Mirvac Group has appointed Lazard to review its $120 million...

Mirvac Group has appointed Lazard to review its $120 million hotel business. Managing director Nick Collishaw said, "We have made no secret of the fact that Mirvac Hotels has been up for consideration. I have asked Lazard to come in with an external viewpoint to look at the options that our group might have, both to grow it organically and look at other options, which could include a sale."

Mr Collishaw said Mirvac had been approached about its intentions for the hotel business by a variety of groups, mainly other hotel operators. It is estimated that Mirvac?s hotel business is worth at between $95 million and $120 million.

"With the amount of activity going on in that sector, it seems a very good time to do a strategic review of that business," Mr Collishaw said.

Mirvac manages 44 Australian hotels and three in New Zealand under the luxury Sea Temple, Quay West and Quay Grand brands, and the Sebel and Citigate mid-market hotels.

For the first half-year, the Mirvac hotels' net profit was $4.8 million. Resort destinations have suffered since the global financial crisis but hotels in central cities have recovered. The group's average room rates for the portfolio during the half-year to December grew 4.8% to $176 while occupancy was up 2.2%.

Mirvac was close to signing an agreement for the management rights for Juniper Group's luxury serviced apartment-hotel in its Soul apartment complex on the Gold Coast. Mirvac recently sold management rights of the Sea Temple Resort and Spa in TNQ.

Meanwhile, Tourism Asset Holdings Ltd is consulting with J P Morgan about the possibility a float of the $1 billion group, possibly in Singapore.

TAHL was formed in 1993 and owns more than 38 hotels in the budget to mid-scale range, most of them in Australia. Most are operated by Accor, a shareholder in TAHL.

It is understood there have been discussions between TAHL and J P Morgan about whether the group should expand into Asia or introduce new investors to the business in Australia.

There is considerable speculation that the business could be sold as most of the company's properties have a guaranteed income through fixed leases. Last year, TAHL sold six Australian hotels for more than $300 million, including the Novotel, Mercure and Ibis hotels in Brisbane and the Mercure, Ibis hotels in Perth, and Sofitel Wentworth Hotel in Sydney. It also sold six New Zealand hotels in a deal worth $115 million to New York-listed Host Hotels and Resorts.

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Three Chains Top Satisfaction Survey


Crowne Plaza, Mantra and Westin narrowly lead over their 24 competitors in the latest Roy Morgan Research Hotel Customer Satisfaction Survey. According to the latest survey findings the average satisfaction for all hotels and resorts is 79%.

Results show 88% of customers were satisfied with Crowne Plaza, Mantra and Westin, followed closely by Hilton (87%) and Sheraton (86%).

Sofitel has fallen sharply from 85%, ranked fourth, for the year ended February 2010 to 82% for the year ended February 2011, no longer sitting in the top ten hotels for satisfaction. Satisfaction for Westin however has shown a remarkable increase, from 82%, ranked tenth, for the year ended February 2010, to ranking in third place at 88% for the year ending February 2011.

Jane Ianniello, international director of tourism, travel & leisure, Roy Morgan Research, remarked, ?There is only a two percentage point gap in customer satisfaction between the top five performing hotels, indicating that all of them are competing strongly for the same premium customers.

?Most of these customers of luxury hotel chains believe quality is more important than price and many have favourite brands for most things they buy. It is increasingly important to understand as much as possible about these premium customers ? what they are interested in, what they read, watch, visit and what services or partnerships might enhance their relationship with these chains.?

Marriott and Quest rated 84% while Grand Mercure made 83% with Golden Chain and Intercontinental hitting 82%.


Source: Roy Morgan Single Source Total stayed at a hotel or resort in the last 12 months; March 2010 - February 2011 n=7,465, and March 2009 ? February 2010. n =7,723.

?% satisfied? is the proportion of all customers who are ?Very? or ?Fairly? satisfied with that hotel or resort (on a five point scale).


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