TIDMSIHL
RNS Number : 3734M
Symphony International Holdings Ltd
21 January 2021
Not for distribution, directly or indirectly, in or into the
United States or any jurisdiction in which such distribution would
be unlawful.
Symphony International Holdings Limited ("Symphony")
21 January 2021
Update on Minor International PCL
Symphony International Holdings Limited (LSE: SIHL) is excited
to announce that Minor International Pcl ("MINT"), Symphony's
largest portfolio investment, has signed a Memorandum of
Understanding (MoU) with Funyard Hotels & Resorts to
significantly expand the presence of Minor Hotels brands in China,
which has a growing and vibrant domestic travel market.
MINT's announcement is reproduced below.
MINOR HOTELS
Press Release
Minor Hotels Enters a Strategic Partnership with Funyard Hotels
& Resorts to Fuel China Expansion
Bangkok, January 20, 2021 - Minor Hotels, a Bangkok-based
international hotel owner, operator and investor, signed a
Memorandum of Understanding (MoU) with Funyard Hotels & Resorts
(Member of Country Garden Core Business Alliance), which will see
the expansion of its brands in China.
The announcement comes at the time when the growth of China's
travel sector, already one of the world's most-watched inbound and
outbound markets, is expected to accelerate following post-
COVID-19 easing of movement restrictions for travellers. With
demand for leisure and resort services shifting from overseas to
domestic, optimism about China's tourism and resort market is at
all-time high.
Minor Hotels' globe-spanning network of hotels and resorts with
a wellness and cultural element at their core ensures that the
group is well poised for development in the China market where the
appetite for leisure travel has never been greater. As one of the
world's top 20 hotel groups with 530 hotels in 56 countries and
regions, Minor Hotels boasts a diverse portfolio of brands. Through
its partnership with Funyard Hotels & Resorts, a core alliance
enterprise of Country Garden Group, the Bangkok-based hospitality
group will be bringing Anantara, Avani, Oaks, Elewana, Tivoli and
NH brands to mainland China, many of them for the first time.
Bringing to the table extensive market knowledge and 20 years of
experience in asset and operations management in China, Funyard
Hotels & Resorts shares many core competences and values with
Minor Hotels. The new joint venture is poised to become one of the
country's leading hospitality players enabling travellers in
mainland China to experience the award-winning services and
facilities offered by Minor Hotels' brands - each with its own
unique character and identity.
At the virtual MoU signing ceremony on 20 January 2021, Dillip
Rajakarier, CEO of Minor Hotels, said: "China's hospitality market
is extremely competitive, but full of opportunities. We highly
value this chance to partner with Funyard Hotels & Resorts to
support each other's global branding strategies."
Commenting on the alignment of Minor's and FUNYARD's interests,
he expressed confidence in the ability of both sides to "fully
exploit our respective advantages and jointly explore new
opportunities in industry development, capitalising on Funyard's
rich experience in China and Minor's international expertise in the
global hotel and resort segment."
Ji Hongjun, President of Funyard Hotels & Resorts, remarked:
"The pandemic is further accelerating the process of the Chinese
economy shifting toward the domestic market. This means new
opportunities in domestic tourism and hospitality. We and Minor
Hotels are both convinced that China's resort market is full of
potential. Funyard Hotels & Resorts has plenty of managerial
experience and local resources in the domestic market, while Minor
Hotels is an outstanding establishment in the global hotel and
resort market. We look forward to working with Minor Hotels to tap
into the Chinese resort market and bring new energy to Chinese and
even global tourism."
About Minor Hotels:
Minor Hotels is an international hotel owner, operator and
investor, currently with over 530 hotels in operation. Minor Hotels
passionately explores new possibilities in hospitality with a
diverse portfolio of properties designed intelligently to appeal to
different kinds of travellers, serving new passions as well as
personal needs. Through our Anantara, Avani, Oaks, Tivoli, M
Collection, NH Collection, NH, nhow, Elewana, Marriott, Four
Seasons, St. Regis, Radisson Blu and Minor International
properties, Minor Hotels operates in 56 countries across Asia
Pacific, the Middle East, Africa, the Indian Ocean, Europe, South
America and North America.
With dynamic plans to expand existing brands and explore
strategic acquisitions throughout opportunistic markets, Minor
Hotels pursues a vision of a more passionate and interconnected
world.
For more information, please visit www.minorhotels.com.
About Funyard Hotels & Resorts
Funyard Hotels & Resorts is a core alliance enterprise of
Country Garden, a Fortune Global 500 company. Currently managing
more than 200 upscale hotels, it provides operations and asset
management services and boasts about 50,000 guestrooms. It operates
and manages a total of ten hotel and serviced apartment brands such
as Funyard, Funyard Ligh Fashion, BlessFun, FunyardBilan,
FunyardFengyi, Country Garden Phoenix, Holiday Islands, Fengqi,
Home2 Suites by Hilton, and Oakwood Belux. The group provides
whole-lifecycle asset management services covering investment,
financing, building, management, and exit.
For further information:
Marion Walsh +66 89 811 3829 / mwalsh@minor.com
VP Public Relations & Communications
Minor Hotels
Symphony Asia Holdings Pte. Ltd. +65 6536 6177
Anil Thadani
Rajgopal Rajkumar
Dealing codes
The ISIN number of the Ordinary Shares is VGG548121059, the
SEDOL code is B231M63 and the TIDM is SIHL.
The LEI number of the Company is 254900MQE84GV5DS6F03.
About Symphony
Symphony International Holdings Limited (LSE:SIHL) is a London
listed strategic investment company that invests in consumer
related businesses, primarily in the healthcare, hospitality,
lifestyle (including branded real estate developments), logistics
and education sectors predominantly in Asia. It offers a way for
investors to gain exposure to rising disposable incomes and wealth
in fast growing economies. Symphony's objective is to provide
superior capital growth by investing in high quality companies and
form long-term business partnerships with talented entrepreneurs
and management teams. Symphony's investment team has a broad range
of expertise - many of its professionals have been working in Asia
for more than 35 years. For more information please visit our
website at www.symphonyasia.com.
No representation or warranty is made by the Company as to the
accuracy or completeness of the information contained in this
announcement and no liability will be accepted for any loss arising
from its use.
This announcement is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in
any jurisdiction. All investments are subject to risk. Past
performance is no guarantee of future returns. Prospective
investors are advised to seek expert legal, financial, tax and
other professional advice before making any investment
decisions.
This announcement is not an offer of securities for sale into
the United States. The Company's securities have not been, and will
not be, registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent
registration or an exemption from registration. There will be no
public
offer of securities in the United States.
The Company and the Investment Manager are not associated or
affiliated with any other fund managers whose names include
"Symphony", including, without limitation, Symphony Financial
Partners Co., Ltd.
End of Announcement
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