel Corporation and Hilton International.
in July 2005 after retiring from 35 years of non-executive and non-independent Director,
Dr Lim holds a Master of Science (International distinguished service in the civil service. His prior he is also a Director of UOL. Mr Imbardelli holds a Master of Science (Honours)
Trade & Finance) degree from Columbia appointments included Permanent Secretary, degree in Finance from The City University of
University, New York, and a Bachelor of Science Ministry of National Development (1979), Ministry He joined Haw Par Corporation Limited (“Haw New York, USA, and is a Fellow of the American
(Business Administration) degree from New York of Community Development (1987) and Ministry Par”) in 1986 and is currently the President and Academy of Financial Management, USA. He is also
University, USA. of Education (1994) as well as Commissioner of Chief Executive Officer of Haw Par. He is also a member of the Young Presidents’ Organisation
Inland Revenue and Chief Executive Officer of a Director of United Industrial Corporation and its Singapore Executive Committee.
He was awarded the Pingat Bakti Masyarakat the Inland Revenue Authority of Singapore. Limited, Singapore Land Limited, Hua Han Bio-
(“PBM”) and the Bintang Bakti Masyarakat Pharmaceutical Holdings Limited (a company
(“BBM”) Public Service Star in 1995 and 2004 Mr Koh is the Chairman of CapitaMall Trust listed on the Hong Kong Stock Exchange) and
respectively by the President of Singapore and Management Limited and Singapore Deposit Wee Foundation. He was previously a board
also The Royal Order of the Polar Star “Class Insurance Corporation Limited and a Director member of Sentosa Development Corporation.
of Commander” by His Excellency, the King of CapitaLand Limited, Singapore Airlines
of Sweden in 1982. Limited, Singapore Cooperation Enterprise Mr Wee holds a Bachelor of Arts (Economics)
and CapitaLand Hope Foundation. He is also a degree from Clark University, USA.
In 2009, Dr Lim Kee Ming was conferred the member of the Presidential Council for Religious
degree of Doctor of the University of Adelaide Harmony and an Adjunct Professor of the Lee 9. MS WEE WEI LING
honoris causa, for his distinguished service to Kuan Yew School of Public Policy. Appointed to the Board since 24 March 1994,
education and service to the community. Ms Wee was last re-elected as Director at PPHG’s
Mr Koh holds a Bachelor of Arts (Honours) degree Annual General Meeting on 28 April 2009. An
5. MR WEE EE CHAO in Philosophy, Political Science and Economics, executive and non–independent Director of
Appointed to the Board since 9 May 2006, Master of Arts degree from University of Oxford, PPHG, she also sits on the boards of some of the
Mr Wee was last re-elected as Director at PPHG’s UK, and holds a Master in Public Administration Group’s subsidiaries.
Annual General Meeting on 25 April 2007. A degree from Harvard University, USA.
non-executive and non-independent Director, As Executive Director (Asset Management),
he is also a member of the Executive Committee He was awarded the Public Administration Medal Ms Wee oversees the operations of the asset
and a Director of UOL. (Gold) in 1983 and the Meritorious Service Medal management of PPHG’s hotel properties. She
in 2002. is also responsible for the management of the
Mr Wee has led the management of UOB-Kay chain of St Gregory Spa and Si Chuan Dou Hua
Hian Holdings Limited for more than 25 years. 7. MR LOW WENG KEONG Restaurants. She has been with the PPHG Group
He is currently the Chairman and Managing Appointed to the Board since 23 November 2005, for over 20 years.
Director of UOB-Kay Hian Holdings Limited and Mr Low was last re-elected as Director at PPHG’s
a Director of most of the UOB-Kay Hian Group of Annual General Meeting on 23 April 2008. An Ms Wee holds a Bachelor of Arts degree from
companies. Mr Wee also manages Kheng Leong independent and non–executive Director, he is Nanyang University, Singapore.
Company (Private) Limited which is involved in also a member of the Audit Committee and a
real estate development and investments and is Director of UOL.
10 PAN PACIFIC HOTELS GROUP LIMITED 11
ANNUAL REPORT 2009
1. Mr Gwee Lian Kheng 7. Mr Scott Swank
2. Ms Wee Wei Ling Mr Swank joined Pan Pacific Hotels and Resorts
3. Mr Amedeo Patrick Imbardelli in 2007 and is currently the Senior Vice President,
Information concerning Mr Gwee, Ms Wee and Operations of PPHG. He is responsible for driving
Mr Imbardelli is found in the “Board of Directors” operational excellence for all properties under
section of this report. the “Pan Pacific” and “PARKROYAL” brands.
He has spent over 27 years in the hospitality
4. Mr FOO THIAM FONG wellington industry, serving with the Intercontinental
Hotels Group, Shangri-La Hotels and Resorts
Mr Foo joined the UOL Group in 1977 after
and Mandarin Oriental Hotel Group, amongst
Key Management graduating from University of Singapore with
a Bachelor of Accountancy (Honours) degree.
others. He served previously with Pan Pacific
Singapore and Pan Pacific Sonargaon Dhaka for
He is the Company Secretary of both the UOL
Executives Group and PPHG and a director of several of their
subsidiaries. He is also the Chief Financial Officer
11 years in Marketing, Operational and General
Management positions.
of UOL Group Limited.
Mr Swank holds a Bachelor of Arts degree in
history from George Washington University in
Mr Foo is a Fellow of the Institute of Certified
Washington D.C.
Public Accountants of Singapore, a Fellow of CPA
Australia as well as an Associate of the Institute of
8. Mr Eric Levy
Chartered Secretaries and Administrators and the
Chartered Institute of Management Accountants. Mr Levy joined PPHG in 2009 and is currently the
Senior Vice President, Development and Growth.
He leads the Group’s global development efforts
5. Mr Neo Soon Hup
to expand its hotel portfolio.
Mr Neo is the Chief Financial Officer of PPHG
and a director of several of its subsidiaries. He He has over 30 years of experience in hotel
oversees the financial management of PPHG and operations, development advisory and private
focuses on improving efficiency to drive business equity, having previously established his own
performances. Mr Neo was a Senior Audit hospitality investment and advisory firms,
Manager with PricewaterhouseCoopers prior to Octagon Capital Partners and Tourism Solutions
joining the UOL Group in 2003 and has 13 years International. His previous appointments include
of experience in auditing. senior roles at Horwath Asia Pacific and Colony
Capital in Asia Pacific.
He is a Fellow of the Institute of Certified Public
Accountants of Singapore and a member of the Mr Levy holds a Bachelor of Science degree in
Singapore Institute of Chartered Secretaries and hotel administration from Cornell University in
Administrators. Ithaca, New York.
6. Mr Kevin Croley 9. Mrs Melody King
Mr Croley joined Pan Pacific Hotels and Resorts Mrs King joined the Group in 2009 and is
in 2005 and is currently the Senior Vice President, currently the Senior Vice President, Human
Marketing & Sales of PPHG. He is responsible Capital and Development.
for developing brand strategies and platforms
of distribution, e-commerce and revenue She leads efforts in building capability and
management for PPHG. He has over 28 years of developing talent for PPHG.
experience in sales and marketing, of which 21
years were spent in the Asia Pacific region. She has over 20 years of experience in human
resource management and has held senior
1 2 3 After starting his career with First Hospitality Human Resources leadership roles with multi-
Corporation of America, Mr Croley worked national companies including Siebe Intelligent
with Hilton International, InterContinental Automation, Asea Brown Broveri (ABB) and
4 5 6 Hotels Group and the Royal Garden Resorts Herbalife International.
Hotel Group. He holds a Diploma in Hotel
Management and Operations from Belfast Mrs King graduated from Les Roches Hotel and
7 8 9
College of Business Studies, UK. Tourism School in Bluche-Montana, Switzerland.
12 PAN PACIFIC HOTELS GROUP LIMITED 13
100% Suzhou Wugong Hotel
Hotel Investments (Suzhou) Pte. Ltd. ANNUAL REPORT 2009
100% Co., Ltd [PRC]
75%
100% Hotel Investments (Hanoi) Pte. Ltd. Westlake International
Company [VN]
95%
Group 100% YIPL Investment Pte. Ltd. Yangon Hotel Limited [MN]
Structure 100% Hotel Plaza Property (Singapore) Pte. Ltd.
As at 8 March 2010
100% New Park Hotel (1989) Pte Ltd
100% Parkroyal Hotels & Resorts Pte. Ltd.
100% Parkroyal Serviced Residences Pte. Ltd.
100% Parkroyal International Pte. Ltd.
Parkroyal Marketing Services Pte. Ltd.
100%
(in member’s voluntary liquidation)
100% Pan Pacific Hotels and 100%
Pan Pacific Hotels and
Resorts America, Inc. [USA] Resorts Seattle, LLC [USA]
Parkroyal Technical Services Pte. Ltd.
100%
(in member’s voluntary liquidation) 99% 1%
Pan Pacific Hotels PT Pan Pacific Hotels &
100%
and Resorts Pte. Ltd. Resorts Indonesia [IN]
Parkroyal Hospitality Group Pte. Ltd.
100% 100% Pan Pacific Hotels and
(in member’s voluntary liquidation) Pan Pacific Marketing
100%
Services Pte. Ltd. Resorts Japan Co., Ltd [JP]
100% Pan Pacific Hospitality Holdings Pte. Ltd. Pan Pacific Technical 100% Pan Pacific (Shanghai) Hotel
100%
Services Pte. Ltd. Management Co., Ltd. [PRC]
Pan Pacific International Pte. Ltd. 100% Pan Pacific PPHR (Thailand)
100%
Hospitality Pte. Ltd. 48.9% Company Limited [TH]
Pan PACIFIC HOTELS GROUP LIMITED
100% United Lifestyle Holdings Pte Ltd
100% St Gregory Spa Pte Ltd 33.3%
100% Dou Hua Restaurants Pte Ltd
Grand Elite Sdn. Bhd. [MY]
66.7% President Hotel Sdn Grand Elite (Penang)
100% HPL Properties (Malaysia) Sdn. Bhd. [MY]
Berhad [MY] 100% Sdn. Bhd. [MY]
100% Garden Plaza Company Limited [VN]
65% Plaza Hotel Company
39.4% Pilkon Development Company Limited [BVI]
Limited [VN] AU Incorporated In Australia
BVI Incorporated in The British
100% Virgin Islands
Success Venture (WA)
100% Success Venture Investments (WA) Limited [BVI] MY Incorporated in Malaysia
Unit Trust [AU]
MN Incorporated in Myanmar
IN Incorporated in Indonesia PRINCIPAL ACTIVITIES
Success Venture Pty
100% JP Incorporated in Japan
95% Success City Pty Limited [AU] Limited [AU] Investment holding and others
PRC Incorporated in The People’s
Success Venture (Darling Republic of China Hotelier
100%
Harbour) Unit Trust [AU] TH Incorporated in Thailand Hotel management services
60% Success Venture Investments (Australia) Ltd [BVI] USA Incorporated in United States
Success Venture Spa, lifestyle and restaurant operations
100% of America
(Parramatta) Unit Trust [AU] VN Incorporated in Vietnam Associated companies
14 PAN PACIFIC HOTELS GROUP LIMITED 15
ANNUAL REPORT 2009
capital and development. In addition, we also made As “Pan Pacific” and “PARKROYAL” extend their
several cross-brand senior appointments to signify presence across the world, our Vision, Purpose and
2009 IN SUMMARY
our ongoing efforts to offer key team members Values will unify our global workforce of over 6,500
different strategic roles within the organisation to associates in 12 countries under Pan Pacific Hotels
bring about greater knowledge and understanding Group to develop deeper relationships with our
of the wider Pan Pacific Hotels Group, its people guests, our customers, our shareholders and our
and medium to long term business strategy. larger community.
RE-articulating OUR VISION, PURPOSE
AND VALUES
Very importantly, we recognised that no strategic
plan or efforts would ever be properly realised if
2009 marked a very important new in key locations where distressed assets our most important assets – our people – were not
chapter for Pan Pacific Hotels Group. present excellent opportunity for singular and focused upon a unifying Vision and
superior returns and the market is Purpose as we assemble the building blocks of Pan
With the renaming of the Group strategic to growth of the brand; and Pacific Hotels Group and chart the future of our
from Hotel Plaza Limited to Pan where entry to a market requires capital. “Pan Pacific” and “PARKROYAL” brands.
Pacific Hotels Group Limited to
represent the successful integration BUILDING OUR BRANDS With that, we re-articulated a Vision and Purpose -
of “Pan Pacific” and “PARKROYAL” Despite the challenging business Creating Memorable Hotel Experiences through
into a single hospitality management climate, our hotels managed to Great Brands, Great Hotels, Great People and
company to leverage scale benefits, create memorable experiences for Great Relationships. This is achieved through
the Group embarked on several our guests, winning along the way, our Values:
important strategic thrusts to prime important recognition and accolades
itself for growth. in important industry awards such as • We work better together because we
Travel+Leisure, Condé Nast Traveler collaborate, share, care about each other and
CHARTING OUR STRATEGIC and the World Travel Awards. communicate openly with everyone.
GROWTH
As a start, the Group conducted a We were also delighted to be able • We keep our processes as simple and as
strategic review of both the “Pan Pacific” to commence growing our presence uncomplicated as possible and take full
and “PARKROYAL” brands. With a keen despite the challenging business responsibility for our actions.
understanding of our brands’ unique environment. In 2009, we rebranded
attributes and how they resonated most and opened Pan Pacific Xiamen in • We have an “internal debate, external cohesion”
with guests and customers across the August while 2010 sees the opening culture with a can-do attitude and always try to
world, we charted an expansion plan for of Pan Pacific Suzhou, Pan Pacific have fun.
both brands. Serviced Suites Bangkok, Pan Pacific
Nirwana Bali Resort and PARKROYAL • We enhance our performance by always
Serviced Suites Kuala Lumpur. aiming higher and are not afraid of making the
For “Pan Pacific”, we identified the Asia tough decisions.
Pacific (Southeast Asia, Greater China,
Japan), Oceania and North America BUILDING OUR PEOPLE
CAPABILITIES • We respect and care for our wider community
as key growth markets while we will through being connected and sharing, we also
be looking to grow the “PARKROYAL” In building our international and recognise and value diversity in every way.
footprint across Southeast Asia and people platform to effectively realise
Greater China. our growth plan, we also attracted These values will define how we behave, and really
new talent onboard in key strategic represents how we want to engage and interact
This will be done through aggressively functions including development
with one other and our stakeholders in a most
securing of more hotel management and growth, strategy and planning,
fulfilling way.
contracts as well as deploying capital hotel operations, brands and human16 PAN PACIFIC HOTELS GROUP LIMITED 17
ANNUAL REPORT 2009
Great Brands
At Pan Pacific Hotels Group,
a great brand is more than a
premium name. It arises from
distinctive accommodation
and high service standards
that translate consistently into
memorable experiences for
our guests. Building a great
brand has helped “Pan Pacific”
and “PARKROYAL” to thrive
amidst challenges, garnering
awards and international
accolades with a winning
charm that has kept travellers
returning to us, year after year.18 PAN PACIFIC HOTELS GROUP LIMITED 19
ANNUAL REPORT 2009
Pan Pacific
Hotels and
Resorts
Pan Pacific Hotels and Resorts is a leading brand In 2009, the “Pan Pacific” portfolio extended to
in premium accommodations and services with China with the 387-room Pan Pacific Xiamen in
16 hotels, resorts and serviced suites including the heart of Xiamen’s financial district. In January
those under development in key destinations 2010, Pan Pacific Suzhou, a 481-room property
across Asia and North America. featuring stunning Chinese architecture in
an intricately-landscaped Suzhou garden, was
An award-winning brand distinguished by launched. Following the success of Pan Pacific
personalised care, delicate service and attention Serviced Suites Singapore, Pan Pacific Serviced
to detail, “Pan Pacific” appeals to upscale Suites Bangkok also opened in February 2010.
corporate and leisure travellers who appreciate It features 148 stylish residences in downtown
elegant Asian influences. Bangkok and is the first extended-stay residences
for the brand to be located outside Singapore.
Backed by 30 years of global success, “Pan
Pacific” has received top industry accolades Enhancing the hospitality experience, “Pan Pacific”
including the World Travel Awards for World’s presents a tantalising array of Asian cuisine. These
Leading Business Hotel (Pan Pacific Singapore) include “Keyaki”, a highly-acclaimed specialty
and World’s Leading Airport Hotel (Pan Pacific restaurant dedicated to authentic Japanese fine-
Kuala Lumpur International Airport), the AAA dining, while the award-winning “Hai Tien Lo”
Four Diamond Award, Condé Nast Gold List features exquisite Cantonese cuisine.
and Readers Choice Awards. It has also been
recognised by Condé Nast Traveler magazine for
exemplary social responsibility.
Pan Pacific Singapore20 PAN PACIFIC HOTELS GROUP LIMITED 21
ANNUAL REPORT 2009
PARKROYAL
Hotels &
Resorts
“PARKROYAL” comprises a portfolio of seven “PARKROYAL” has a robust expansion strategy
hotels and serviced suites in Singapore, Malaysia, and renewed design philosophy. Each year,
Myanmar and Vietnam. It offers a lifestyle- guest experiences are heightened through new
approach to hospitality founded on a tradition of properties complete with exciting restaurant
timelessness, exquisiteness and fortitude. concepts and a comprehensive suite of facilities
to suit business and leisure needs. These
A trusted provider of quality, value and hospitality include “St. Gregory”, a pioneer of premier
distinct to Asia, “PARKROYAL” leverages a strong wellness retreats offering holistic treatments that
heritage that has flourished into a reputable, rejuvenate the senses; and the award-winning “Si
upscale brand in the Asia-Pacific region. Exuding Chuan Dou Hua”, which offers delectable fine
local charm and character, PARKROYAL Hotels & dining for authentic Sichuan cuisine.
Resorts are dedicated to memorable experiences
through stylish comfort, impeccable standards The brand is slated to launch its extended-
and attentive service. stay residences, PARKROYAL Serviced Suites
Kuala Lumpur, outside Singapore for the first
In 2009, “PARKROYAL” became a member of the time in September 2010. In 2012, the flagship
Global Hotel Alliance (GHA), a growing alliance PARKROYAL@CBD, designed by renowned
of independent hotel brands synonymous architecture firm WOHA, will open in Singapore’s
with quality accommodation and genuine Central Business District.
commitment to service. The GHA extends the
“PARKROYAL” global market reach through its
network of nearly 300 upscale and luxury hotels
with over 65,000 rooms in 48 countries.
PARKROYAL Penang22 PAN PACIFIC HOTELS GROUP LIMITED 23
ANNUAL REPORT 2009
Spa and
Lifestyle Brands
SI CHUAN DOU HUA ST. GREGORY
The “Si Chuan Dou Hua” chain of restaurants is With a vision of providing “integrated holistic
renowned for the quality and authenticity of its therapeutic spa care and fitness” to every
Sichuan and Cantonese dishes. specialised age-group, “St. Gregory” was
established in Singapore in 1997.
The first “Si Chuan Dou Hua” restaurant opened
in Singapore in PARKROYAL on Beach Road in Built on the “four pillars” of therapy, fitness,
1996. Following its successful debut, a second aesthetics and active-ageing to promote health
restaurant was opened at UOB Plaza in 2002. and beauty for life, “St. Gregory” is a pioneer
and market leader in the spa and wellness
“Si Chuan Dou Hua” then expanded overseas industry, offering specialised and traditional
with the first restaurant outside Singapore healing therapies ranging from Chinese Tui Na
opening in 2003 at PARKROYAL Kuala Lumpur, to Javanese massages and Ayurveda treatments,
and another in 2007 in Tokyo, Japan - continuing combined with advanced technologies and
the fine tradition of bringing in the authentic techniques from the United States and Europe.
tastes of China to the world.
“St. Gregory” is currently found in Singapore,
Besides the authentic cuisine, a unique aspect Malaysia and Japan. In 2010, “St. Gregory”
of dining at Si Chuan Dou Hua Restaurants is intends to extend its presence in more markets.
the traditional tea master integrating Chinese
martial arts, dance and gymnastic moves to In 2006, “St. Gregory” was crowned the “Best
perform a host of elegant and skilled stunts when Service Spa” in Asia by The Ultimate Spa
pouring tea. Guide. From August 2006 to November 2009,
St. Gregory at Marina Mandarin was accredited
Additionally, Tian Fu Teahouse, by Si Chuan Dou Leading Spa by The Leading Hotels of the
Hua Restaurant, boasts the first teahouse concept World Ltd., and is the only spa in Singapore to
within a restaurant in Singapore. Opened in 2005 have received this honour. The same outlet was
in PARKROYAL on Beach Road, the teahouse awarded Best Asian-Therapy Based Massage
carries a wide selection of over 25 types of fine in The Singapore Women’s Weekly Best of
tea. A second Tian Fu Teahouse was opened in Beauty Salons, Spas and Services 2009 for its
UOB Plaza in 2008. Tui Na Massage. Additionally, St. Gregory at
PARKROYAL Penang was rated “Best Spa with a
The teahouse is a perfect complement to View” in Harper’s Bazaar Spa Awards 2009.
Si Chuan Dou Hua Restaurant as guests can
adjourn to the teahouse before or after their
meals to enhance and/or complete their dining
experience.24 PAN PACIFIC HOTELS GROUP LIMITED 25
ANNUAL REPORT 2009
Great Hotels
When it comes to great hotels,
Pan Pacific Hotels Group is
committed to creating
memorable hotel experiences.
This is distinguished by
hallmarks of modern
comfort and hospitality –
well-appointed rooms and
amenities, dedicated service
and attention to detail. That is
why we have continued to win
recognition around the world,
and our hotels come highly
acclaimed, winning numerous
awards and accolades.
All because we believe in
delivering value through hotels
and resorts that are truly great.
Pan Pacific Suzhou26 PAN PACIFIC HOTELS GROUP LIMITED 27
ANNUAL REPORT 2009
Operations Overview
This year marked a new beginning for the Group as it
was renamed from Hotel Plaza Limited to Pan Pacific
Hotels Group Limited to reflect its growing reputation
as a leading branded hotel management company.
WHISTLER
With over 30 years of international recognition, the
“Pan Pacific” brand was chosen to represent the VANCOUVER
new identity of the Group - Pan Pacific Hotels Group
Limited - to leverage its strong brand equity.
SEATTLE DHAKA
HANOI
A new corporate logo, represented by a strong, YANGON SUZHOU
simple and distinct “P” was unveiled, representing XIAMEN
the Group’s focus and continued commitment to its
key stakeholders - patrons, partners and principals. MANILA
Currently Pan Pacific Hotels Group manages
HO CHI MINH CITY
and/or owns over 30 hotels and serviced suites in BANGKOK
12 countries. The Group comprises two acclaimed
PENANG
brands: “Pan Pacific” and “PARKROYAL”.
KUALA LUMPUR
The Pan Pacific Hotels and Resorts portfolio is JAKARTA
represented by 16 hotels, resorts and serviced SINGAPORE
suites (including those under development) in key PERTH SYDNEY
destinations across Bangladesh, Canada, China,
Indonesia, Malaysia, Singapore, Thailand, the
Philippines and USA.
The PARKROYAL Hotels & Resorts portfolio
comprises seven hotels and serviced suites in
gateway cities across Malaysia, Myanmar, Singapore
and Vietnam.
Singapore ho chi minh city Seattle
The Plaza PARKROYAL Saigon Pan Pacific Seattle
PARKROYAL on Beach Road Hotel Sofitel Saigon Plaza
PARKROYAL on Kitchener Road Vancouver
EXISTING CONFIRMED PIPELINE PARKROYAL Serviced Suites Singapore HANOI Pan Pacific Vancouver
Pan Pacific Singapore Hotel Sofitel Plaza Hanoi
NO. OF HOTELS NO. OF ROOMS NO. OF HOTELS NO. OF ROOMS
Pan Pacific Orchard Whistler
Pan Pacific Serviced Suites Singapore YANGON Pan Pacific Whistler Mountainside
BY BRANDS PARKROYAL Yangon Pan Pacific Whistler Village Centre
Pan Pacific 15 4,588 1 278 KUALA LUMPUR
PARKROYAL Kuala Lumpur DHAKA
PARKROYAL 7 2,162 3 996 Pan Pacific Kuala Lumpur International Airport Pan Pacific Sonargaon Dhaka
Others 5 1,622 - - PENANG SUZHOU
PARKROYAL Penang Pan Pacific Suzhou
TOTAL 27 8,372 4 1,274
BANGKOK XIAMEN
Pan Pacific Bangkok Pan Pacific Xiamen
BY ownership type Pan Pacific Serviced Suites Bangkok Investment Property Owned by The Group
SYDNEY Hotels Owned and Managed by The Group
Owned 13 4,265 1 367 Jakarta Crowne Plaza Darling Harbour Hotels Owned by The Group and Managed by
Managed 14 4,107 3 907 Sari Pan Pacific Jakarta Crowne Plaza Parramatta Third Parties
Properties Owned by Third Parties and
TOTAL 27 8,372 4 1,274 MANILA PERTH Managed by The Group
Pan Pacific Manila Sheraton Perth Hotel28 PAN PACIFIC HOTELS GROUP LIMITED 29
ANNUAL REPORT 2009
Operations Overview
PORTFOLIO SUMMARY
Investment PropertIES Owned by the Group
The Plaza Shops & Offices PARKROYAL Yangon Completed
Purchased
1997
2001
Retained interests in a 32-storey tower block comprising Completed 1974 & 1979 An 8-storey V-shaped tower comprising 267 rooms at the Tenure of Land 30-Year Lease from
restaurants, hotel function rooms, shops and offices, two Tenure of Land 99-Year Lease from corner of Alan Pya Phaya Road and Yaw Min Gyi Road, 1997
1968 Approximate Gross
adjacent commercial buildings and a multi-storey carpark Yangon, Union of Myanmar Floor Area (SqM) 17,700
Approximate Net
block at 7500 Beach Road, Singapore Lettable Area (SqM) 18,597 Car Park Facilities 140
Car Park Facilities 659 S$7.8m
S$102.6m Present Capital Value
Present Capital Value
PARKROYAL Kuala Lumpur and Completed
Purchased
1974
1999
PARKROYAL SERVICED SUITES Completed
Tenure of Land
1979
99-Year Lease from President House Tenure of Land Freehold
Approximate Gross
Comprising 90 serviced suites and one owner-occupied 1968 Comprising a 23-storey tower with a 6-storey podium Floor Area (SqM) 56,707
apartment at 7500A Beach Road, Singapore Approximate Net
Lettable Area (SqM) 6,125 & 165 respectively
together with an annexed 8-storey car park building, with the
426-room hotel occupying the tower and part of the podium Car Park Annex
S$58.3m at Jalan Sultan Ismail, Kuala Lumpur, Malaysia Tenure of Land Leasehold, expiring in
Present Capital Value 2080
Approximate Gross
S$95.0m Floor Area (SqM) 11,128
Hotels Owned and Managed by the Group Present Capital Value Car Park Facilities 320
PARKROYAL on Beach Road Completed
Tenure of Land
1971 & 1979
99-Year Lease from
A 7-storey hotel building with 343 rooms at 7500C 1968 PARKROYAL PENANG Completed
Purchased
1990
1999
Approximate Gross A 309-room 8-storey beachfront resort hotel at Tenure of Land Freehold
Beach Road, Singapore
Floor Area (SqM) 19,900 Approximate Gross
Car Park Facilities 41
Batu Ferringhi Beach, Penang, Malaysia
Floor Area (SqM) 31,502
S$112.0m Car Park Facilities 147
Present Capital Value S$56.8m
Present Capital Value
PARKROYAL on Kitchener Road Completed
Purchased
1976 & 1981
1989
Comprising a 5-storey podium with a basement and a Tenure of Land Freehold Pan Pacific Suzhou Completed
Purchased
1998
2001
16-storey Y-shaped tower with 534 rooms, at 181 Kitchener Approximate Gross Comprising an establishment built in the Ming Dynasty Tenure of Land 50-Year Lease from
Floor Area (SqM) 37,811 1994
Road, Singapore Car Park Facilities 273
style, with 481 rooms accommodated within a cluster of low-
Approximate Gross
rise buildings at Xinshi Road, Suzhou, Jiangsu, The People’s Floor Area (SqM) 63,232
S$183.0m Republic of China Car Park Facilities 100
Present Capital Value
S$119.6m
Present Capital Value
PARKROYAL SAIGON Completed
Tenure of Land
1997
49-Year Lease from
Comprising a 10-storey hotel building with a 9-storey 1994
extension wing, with a total of 193 rooms and a 4-storey Approximate Gross
Floor Area (SqM) 12,165
annex office building at Nguyen Van Troi Street, Ho Chi Minh Car Park Facilities 25
City, Vietnam
S$37.7m
Present Capital Value30 PAN PACIFIC HOTELS GROUP LIMITED 31
ANNUAL REPORT 2009
Operations Overview PropertIES OWNED BY THIRD PARTIES AND
MANAGED BY THE GROUP
PROPERTY ADDRESS NO. OF ROOMS
SINGAPORE
PORTFOLIO SUMMARY PAN PACIFIC SINGAPORE 7 Raffles Boulevard, Marina Square, 778
Singapore 039595
PAN PACIFIC ORCHARD 10 Claymore Road, Singapore 229540 205
Hotels Owned by the Group and Managed by PAN PACIFIC SERVICED SUITES SINGAPORE 96 Somerset Road, Singapore 238163 126
Third Parties
Crowne Plaza Darling Harbour Completed
Purchased
1991
1993
MALAYSIA
A 13-level hotel with 345 rooms at 150 Day Street, Tenure of Land Freehold PAN PACIFIC KUALA LUMPUR Jalan CTA 4B, 64000 KLIA, Sepang 441
Sydney, Australia Approximate Gross INTERNATIONAL AIRPORT Selangor Darul Ehsan, Malaysia
Floor Area (SqM) 24,126
Car Park Facilities 53
S$91.4m THAILAND
Present Capital Value Pan Pacific Bangkok 952 Rama IV Road, Suriyawongse, 241
Bangrak, Bangkok 10500, Thailand
148
Crowne Plaza Parramatta Completed
Purchased
1986
1994
PAN PACIFIC SERVICED SUITES BANGKOK 818/333 Sukhumvit Soi 55, North
(Opened in February 2010) Klongton, Wattana District, Bangkok
A 13-level hotel with 196 rooms at 30 Phillip Street, Tenure of Land Freehold
Parramatta, New South Wales, Australia Approximate Gross 10110, Thailand
Floor Area (SqM) 16,694
Car Park Facilities 176
S$36.0m INDONESIA
Present Capital Value Sari Pan Pacific Jakarta Jalan M.H.Thamrin 6, P.O. Box 3138, 400
Jakarta 10340, Indonesia
Sheraton Perth Hotel Completed
Purchased
1973
1995 THE PHILIPPINES
Comprising a 23-storey hotel tower with a 4-level extension Tenure of Land Freehold
Pan Pacific Manila M. Adriatico Cor. Gen Malvar Sts., 236
wing, with a total of 486 rooms at the corner of Adelaide Approximate Gross
Floor Area (SqM) 31,513 Malate, Manila City 1009, Philippines
Terrace and Hill Street, Perth, Australia Car Park Facilities 220
BANGLADESH
S$157.8m 277
Present Capital Value Pan Pacific Sonargaon Dhaka 107 Kazi Nazrul Islam Avenue. G.P.O.
Box 3595, Dhaka 1215, Bangladesh
Hotel Sofitel Plaza Hanoi Completed
Purchased
1998
2001
CHINA
A 20-storey hotel with 309 rooms and 36 serviced apartments Tenure of Land 48-Year Lease from Pan Pacific XIAMEN 19 Hubin Bei Road, Xiamen 361012, 387
at Thanh Nien Road, Hanoi, Vietnam 1993 Fujian China
Approximate Gross
Floor Area (SqM) 39,250
S$95.0m Car Park Facilities 40 NORTH AMERICA
Present Capital Value Pan Pacific Seattle, USA 2125 Terry AVE, Seattle. WA 98121 160
Pan Pacific Vancouver, Canada 300 - 999 Canada Place, Vancouver, 504
Property under Construction BC V6C 3B5
Upper Pickering Street Expected Completion mid-2012
Tenure of Land 99-Year Lease from 2008 Pan Pacific Whistler 4320 Sundial Crescent, Whistler, 121
A proposed development comprising a 367-room hotel Site Area (SqM) 6,959
Mountainside, Canada British Columbia V0N1B4, Canada
and approximately 7,320 square metres of office space Gross Floor Area (SqM) 29,227
Pan Pacific Whistler 4299 Blackcomb Way, Whistler, 83
Village Centre, Canada British Columbia V0N1B4, Canada32 PAN PACIFIC HOTELS GROUP LIMITED 33
ANNUAL REPORT 2009
Operations Overview
SOUTH EAST ASIA REVENUE (S$’M) points to 71%. The average room rate increased by
12% to RM370.
Visitor Arrivals
In the Asia Pacific region, Southeast Asia has emerged as the only sub-region to record an increase in 250 MYANMAR
international arrivals in 2009. Visitor numbers rose 1% year-on-year, supported by Myanmar (+26%), Malaysia PARKROYAL Yangon
(+7%), Indonesia (+1%) and Cambodia (+2%). On the other hand, full-year declines were recorded by
The Group has a 95% interest in the 267-room
Thailand (-3%), Singapore (-4%) and Vietnam (-10%) respectively. 200
PARKROYAL Yangon. Average occupancy for the hotel
saw a 19 percentage point increase to 62% in 2009,
Group Performance 150 while the average room rate rose by 6% to USD36.
Revenue (including those from managed hotels not owned by the Group) declined by 15% to $351 million
during the year driven by declines in revenue per available room (“RevPAR”) for the region. While occupancy VIETNAM
remained flat at 69%, average room rate had declined by 19%. 100
PARKROYAL Saigon
Average occupancy of the 193-room PARKROYAL
The lowest decline of 16% in RevPAR was recorded by owned and managed due to improved performance 50 Saigon for the year decreased by 11 percentage points
of the hotels in Myanmar and Malaysia which benefited from higher visitor arrivals during the year.
to 59%. The average room rate decreased by 17% to
0 USD85.
RevPAR of owned and managed by third party suffered the largest decline of 29% as the two hotels in this
ownership type are located in Vietnam where visitor arrivals in 2009 had recorded a sharp decline of 10%. 2005 2006 2007 2008 2009
Hotel Sofitel Plaza Hanoi
Owned and Managed Owned and Managed Managed
by Third Party The 309-room Hotel Sofitel Plaza Hanoi, in which the
OCCUPANCY REVPAR (S$) Group has a 75% interest, commands a scenic view
of the West Lake and Red River, with convenient
90% 200 PARKROYAL SERVICED SUITEs access to the central business district. During
The PARKROYAL Serviced Suites comprises 90 the year, average occupancy declined by nine
units of serviced suites at The Plaza on Beach Road. percentage points to 62%, while the average room
150 Renovation of 40 units and the upgrading of the air- rate decreased by 18% to USD110.
80%
conditioning system in all 90 units was completed in
February 2009. Renovation of the remaining 50 units As part of the re-positioning of the hotel to the new
commenced in mid-October 2009. All units will be Sofitel brand standard, the hotel will be renovating
70% 100 fully renovated by February 2010. the guestrooms, F&B outlets and meeting facilities
in 2010.
Occupancy closed at 69% down from 86% in the
60% 50 year before, due to the renovations in Q1 2009 and Hotel Sofitel Saigon Plaza and
Q4 2009. Central Plaza
The 287-room Hotel Sofitel Saigon Plaza, in
MALAYSIA which the Group has a 26% effective interest, is
0% 0 PARKROYAL Kuala Lumpur conveniently located in the main commercial and
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 The 426-room PARKROYAL Kuala Lumpur with the diplomatic precinct. Average occupancy dropped
Owned and Managed Owned and Managed Managed Owned and Managed Owned and Managed Managed adjoining President House is strategically located in by 12 percentage points to 53% in 2009 while the
by Third Party by Third Party
the Golden Triangle, the capital’s main commercial average room rate declined by 17% to USD135.
and retail district. Average occupancy of the hotel
was 79%, an increase of eight percentage points As part of its re-positioning to the new Sofitel brand
SINGAPORE year on year. The average room rate reduced by standard, the hotel will be renovating guestrooms,
PARKROYAL on Beach Road PARKROYAL on Kitchener Road 10% to RM239. F&B outlets and meeting facilities in 2010.
Average occupancy of the 343-room PARKROYAL The 534-room PARKROYAL on Kitchener Road saw
PARKROYAL Penang Adjoining the hotel is the Central Plaza, a 16-storey
on Beach Road declined by six percentage points to average occupancy increase by one percentage
PARKROYAL Penang, with 309 rooms, saw its office block with a total lettable area of 7,895 sqm.
73% in 2009, while the average room rate decreased point to 76% in 2009. Average room rate decreased
average occupancy increase by four percentage The office block was fully let out during the year
by 25% to S$166. by 28% to S$134.
under review.34 PAN PACIFIC HOTELS GROUP LIMITED 35
ANNUAL REPORT 2009
Operations Overview
CHINA NORTH AMERICA
Visitor Arrivals Visitor Arrivals
The full-year visitor arrivals for China were down by 3% compared to the previous year. The country’s hotel The Americas recorded an estimated 6% fall in arrivals for the full year 2009 in comparison to 2008. The
performance declined sharply during 2009, with RevPar falling 26% compared with a year ago. The decline in numbers of international visitor arrivals to Canada and the USA were both down for the year.
RevPAR was largely due to falling average daily rate of 21% on top of declines in occupancy of 6.5%. The decline
in occupancy came amid significant increases in hotel supply during the last few years. Available rooms across Group Performance
the country increased by 5% for 2009 compared to the previous year. Performance of the hotels was affected by the downturn in the market as a result of the global financial crisis.
Managed revenue decreased by 17% to $77 million during 2009 as a result of a 16% decline in RevPAR. The
Group Performance decline in RevPAR comprised of a 6% drop in occupancy and 10% decline in average daily rate.
During the year, occupancy increased by one percentage point while RevPAR declined by 15%. Revenue however
increased by 70% due to the addition of a new managed hotel. The Pan Pacific Xiamen, which is wholly-owned
by the Group’s parent company, UOL Group Limited, was rebranded in August 2009. OCCUPANCY (%) REVPAR (S$)
80% 300
OCCUPANCY REVPAR (S$)
80% 200 60% 250
60% 150 40% 200
40% 100 20% 150
20% 50 0% 0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Managed Managed
0% 0
2005 2006 2007 2008 2009 2005 2006 2007 2008 2009
Managed Owned and Managed by Third Party Managed Owned and Managed by Third Party
REVENUE (S$’M)
REVENUE (S$’M) 250
40
200
THE PEOPLE’S REPUBLIC OF CHINA 30
Pan Pacific SUZHOU 150
The hotel which was rebranded to Pan Pacific with
effect from January 2010 is located at Xinshi Road 20
100
within the Suzhou city precinct. During the year,
average occupancy was 50%. However, total rooms 10
sold had increased in 2009 due to the additional 0
99 rooms added on to the hotel inventory in March 2005 2006 2007 2008 2009
2009. The average room rate registered a 22% drop 0 Managed
to RMB656 as a result of increased competition and a 2005 2006 2007 2008 2009
general decline in rates in the market. Managed Owned and Managed by Third PartyYou can also read
