International hospitality operator Four Seasons Hotels and Resorts is partnering with Taiwanese developer Yuanlih Group (元利建設) to open a new five-star hotel in central Taipei.
They announced the collaboration on Tuesday evening, saying that the Toronto-based company aims to boost its presence in Asia, while the local developer seeks to venture into the hotel business.
“Taipei has long been a target destination for Four Seasons, as we look to expand our presence in Asia’s most important cities,” Four Seasons global business development and portfolio management president Bart Carnahan said.
Photo: Amy Yang, Taipei Times
The new property, Four Seasons Hotel Taipei, would be in Xinyi District (信義), opposite Taipei 101, one of the city’s top tourist attractions, and home the Taiwan Stock Exchange, major banks and organizations, and high-end shopping and office spaces.
The location was chosen to ensure that the hotel would be convenient for business and leisure travelers alike, Carnahan said.
The hotel would be built on a 1,552 ping (5,121m2) plot and have about 260 rooms on 31 floors above ground, Yuanlih chairman Lin Ming-hsiung (林敏雄) said, adding that construction began last year and would finish in 2025.
Lin — who also heads PX Mart Co Ltd (全聯實業), the operator of PXmart (全聯福利中心), the nation’s largest supermarket chain — said he previously aimed to build an office building on the plot, but Four Seasons approached him and he changed his plan.
Lin said that despite his lack of experience in the hospitality industry, he is confident in the luxury hotel brand.
Four Seasons does not own any of its properties worldwide, but operates them on behalf of real-estate management firms and developers.
The contracts between Four Seasons and property owners typically permit it to participate in the design of the property and run it with nearly total control over every aspect of the operation.
Four Seasons Hotel Taipei would have a restaurant focused on Chinese cuisine, a destination bar, a specialty restaurant, an all-day restaurant, a pool bar and a lobby lounge, Carnahan said.
Lin said construction costs have picked up significantly in the past few years, but remain bearable.
The arrival of Four Seasons would sharpen competition in Xinyi District, where private equity fund Riant Capital Ltd (子樂投資) is to launch two luxury hotels under the Park Hyatt and Andaz brands in the yet-to-open Taipei Sky Tower.
The new hotels would have to compete with Grand Hyatt, W Hotel and Le Meridien.
Formosa International Hotels Corp (晶華集團) said it welcomed more internationally renowned hotel brands, saying they would help raise Taipei’s profile on the world stage.
Shares in Taiwan closed at a new high yesterday, the first trading day of the new year, as contract chipmaker Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) continued to break records amid an artificial intelligence (AI) boom, dealers said. The TAIEX closed up 386.21 points, or 1.33 percent, at 29,349.81, with turnover totaling NT$648.844 billion (US$20.65 billion). “Judging from a stronger Taiwan dollar against the US dollar, I think foreign institutional investors returned from the holidays and brought funds into the local market,” Concord Securities Co (康和證券) analyst Kerry Huang (黃志祺) said. “Foreign investors just rebuilt their positions with TSMC as their top target,
REVENUE PERFORMANCE: Cloud and network products, and electronic components saw strong increases, while smart consumer electronics and computing products fell Hon Hai Precision Industry Co (鴻海精密) yesterday posted 26.51 percent quarterly growth in revenue for last quarter to NT$2.6 trillion (US$82.44 billion), the strongest on record for the period and above expectations, but the company forecast a slight revenue dip this quarter due to seasonal factors. On an annual basis, revenue last quarter grew 22.07 percent, the company said. Analysts on average estimated about NT$2.4 trillion increase. Hon Hai, which assembles servers for Nvidia Corp and iPhones for Apple Inc, is expanding its capacity in the US, adding artificial intelligence (AI) server production in Wisconsin and Texas, where it operates established campuses. This
US President Donald Trump on Friday blocked US photonics firm HieFo Corp’s US$3 million acquisition of assets in New Jersey-based aerospace and defense specialist Emcore Corp, citing national security and China-related concerns. In an order released by the White House, Trump said HieFo was “controlled by a citizen of the People’s Republic of China” and that its 2024 acquisition of Emcore’s businesses led the US president to believe that it might “take action that threatens to impair the national security of the United States.” The order did not name the person or detail Trump’s concerns. “The Transaction is hereby prohibited,”
Garment maker Makalot Industrial Co (聚陽) yesterday reported lower-than-expected fourth-quarter revenue of NT$7.93 billion (US$251.44 million), down 9.48 percent from NT$8.76 billion a year earlier. On a quarterly basis, revenue fell 10.83 percent from NT$8.89 billion, company data showed. The figure was also lower than market expectations of NT$8.05 billion, according to data compiled by Yuanta Securities Investment and Consulting Co (元大投顧), which had projected NT$8.22 billion. Makalot’s revenue this quarter would likely increase by a mid-teens percentage as the industry is entering its high season, Yuanta said. Overall, Makalot’s revenue last year totaled NT$34.43 billion, down 3.08 percent from its record NT$35.52
RSS