旅客与入住率保持在高水平 酒店业务前景看好

随着抵达我国的游客人数和本地酒店入住率(occupancy rate)保持在高水平，各家证券行看好本地酒店业务前景，其中城市发展酒店服务信托(CDL Hospitality Trusts)和大中酒店(Hotel Grand Central)尤其备受推荐。

星展集团研究报告说，抵达我国的游客人数今年4月继续稳在82万6000名，与去年大致一样，而酒店的平均入住率估计为84％，比去年同月略减1％，原因相信主要是4月间缺乏大型项目所致。可是酒店平均客房收费每晚却达到254元，年比增加了32.5％。

在接下来几个月里，星展集团预期从5月到7月举行的新加坡热卖会、9月的一级方程式(F1）赛车以及各项会议、展览与奖励旅游业(MICE)等活动将吸引更多人士前来本地，从而促进到访者人数的增长、确保入住率和客房收费处于稳定水平。

考虑到本地强劲的酒店入住率环境，而客房供不应求的局面在短期的未来不会改观，星展集团给予本地酒店业“加磅”的评级，其中城市发展酒店服务信托继续列为其首要推荐对象。根据星展对它作出的每股可派发收入估计，它的现价意味着08财年和09财年的股息率分别为5.9％和6.6％，因此星展给予它“买入”评级，目标价为2.90元。

城市发展酒店服务信托也受联昌国际研究青睐。联昌国际认为，本地接下来八年对酒店住宿的需求料会上升，政府已经设定到了2015年，来自游客的收入和到访人数将分别为300亿元和1700万名的目标。

作为本地最庞大的酒店业主以及唯一的酒店信托，信托将从酒店住宿的强劲需求中受惠，联昌国际因此给予它“表现优于大市”的评级，目标价为2.38元。

至于大中酒店，它不久前刚公布首季业绩，多家证券行都认为符合市场预期。星展集团研究认为，尽管它脱售坐落在澳大利亚柏斯和马国吉打州的两家酒店后，意味着失去了来自它们的营收贡献，本地和澳大利亚酒店业务却因两地客房供应紧张而表现不俗。

由于它共有65％的营业额以及55％的客房来自新加坡和澳大利亚，它接下来的业务表现料会保持稳定，尤其是新加坡市场正在享有强劲的游客需求。星展给予它“买入”评级，并把目标价定为1.34元。

华侨银行投资研究也指出大中酒店的季度业绩符合其预测，并料会从本地和澳大利亚两地酒店的较高客房收费中受惠。华侨银行看好它的本地酒店表现，把它全年的净利预测从2690万元提高到2930万元，因此维持对它的“买入”评级，并把合理价值估计定为1.25元。


除了城市发展酒店服务信托和大中酒店外，星展集团研究也建议吸购业务多元化的安国控股(Amara Holdings)及文雅酒店(Hotel Plaza)的控制股东华业集团(UOL Group)，指它们在本地拥有显著的酒店业务，也将从本地旺盛的酒店服务市场中受益，因此把它们的目标价分别定为82分和5.22元。

Source

AMARA HOLDINGS LTD

Divestment of interest in a Joint Venture, Amara Hotel Saigon Company, Limited

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_E64D60F79F3AA1A8482573B6003A8F30/$file/DivestmentofInterest-JV.pdf?openelement

‘Meet & Stay’ package for corporate meetings at Amara Sanctuary Resort Sentosa

S$395 overnight promotion for corporate and social events

Amara Sanctuary Resort Sentosa, Singapore’s stylish new resort getaway, has launched a new ‘Meet & Stay’ package designed for groups of at least ten, priced at S$395 for each guest.

The new package includes overnight accommodation, breakfast for one and lunch at the stylish new ‘urban lifestyle retreat’ overlooking Sentosa’s popular Palawan Beach, just ten minutes from the city centre.

Designed for corporate or stylish social gatherings, the package also includes free use of a meeting room with presentation facilities from 9–5pm, and two coffee/tea breaks with snacks.
Accommodation for guests is in a well-appointed Deluxe Room, complete with a welcome drink & fruit basket.

Guests or delegates also receive a 25% discount voucher for food & beverage at the resort’s signature restaurant, Shutters.

The package rate is subject to 10% service charge and 7% GST, with reservations subject to availability of meeting rooms & guest rooms.

Amara Sanctuary is a stylish and unique new venue for business meetings and stylish events on Sentosa.

The resort combines colonnaded colonial architecture, contemporary design, a secluded tropical landscape, fine dining and ‘casual chic’ style.

Recreational facilities include three swimming pools, including one infinity-edged pool on a rooftop overlooking the South China Sea reserved exclusively for adults.

A health and wellness spa with fully equipped gym opens later this year.

Singapore’s colonial architectural heritage is retained through the conversion of a historic 1930s British Sergeants Quarters building into sensational Courtyard and Verandah Suites.

The resort’s Japanese fine dining restaurant, Si Bon, was converted from the oldest chapel on Sentosa and is the only restaurant in Singapore serving the authentic Japanese delicacy “Kushikatsu”, or skewer cuisine.

All-day restaurant, Shutters, serves modern intercontinental cuisine whilst Thanying is an authentic Royal Thai restaurant and Silk Road of The Sea is a new beachfront seafood restaurant serving cuisine which traces the culinary footsteps of legendary seafarer Admiral Zheng from the Mediterranean to the South China Sea.

The 121-room Amara Sanctuary is owned and managed by Singapore’s Amara Group and was recently honoured in the URA Architectural Heritage Awards which recognize developments restoring listed buildings and monuments to their former glory.

For reservations or more information: Tel. +65 6825 3888Fax +65 6825 3878 Visit: www.amarasanctuary.com.

Source

安国控股（Amara）

本栏于去年2月1日曾论及这只股票当回扯，以填补介于0.625元至0.605元间留下的缺口，过后将突破0.69再创新高。果然，股价过后下跌填补此缺口，3月5日更下试0.48元才进入了升势。7月5日股价一度升至0.89元，可惜后劲不足，该月底竟然以0.74元闭市，而于其每月一杆图中形成“主要转向”讯号，遂以一个升势“三角形”进入调整。去年12月24日试0.635元同时于其每日、每周及每月一杆图皆出现“转向”讯号，完成了第(4)点，估计股价当回升填补介于0.715元至0.72元及介于0.77元至0.775元间的缺口了。

Source

AMARA HOLDINGS LTD

Dec 31 2007
MISCELLANEOUS :: TRANSFER OF SHARES OF A SUBSIDIARY, SILK ROAD RESTAURANT (M) SDN. BHD.

Nov 23 2007
MISCELLANEOUS :: INCORPORATION OF SILK ROAD RESTAURANT (M) SDN. BHD

Nov 13 2007
MISCELLANEOUS :: PRESS RELEASE - RESULTS 3Q2007

Nov 13 2007
THIRD QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT

Oct 20 2007
MISCELLANEOUS :: AMARA HOTEL SAIGON

Oct 01 2007
MISCELLANEOUS :: PRESS RELEASE - AMARA WINS PRESTIGIOUS URA ARCHITECTURAL HERITAGE AWARDS

‘Silk Road Of The Sea’ traces Marco Polo’s culinary footsteps at Amara Sanctuary Resort Sentosa
Friday, December 07, 2007

"Silk Road Of The Sea" Traces Marco Polo's Culinary Footsteps at Amara Sanctuary Resort Sentosa

A new seafood restaurant serving cuisine tracing the culinary footsteps of explorer Marco Polo from the Mediterranean to the South China Sea has opened at Amara Sanctuary Resort on Sentosa’s popular Palawan Beach.

With both indoor and outdoor al-fresco dining options set in tropical gardens, Silk Road of the Sea showcases a variety of signature seafood from China, Thailand, the Straits of Malacca, Sumatra, the Indian Ocean, the Persian Gulf, Black Sea and Mediterranean.

The tropical dining experience is styled after teahouses that mushroomed along the Silk Road in the 14th century and the restaurant boasts a hip and upbeat design that appeals to the young, expatriates, tourists, and families alike.

Delectable seafood dishes are skillfully prepared by specialty chefs invited from around the world for this first-of a kind-concept. Seafood dishes on offer include lobster, crab, mussels, shrimp, prawn, abalone, scallop, squid, octopus, cuttlefish, clams, salmon, cod, halibut, snapper, trout and parrot fish and each is freshly prepared in large woks or on charcoal grills at open food stations.

Besides succulent seafood, the restaurant also features South-East Asian favourites including noodles and rice dishes.

Adding to the many delights on offer at Silk Road of the Sea, a La Cha Shifu, or Tea Master is on hand to serve aromatic eight-treasures tea. Beer, Japanese sake, wine, premium coffee, fresh fruit juices and soft drinks are also included in the drinks menu, whilst an ice cream station also features exotic sorbets and a variety of ice cream flavours.

Silk Road of the Sea is a new chapter in the multi-faceted Singapore dining scene with inventive and unique re-creations of traditional authentic fare. Styled by world-renowned interior designers, its feel is “contemporary yet warm with a touch of Zen”.

An innovative and fun aquarium showcases live seafood and diners can choose to sit indoors or on the al fresco patio at the front of the restaurant which offers a spectacular view of the beach.
Silk Road by the Sea compliments three other fine dining restaurants at the Amara Sanctuary resort: the award-winning Royal Thai restaurant, Thanying; all-day modern intercontinental restaurant, Shutters; and the intimate boutique Japanese restaurant, Si Bon.

Amara Sanctuary, Sentosa opened earlier this year, developed from carefully restored colonial barracks and newly built contemporary buildings.

“Within easy access of the city centre, it was a unique opportunity to create an authentic Singapore style resort,” said Amara Group CEO Albert Teo.

The resort was recently honoured by the URA Architectural Heritage Awards which recognize developments restoring listed buildings and monuments to their former glory.

Amara Group Selects Alcatel-Lucent to Enhance Communications and Improve Visitors' Experience

Alcatel-Lucent has announced that it has been awarded a contract for the delivery of an IP telephony infrastructure for the Amara Sanctuary Resort Sentosa, a hospitality property in Singapore.

The Amara Sanctuary Resort Sentosa is a 121-room boutique resort to be built by the Amara Group on a 3.5 hectares package that includes four old colonial buildings.

The resort will influence leading-edge technology to offer hotel guests unprecedented convenience and communications capabilities at the touch of a button. It is expected to be complete by end 2007.

Alcatel-Lucent is delivering the OmniPCX Enterprise IP telephony system which will be fully integrated with special XML software applications jointly developed for the resort with its application partner FCS Computer System Pvt Ltd.

FCS Computer System is a leader in communications solutions for the hospitality industry which is Malaysia-based. Guests will be able to access hotel features and services on state-of-the-art IP phones in their own rooms, as well as enjoy wireless IP access throughout the hotel premises, transforming the visitor experience.

These features include up-to-date weather reports, tourist and visitor information, and resort facility guides.

These innovative and guest friendly applications will reside on both the advanced Alcatel-Lucent’s IP phones in-room, and the resort’s website. The whole new level of convenience will ensure people with different set of experience rather than that offered by other hotels.

“The Sentosa project will transform the Amara Sanctuary Resort into a world-class island destination, and we will see the Amara Sanctuary Resort setting the benchmark not only in luxury accommodation and holiday making, but also in the way that the latest IP telephony technology from Alcatel-Lucent is used to enhance the guest experience.

The type of guest expected to stay at the hotel will demand the very best, and this is a key part of our strategy of satisfying their needs during their stay, Corinne Teo, Group Systems and Quality Manager, Amara Sanctuary Resort, was quoted as saying in the report.

Amid the lush surroundings and luxurious facilities, guests will be able to gain access to both hotel services and facilities through fine deployment of technologies and applications throughout the surrounding area.

“The hospitality industry is evolving rapidly and the major resort chains are finding it increasingly challenging to come up with new ways to instill customer loyalty and improve brand experience. This greatly revolutionizes the way information is being delivered to and obtained by hotel guests, and also opens a sea of new possibilities to meet the changing demands of the industry,” Matthew Kuan, FCS, was quoted as saying in the report.

AMARA HOLDINGS LTD

AMARA HOLDINGS LTD - Incorporation of Silk Road Restaurant (M) Sdn. Bhd

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_C3FA029430ACA0EA4825739C0036A415/$file/IncorporationSilkRoadRestMSdnBhd.pdf?openelement

Amara selects Alcatel-Lucent solution

Amara selects Alcatel-Lucent solution

Network solutions provider Alcatel-Lucent has been awarded a contract for the delivery of an IP telephony infrastructure for the Amara Sanctuary Resort Sentosa, a hospitality property in Singapore.

The Amara Sanctuary Resort Sentosa is a 121-room boutique resort to be built by the Amara Group on a 3.5 hectares parcel that includes four old colonial buildings.

Alcatel-Lucent is delivering the OmniPCX Enterprise IP telephony system, which will be fully integrated with special XML software applications jointly developed for the resort with its application partner, Malaysia-based FCS Computer System, a player in communications solutions for the hospitality industry.

Guests will be able to access hotel features and services on IP phones in their own rooms, as well as enjoy wireless IP access throughout the hotel premises.

These features include up-to-date weather reports, tourist and visitor information, and resort facility guides, Alca-Lu noted.

AMARA HOLDINGS LTD

Note : By End Dec 2007, may test 0.825-0.835 again

3nd QUARTER FINANCIAL STATEMENT & DIVIDEND ANNOUNCEMENT

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_97549CB7447A67CD48257392003A0FFA/$file/AHL3Q2007.pdf?openelement

Press Release - Results 3Q2007

http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_009A39B3AD57F46548257392003E8B2D/$file/NR-Results-AHL3Q2007.pdf?openelement

Amara Sanctuary Resort Sentosa

Christmas Kampong at Amara Sanctuary Resort Sentosa

Amara Sanctuary Resort Sentosa is celebrating its first Christmas in ‘Kampong’ style with a unique village festival of traditional food-stalls, fun and games.

‘Christmas Kampong’ at the stylish new resort on Singapore’s Sentosa Island is a novel opportunity to relive the historical past on December 24 from 4-11pm and December 25 from 11am-3pm.

Kampong games such as zero-point, cha-teck, paper-balls and hopscotch, alongside food-stalls serving satay, ice-kacang, chendol, coconut juice, ice lollies, chocolates, candy canes, ginger bread and more, will delight the young and old.

A formal Christmas Eve set-dinner priced at S$128++ per person is also being served at the resort’s international restaurant, Shutters, on December 24, followed by Christmas Day Brunch, priced at S$118++ and Christmas Day Supper, priced from S$35++.

For an intimate time with partners, ‘Christmas under the Stars’, private dining experience at Amara Sanctuary Resort’s Infinity Sky Pool is not to be missed. Reservations can be made on a first-come-first-served basis for just five couples on December 24.

Overnight room / dining packages are also available at the 121-room resort, including surprises for kids up to 12 years old.

Packages include ‘Kampong Merriment’: (S$268++) a one night stay in Deluxe room accommodation with breakfast, ‘Kampong X’mas Spirit’: a one night stay in Deluxe room accommodation for two adults, one child sharing with breakfast and complimentary entrance to Underwater World, and, ‘Kampong X’mas Splendor’: one night accommodation in the award-winning Colonial Courtyard suite, breakfast and complimentary Golden Village Vivocity movie theatre tickets for two.

Each overnight package includes entry into Amara Sanctuary Resort’s ‘Christmas Kampong’, shuttle service to Vivocity and usage of resort facilities. Optional upgrades and add-ons are also available.

Amara Sanctuary Resort opened earlier this year on a hillside above Sentosa’s popular Palawan Beach.

It was recently honoured in the URA Architectural Heritage Awards – Category A, for the conservation of 20 colonials suites, which were formerly army barracks. In addition, Amara Sanctuary Resort has been visited by distinguished guests including the President of the Republic of Singapore, Mr S. R. Nathan, Malaysian Prime Minister Datuk Seri Abdullah Ahmad Badawi, and local singer, Stefanie Sun.

It will also be the official hotel for the prestigious Forbes Asia Best Under a Billion 2007.

Villas With A View

Villas with a view

Tay Suan Chiang, Design Correspondent
Fri, Apr 13, 2007The Straits Times

YOU are floating in one of three swimming pools at a fabulous tropical island resort and spa, dreaming of your massage to come, and the pleasure of relaxing in your resort-styled room.

Nearby is a padi field that is part of 3.5ha of lush gardens and natural rainforest, beyond which glistens the sea.

Bali, perhaps? Or a resort in Thailand?

A clue: As well as new villas and a hotel, there are also restored colonial buildings. Two are former army barracks.

Another clue: In complete contrast to the calm you are enjoying, within three years there will be a bustling family resort with gaming facilities just across the road.

Ah, it must be Sentosa. And the lushly green resort is the Amara Sanctuary Resort Sentosa, which will open within the next two to three months.

The hillside boutique resort has been built at a cost of about $60 million, making it one of the most expensive on Sentosa.

The 121-room resort will bring to six the number of resorts on Sentosa, which is enjoying a rebirth as a holiday destination, and provides a uniquely Singaporean experience, what with its greenery and touch of colonial days, yet being located a three-minute walk away from Palawan Beach.

Its owner, hotel and property developer Albert Teo, chief executive officer of Amara Holdings, explains: "It's like walking through a rich man's kampung.

"And yet, you're only a 15-minute drive away from the city."

While the resort dramatically ups Sentosa's pamper factor, Mr Teo is unfazed that it is also located just across the road from where the upcoming integrated resort (IR), Resorts World at Sentosa, will be situated.

He bought the 4ha resort site in 2004 from the Sentosa Leisure Group, before an IR on Sentosa had even been suggested.

However, a relaxed Mr Teo sees the opening of the IR - which will have six hotels with 1,830 rooms and a Universal Studios theme park - as complementary to his hotel.

"Resorts World caters more to a mass market, whereas we are more niche," he says. "So guests who want privacy and exclusivity will come to us.

"As a smaller hotel, we can be more attentive to their needs."

He is also not bothered that the peace and tranquillity surrounding the resort may be disturbed when construction of the IR starts.

According to a spokesman for Resorts World, which is developed by Malaysia's Genting International: "Development construction will begin soon. It will take three years, with the resort slated to open in 2010."

He adds: "We will endeavour to comply with all the stipulated regulations to ensure that noise impact is kept to a minimum."

Mr Teo, 58, notes that while the resort, in particular the pool area, will face Universal Studios, trees have been planted to help block out some noise.

He says: "There will be less construction for a theme park compared to construction for the hotels. Hence there will be less noise."

He assures that the resort's rooms are located away from the main road so guests can still enjoy a peaceful stay, and not have to put up with noise from theme park guests.

Six resorts and counting

IN ADDITION to the Amara Sanctuary Resort arriving on the Sentosa scene, two more resorts are also on the way - Millenia Hotel's Capella Singapore, which will be completed by the end of next year, and The W Hotel at the Quayside Isle on Sentosa Cove, developed by City Development Ltd, which is to be completed by end-2010.

Sentosa already has five resorts: Costa Sands, Rasa Sentosa, Siloso Beach, The Sentosa Resort & Spa and Treasure Resort.

Mr Mark Griffiths, general manager of The Sentosa Resort & Spa, says the opening of Amara Sanctuary will add diversity to the choice of accommodation available.

The Amara Sanctuary Resort promises something different from the other resorts with its mix of old and new. On its site are two former army barracks and a church, all built in the 1930s.
"Call me a sentimentalist. These old buildings were an attraction for me as they have lots of history behind them," says Amara's Mr Teo.

Japanese architect Miyake Masaki of Miyake Masaki Associates turned the two-storey army barracks, which were last used as holiday chalets, into 20 suites that have either a verandah or a courtyard. These are going from $900 a night.

The facades of the barracks were conserved, and Mr Miyake used glass, instead of wood, to link the two buildings.

"Glass allows the beauty of the old buildings to shine through," he says.

The facade of the church was also conserved and has been turned into Sibon - the resort's Japanese restaurant run by Mr Miyake, 44. This is his first venture in the food and beverage business.

There are also three other restaurants, three pools, a cooking school and a ballroom that can hold up to 600 people.

While Amara Sanctuary calls itself a resort, Mr Teo wanted it to be different from the Thai and Balinese resorts that holiday-goers are more familiar with.

"I wanted the resort to reflect our local architectural heritage," he says.

Ten single-storey villas were constructed, and these have a colonial look with their sloping tiled roofs. Each villa comes with its own plunge pool and outdoor shower area, and costs from $1,500 a night.

The hotel's remaining 91 rooms are housed in a new four-storey building, giving guests either a garden view or a view of the South China Sea.

Rooms go from $500 a night and Mr Teo says these are targeted more at the business crowd who want to stay at a resort near the city - albeit one with its own rich man's padi field.

Luxury Resorts Descend On Sentosa

Luxury resorts descend on Sentosa
Jul 6 - 12, 2007 / No.1524

SINGAPORE’S resort island is a hive of activity with new hotel openings and several properties under construction.

The island’s latest addition is Amara Sanctuary Resort, which soft-opened on May 3. This is the Amara group’s first resort under its Sanctuary brand.

The 121-room property was developed at a cost of S$60 million (US$38.9 million), and is spread over 3.5 hectares of tropical gardens set on a hill.

Within its hotel wing is a spacious, light-filled lobby, deluxe rooms and a rooftop infinity pool overlooking the sea.

The Veranda and Courtyard suites are housed in the former quarters of the British army. Four-poster beds, wooden floors and amenities with a local flavour such as straw slippers add charm and character.

Newly built one- and two-room villas have small gardens with banana and other fruit trees. The staff will pick ripe fruit for guests.

Those who picnic on the resort’s grassy lawns or laze by the two pools situated under the canopy of tropical trees that are more than 100 years old, may glimpse the resort’s resident peacock and his family as they stroll the grounds.

Guests can eat well without having to leave the resort. Si Bon is a charming boutique Japanese restaurant located in a small brick building that was formerly the British army’s chapel. Then there is fine dining Thai restaurant, Thanying. It has a garden where lemongrass, basil, mint and other herbs are harvested for each day’s menu. Chefs impart their tips and techniques at the restaurant’s cooking school.

The restaurant Shutters has a contemporary setting and is open 24/7.

In the coming months, the resort will open a spa and its beachfront restaurant, Silk Road of the Sea.

Another property on Sentosa which opened recently is Siloso Beach Resort. This 182-room resort is set amid lush tropical greenery. Each of its double-storey suites has a private rooftop jacuzzi.

The resort has maintained the natural environment of the area, building elevated boardwalks that snake around century-old trees.

Guests have access to Siloso beach, across from the resort’s main building.

And in late-2008, the 186-room Mövenpick Treasure Resort Sentosa, the hotel brand’s first property in Singapore, will open.Work has also begun on Resorts World at Sentosa, Singapore’s second integrated resort. Come 2010, its six hotels will add 1,830 rooms to the island’s inventory.

Amara's First Resort Project

Amara's first resort project opens on Sentosa
2 May 07

AMARA Holdings soft-launched its first resort development, Amara Sanctuary Resort, in Sentosa this week. Although Amara Sanctuary is located next to Genting International's Resorts World, Amara's chief executive officer Albert Teo says that the company does not fear competition from the integrated resort.'

We are targeting a different market,' Mr Teo told reporters.

Resorts World, with its Universal Studios theme park, will attract many families, said Mr Teo. But as with Amara's other hotels, Amara Sanctuary targets business travellers, with 91 deluxe hotel rooms.

'We don't intend to compete,' said Mr Teo. 'We want to complement.' The activity generated by the integrated resorts will 'augur well for the whole industry,' he added.

The resort also has two ballrooms and seven meeting rooms, for MICE (meetings, incentives, conventions and exhibitions) or business events. Amara is in negotiations to host a Forbes event this November.

Yet Amara Sanctuary is also a leisure development, with 10 villas and 20 suites - the latter housed in converted colonial buildings. Another 26 suites will open by the end of 2008.

Mr Teo expects a full payback on the $60 million Amara Sanctuary investment within five years.

Although Amara Sanctuary will feature a spa and wellness centre, this will be run by an outside operator. The company has no plans to develop a spa brand as has been done by competitors such as Banyan Tree Hotels and Resorts. 'I think we want to stay very focused,' Mr Teo said.

And Amara's focus is in expanding its three hotel brands - Amara, the five-star Amara Signature, and Amara Sanctuary - across the region.

The company is actively looking at sites in Vietnam, Mr Teo said, citing the coastal city of Danang as a good location for a purely leisure development. Amara is also looking at 'gateway cities' in China, for business hotels.

For the year ended Dec 31, 2006, Amara's revenue was $79.8 million, with $23.5 million in net profit. It had net debt of $247 million, with gearing of 1.5 times.

Amara plans to pursue an 'asset-light strategy to reduce gearing,' by managing third-party hotels, and develop and manage new assets before subsequently divesting them. 'We want to be a niche player for quality hospitality assets,' said Mr Teo.

Amara has signed its first management contract with a third party, for a four-star hotel in east Indonesia.

By JANICE HENG