Cathay Hospitality Management Co (國泰商旅), an affiliate of Cathay Financial Holding Co (國泰金控), yesterday launched the Courtyard by Marriott Taipei Downtown (台北國泰萬怡酒店), saying it hopes to break even in three to five years.
The goal requires annual revenue of between NT$142 million and NT$233 million (US$4.6 million and US$7.55 million) as the company has invested NT$700 million in the property.
“Despite the challenges, the target is achievable,” hotel general manager Kathy Chen (陳玫安) told a media briefing.
Cathay Hospitality, which runs five hotel outlets in different parts of Taiwan under the Madison Taipei (台北慕軒) and Hotel Cozzi (和逸) brands, decided to partner with Marriott International Inc to take advantage of its vast membership from across the globe, she said.
With 200 million members, the Marriott network could supply up to 45 percent of clientele, easing Cathay Hospitality’s burden of having to fill 60 percent of its 227 rooms in the first year, Chen said.
The strategy appears to have paid off as the hotel is almost sold out for New Year’s, she said.
The hotel on Minsheng E Rd Sec 3 is part of an urban renewal project, with guestrooms occupying the 14th to 20th floors and the remaining floors set aside for public and office space, Chen said.
Its location near Xingtian Temple MRT Station and Taipei International Airport (Songshan airport) is expected to make it a first choice among young foreign business travelers, as well as for corporate meetings, conferences and other gatherings, she said.
With daily room rates of NT$5,500 and NT$6,000, the hotel is targeting technology-savvy business travelers between 30 and 40 years old, Chen said, adding that office buildings in the neighborhood should support its business.
With health-oriented menus, food and beverage sales could generate 40 percent of revenue with a buffet restaurant, a lounge bar and an executive bar led by chefs formerly working at the Lalu Sun Moon Lake (涵碧樓), she said.
“An increasingly crowded field poses the biggest challenge, but a new hotel with quality service is always an attraction in itself,” Chen added.
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion
’WHITE BOX’: The open platform would give local firms access to Cisco’s cloud-based mobile network to develop 5G telecom equipment and tap into the global market The Ministry of Economic Affairs (MOEA) yesterday introduced a new 5G “open lab” in collaboration with US-based information technology and networking giant Cisco Systems Inc to address the rapidly growing “white box” 5G networking equipment market. The open lab will be a platform where Taiwanese manufacturers can access Cisco’s cloud-based mobile network to develop their own 5G telecom equipment, such as small-cell base stations, network switches, modems and Internet of things (IoT) devices, a ministry statement said. The open platform would allow Taiwanese manufacturers to tap into the lucrative 5G telecom equipment market, which was previously monopolized by Nokia Oyj, Ericsson AB