Formosa International Hotels Corp (FIHC, 晶華國際酒店集團), the nation’s largest listed hotel operator, yesterday entered into a partnership with a US real-estate developer to launch two mixed-use property projects, allowing it to return to the US market after an absence of more than 10 years.
The Taipei-based hotelier inked an agreement with Cottonwood Management to develop integrated complexes in Boston’s booming Seaport District and on New York City’s Fifth Avenue, FIHC chairman Steven Pan (潘思亮) said.
“We have intended to rejoin the US market and are happy to find the right partner in Cottonwood Management,” Pan told a news conference in Taipei.
FIHC, which owns hotel and restaurant brands such as Regent, Regent Galleria, Just Sleep, Silks Place and Silks Palace, plans to move further into the service apartment and retail businesses, Pan said.
Over the years, the biggest beneficiaries of FIHC’s presence in different parts of the world have been retail and restaurant businesses nearby, rather than FIHC hotels themselves, Pan said.
This trend prompted FIHC to shift its focus to mixed-use developments, giving the company more opportunities to boost and diversify earnings, Pan said.
Covering more than 1 million square feet (92,900m2), the Boston development is to consist of three buildings with 900,000ft2 of residential space, including Regent-branded residences and service apartments, along with 125,000ft2 of retail space, the hotelier said.
A central courtyard will serve as the focal point of the development.
Regent will also offer residents and hotel guests a fine-dining experience and a luxurious place for relaxation, the company said.
Cottonwood Management chairman and founder Alexander Shing said that Regent is a global brand synonymous with hospitality and known for its deep understanding of contemporary luxury with a global sensibility.
“I look forward to working with Pan and his team to bring forth the best of the Regent DNA to our properties,” Shing said.
Regent Boston residences and service apartments are expected to commence development in fall of this year, the two companies said.
Regent used to operate the hotel in Beverly Hills, California, that served as the main setting of the US movie Pretty Woman.
The hotel was later acquired by Four Seasons Hotels and Resorts.
AVOIDING CONFUSION: Passengers are to be able to check in two items of luggage, while the free weight allowance is to be increased to conform with other airlines EVA Airways Corp (長榮航空) yesterday announced that from June 23 it is to adopt a new baggage allowance policy for all passengers with a higher weight limit as it aims to benefit passengers and increase efficiency. The airline currently has a two-system baggage policy: It allows passengers flying to the US and Canada to check in two pieces of baggage with a free weight allowance, while for those flying to Asia, Europe and Oceania there is also a free weight allowance, but no limit on the number of pieces of baggage. From June 23, passengers would be able to check in two
MORE THAN BUZZ: The chip designer said it has received numerous orders from automakers to supply 5G modem chips, as it works to expand beyond smartphones MediaTek Inc (聯發科) yesterday said it would ship the first 5G chips for vehicles to customers in the Asia-Pacific region by the end of the year, as it moves to expand the reach of its 5G chips beyond smartphones. The Hsinchu-based chip designer said it has been developing 5G chips for connected vehicles over the past few years, targeting applications such as telematics and in-vehicle information systems. “We are seeing demand for 5G technology from numerous makers of connected cars, including electric vehicle makers. We have obtained numerous orders from automakers to supply 5G modem chips with highly integrated features,” J.C. Hsu
Qualcomm Inc yesterday said it would maintain its supply chain strategy of sourcing chips from multiple foundry partners, including advanced chips from two major suppliers, to ensure a sufficient chip supply amid the COVID-19 pandemic. Qualcomm is reportedly working with Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) and Samsung Electronics Co on advanced products, such as 4-nanometer chips, for its new flagship 5G chips, the Snapdragon 8+ Gen 1 series. Qualcomm is sourcing chips made by mature technologies from several foundry partners, the company said. Alex Katouzian, general manager of Qualcomm Technologies Inc’s mobile, compute and XR business, told a virtual media briefing that
US DRAM maker Micron Technology Inc is set to install the industry’s most cutting-edge technology — extreme ultraviolet (EUV) lithography equipment — in its facility in Taichung this year, the company said yesterday. In early preparation for the volume production of 1-gamma nanometer node DRAM, “we plan to introduce EUV tools to our Taichung fab later this year,” Micron president and chief executive officer Sanjay Mehrotra said via video at the Computex trade show in Taipei. Gamma refers to the dimension of half the distance between cells in a DRAM chip. Micron is also looking forward to beginning mass production of its
RSS