Private equity fund Riant Capital Ltd (子樂投資) yesterday inked a deal with Hyatt Hotels Corp to introduce two new luxury hotel brands to the high-profile Taipei Sky Tower development project on the site of CTBC Financial Holding’s (中信金控) former headquarters.
The skyscraper is to house Park Hyatt and Andaz in Taipei’s prime Xinyi District (信義), where the US hospitality provider has since September 1990 run the Grand Hyatt Taipei (台北君悅大飯店), the largest facility in the city by number of guest rooms.
Park Hyatt and Andaz are expected to open in 2020 in an already crowded field.
“Hotels are not just a place to sleep when people travel... We aim to create a memorable experience for high-end travelers from around the world,” Riant chairman Aaron Chan (詹偉立) told a news conference in Taipei.
Chan in 2015 led partners to acquire the site for NT$15.12 billion (US$514.25 million at the current exchange rate), unfazed by controversy that delayed the deal for two years.
He has turned the plot into a temporary retail space while waiting for building permits to maximize profit.
The development of Taipei Sky Tower is to cost an additional NT$10 billion. The building is to have 46 above-ground floors, five basement floors and a 300-capacity parking lot.
Park Hyatt is to offer 150 guest rooms from the 13th to 25th floors, while Andaz’s 300 guest rooms are to take up the 27th to 42nd floors, Chan said, adding that lower floors would be set aside for international luxury brands to make the complex a local version of New York’s Fifth Avenue.
David Udell, head of Hyatt’s Asia-Pacific business, said the collaboration represents the group’s first dual-hotel luxury development project in Asia.
“Having Park Hyatt and Andaz under one roof will give us the opportunity to offer different luxury and lifestyle experiences to our local and global guests and cater to their needs,” Udell said.
With only 40 locations worldwide, Park Hyatt is the group’s ultimate luxury brand, and is known for its attention to detail and personal service.
Andaz is a newer brand with 18 locations, loved for its unconventional hotel styles that celebrate local culture and surroundings, Undell said.
Chan said he is upbeat about the travel and hospitality industry in Taiwan, adding that there is still strong potential for growth given the nation’s rich and diversified tourism resources.
Italian firm Antonio Citterio Patricia Viel is to design Park Hyatt Taipei’s interior, while Shanghai-based Neri & Hu Design and Research Office is to be responsible for Andaz, he said.
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
’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
Nintendo Co is raising its target for Switch production to about 25 million units this fiscal year, people familiar with the matter said, as the ongoing COVID-19 pandemic keeps lifting demand and component shortages ease. The Kyoto, Japan-based company, which in April hiked orders to 22 million units by March next year, is asking partners to tack on another few million units, said the people, who did not want to be identified discussing internal goals. Assembly partners plan to work at maximum capacity through December. The new production target suggests that Nintendo is likely to outperform its Switch sales forecast of 19 million
‘BIG LOSS’: This year might see the last generation of Huawei’s Kirin chips, as their production would stop next month because they are made using US technology Chinese tech giant Huawei Technologies Co (華為) is running out of processor chips to make smartphones due to US sanctions and would be forced to stop production of its own most advanced chips, a company executive has said, in a sign of growing damage to Huawei’s business from US pressure. Huawei, one of the biggest producers of smartphones and network equipment, is at the center of US-Chinese tension over technology and security. Washington last year cut off Huawei’s access to US components and technology, and those penalties were tightened in May, when the White House barred vendors worldwide from using US