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  1. #1

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    Competition heats up as HKOP plans 3 new hotels against HKDL

    Ocean Park likely to invite hotel tenders

    Wendy Leung

    Thursday, November 02, 2006


    Ocean Park is likely to call for tenders to build and operate three hotels on its land in the near future, it was disclosed Wednesday.


    Park chairman Allan Zeman said the HK$5.5 billion raised for its redevelopment plan did not cover the costs of the proposed hotels and that the build- operate-transfer model had been agreed in principle.

    The successful tenderers would be allowed to build the hotels and operate them for 20 to 30 years before turning them over to the park.

    He said a feasibility study was now underway and that the park would discuss the plan with the government by the end of this month. A final plan was expected early next year.

    "The preliminary plan calls for three hotels. One, the Ocean Hotel at the main entrance, will have approximately 600 rooms, the Fisherman's Wharf Hotel at the Tai Shue Wan entrance will have 450 rooms and the Summit Hotel and Spa will have 160 rooms," Zeman said.

    LCH (Asia Pacific) Surveyors managing director Joseph Ho Chin-choi said the BOT plan was rare for hotels.

    "As far as I know, this is the first time the model is being used for hotels. It is normally used for public facilities, such as tunnels, but never in hotels," Ho said.

    One reason for the current scheme, Ho said, was because Ocean Park's redevelopment plan was already large and the management did not want to incur further risks of investing in three hotels.

    "But the disadvantage is that the theme park will not be able to share in the profits should the hotels turn out to be profitable," Ho said.

    He also said since the land use of Ocean Park was only for recreational purposes, it may have to pay a land premium before building hotels within the area.

    Zeman said if there was a need to pay a land premium, it will probably be borne by the tenderers.

    Most hotels in Hong Kong are either built and operated by developers or built by developers and operated by hotel management companies.

    The Federation of Hong Kong Hotel Owners executive director Michael Li Hon-shing said developers would consider bidding for hotels if they were located in prime areas and had prosperous investment prospects.

    "The interest of developers for the proposed hotels at Ocean Park would depend on such factors as the facilities and transportation systems nearby, and whether the southern section of the island will be developed into a resort for family tourism," Li said.

    A groundbreaking ceremony to mark the start of the five-year redevelopment is planned for November 23.

    "We have invited Financial Secretary Henry Tang Ying-yen to officiate at the ceremony. There will be some special events and it will be a lot of fun," Zeman said.

    He said the date and time were picked by feng shui expert Peter So Man-fung.

    Renovation work will begin with the front gate and with priority being given to the building of a vet hospital to protect the animals.
    The redevelopment, first announced in March 2005, is aimed at making the Aberdeen attraction a much-improved marine-based theme park.

    The HK$5.5 billion in funding consists of a HK$4.16 billion, 15-year syndicated bank loan and a 25-year HK$1.38 billion loan from the government.
    The theme park is expected to attract five million visitors annually after the revamp.
    Source: HK Standard News

  2. #2

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    Re: Competition heats up as HKOP plans 3 new hotels against HKDL

    Ocean park is clearly expecting and getting ready for the Hong Kong tourism market to expand greatly.And are throwing cash around like there's no tomorrow hope the payoff for them is great as any park thats willing to spend money to make it is alright by me.

  3. #3

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    Re: Competition heats up as HKOP plans 3 new hotels against HKDL

    Ocean Park hotels proposal finds favor

    Wendy Leung

    Monday, November 06, 2006

    Legislators have given the thumbs up for Ocean Park's plan to call for tenders to build and operate hotels on its land.


    Democrat Fred Li Wah-ming said, under the build-operate-transfer model, the theme park's HK$5.5 billion redevelopment plan, which calls for the construction of three hotels, would neither need to borrow money from the government or banks, nor require an admission fee.

    "This is purely a business decision and I accept the proposed arrangement," Li said.

    Ocean Park is conducting a feasibility study of the project, and a final decision is expected next year.

    Chan Kam-lam of the Democratic Alliance for Betterment and Progress of Hong Kong said the plan does need to go through the Legislative Council's Finance Committee because the park does not intend to seek funding. "As long as the bidding process is highly transparent, there shouldn't be any problem."

    Under the plan, the three hotels will have a total of more than 1,200 rooms and will be built and operated by developers for 20 to 30 years before turning them over to the park.

    Liberal Party lawmaker Howard Young How-wah said since the HK$5.5 billion raised for the redevelopment would not cover the costs of the proposed hotels, it would allow the park to speed up their construction. He said the 1,200 hotel rooms to be created would help ease the demand for accommodation in the territory, especially during the peak tourist season.

    The three hotels planned to be built are Ocean Hotel, to be located at the main entrance and offering 600 rooms; Fisherman's Wharf Hotel at the Tai Shue Wan entrance with 450 rooms; and Summit Hotel and Spa that will have 160 rooms.
    The HK$5.5 billion in funding consists of a HK$4.16 billion, 15-year syndicated bank loan and a 25-year HK$1.38 billion loan from the government. The theme park is expected to attract five million visitors annually after the revamp.
    Source: HK Standard News

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