LAS VEGAS, NV & HONG KONG (April 11, 2013) — Marking another significant milestone in the history of Dorsett Hospitality International, the group formalises its exclusive partnership with Diamond Resorts International®.
At the signing ceremony held in Hong Kong marking the partnership between two global hospitality industry players, Ms. Winnie Chiu, President and Executive Director of Dorsett Hospitality International said: “Whilst we continue to pursue our ‘Chinese Wallet’ strategy, we also believe it is important to also focus on market segments in other continents which are of importance to us as well. Through this affiliation, Dorsett Hospitality International will be able to strengthen and expand its brand presence at a faster pace as well as to increase the arrivals of US and Europe travellers into Hong Kong, by tapping into Diamond Resorts International®’s existing network of nearly 1.4 million owners, members and guests. According to the latest report from the Hong Kong Tourism Board (HKTB), visitor arrivals which comprise of a diverse guest mix shows a steady year-on-year increase and recorded an arrival of 48.6 million visitor arrivals for 2012.
In October 2010, Dorsett Hospitality International (HKEx Stock Code 2266) attained its IPO and is one of the largest hotel developers, owners and operators in Asia focusing on the 3- to 4-star segments. The group with a portfolio of 25 hotels in different geographic location from Hong Kong, Singapore, Malaysia, and China to the United Kingdom is expected to increase the room inventory by 80% by 2016, giving a total inventory of approximately 7300. The group has demonstrated strong revenue growth with a CAGR of 33.4% from FY2010 to FY2012, from HK$615mm to HK$1.1bn; and EBITDA has jumped from HK$198mm in FY2010 to HK$881mm in FY2012, representing a CAGR of 110.9%.
The group’s first hotel in Singapore soft opened on 28 March 2013. Dorsett Grand Chengdu and Dorsett Tsuen Wan are scheduled to open within the 2nd quarter and the 3rd quarter of this year respectively. In 2014, Silka Tsuen Wan, Hong Kong and Dorsett Grand Zhuji as well as Dorsett Zhongshan are expected to commence operation. The group’s first venture beyond Asia is the Dorsett Shepherds Bush in London, which is expected to be operational in 2014, to be followed by Dorsett City, London located at Aldgate in 2015.
In the last two years, Dorsett Hospitality International has won numerous accolades such as Best Small Cap Company Award by Asiamoney under the Best Managed Company Awards – Hong Kong, the prestigious Hong Kong’s Most Valuable Company Award 2012 accorded by Mediazone Group and the Outstanding High-Growth Company (Hotel) 2011 of “Quamnet Outstanding Enterprise Awards” by Quamnet.com to name a few. Between 2007 and 2013, the hotels owned and managed by the group received no less than 50 service industry awards including the 2012 Certificate of Excellence by TripAdvisor accorded to 9 of its hotels.
“Dorsett Hospitality International will embark on this exclusive agreement with Diamond Resorts International® and we believe this affiliation, the first part of our partnership with Diamond Resorts International®, will further bolster the hospitality bridge between Hong Kong and the United States, thus bringing more tourism related businesses into Hong Kong and at the same time allowing Diamond Resorts International® to expand their geographical reach into Asia, explained Chiu. Dorsett Hospitality International is confident with this partnership and HKTB’s aggressive marketing strategies, the total number of tourist arrivals for 2013 will definitely surpass that of 2012.
Diamond Resorts International®, with global headquarters in Las Vegas, Nevada, is one of the largest hospitality companies in the world. With a network of more than 260 vacation destinations located in 28 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australia and Africa, Diamond Resorts International® offers simplicity, choice and comfort to more than 490,000 owner-families through their branded hospitality service, and is dedicated to providing its guests with effortless and relaxing vacation experiences every time, for a lifetime.
Annually, nearly 1.4 million owners, members and guests enjoy the simplicity, choice and comfort Diamond Resorts International® offers through its branded hospitality experience.
About Diamond Resorts Corporation
Diamond Resorts Corporation and its subsidiaries develop, own, operate and manage vacation ownership resorts and, through resort and partner affiliation agreements, provide owners and members with access to 79 managed resorts, 180 affiliated resorts and hotels and four cruise itineraries through THE Club® at Diamond Resorts International®. To learn more, visit DiamondResorts.com.
About Dorsett Hospitality International
Dorsett Hospitality International (HKEx Stock Code 2266), formerly known as Kosmopolito Hotels International, is a spin-off from Far East Consortium Limited. With three brands under its umbrella – the upscale and midscale Dorsett Hotels & Resorts and a Collection comprising a range of charismatic boutique hotels, and the value-led Silka Hotels – the group currently owns and manages 19 hotels in China, Hong Kong, Singapore and Malaysia with six more opening within the next two years in China, Hong Kong, and United Kingdom. For more information on Dorsett Hospitality International, visit: www.dorsett.com.