hotels

Famous names like Madarin Oriental, Ritz-Carlton and Shangri-La continue to dominate in FinanceAsia's business travel poll - but new challengers are emerging.

The hotel and casino operator raised $174 million to go towards redeveloping a casino complex in Macau, the world’s largest gambling destination.

SPH Reit attracts the most demand of the two and prices at the top of the range to raise $393 million, while OUE Hospitality is expected to price at the bottom for a total deal size of $470 million.

The hotel and casino operator aims to raise at least $277 million at an unchanged price range. Meanwhile, OUE Reit and Travellers International Hotel Group hold off on launching their roadshows for now.

The hotel and casino operator may return with a reduced offering this week. Meanwhile, SPH Reit and NW Hotel Investments both decide not to go ahead with their roadshows at this time.

OUE Hospitality Reit is aiming to raise at about $700 million from a Singapore listing, while NW Hotel Investments is targeting up to $800 million from its Hong Kong IPO.

The Macau casino operator is raising money to fund the construction of three new hotels with casinos on Fishermans’s Wharf that will come on stream over the next three years.

The IPO comes as the property sector takes a dive due to concerns about rising interest rates, but even so, it was accompanied in the market yesterday by Ascendas Hospitality Trust, which raised $113 million to finance an acquisition.

The hotel-focused trust, which is being spun off from property developer Great Eagle, raises $549 million amid strong demand from yield-hungry institutions.