
Hadiprana Family Launches Hospitality Company in Indonesia
With a Senate Committee formed in Thailand that has a lot of anti-casino members, Thailand's Deputy Finance Minister is defending the government's plan to establish IR casino entertainment complexes. The first recommendation from the Committee is for a public referendum on the issue, something we doubt the government wants to have happen. The propaganda being spread about how casinos will ruin the country's reputation is either something the government did not expect, meaning they did not research the global casino past, or they thought they could quickly pass the measure. Either way, this has gone from a near-sure thing to what we believe is a 50/50 chance of passing. The Deputy Finance Minister confirmed the ruling party's unwavering commitment to the Entertainment Complex project and expects Cabinet approval later this year.
The South Korean Foreigners-Only casino past is one that should have been explored to make sure Thailand does not make the same mistakes they keep continuing to make. Inspire Entertainment Resort is South Korea's newest IR, and while Mohegan Gaming from the U.S. developed and opened it, Bain Capital forced them out and is currently trying to gain clear title. The Korea Times said Bain has put the property up for sale in an open market bidding process. The article said the open bidding process serves Bain both as a formal sale mechanism and as a way to enable third-party accounting firms to enable independent valuation as they try to get full ownership and secure legal title. The complex features three five-star hotel towers totaling 1,275 rooms, the nation's largest foreigner-only casino, a convention center, and Korea's first 15,000-seat multipurpose arena, along with a glass-domed indoor water park.
The Hadiprana family, custodians of one of Indonesia's most respected architectural legacies, officially launched Hadiprana Hospitality. Under the leadership of the late Hendra Hadiprana's daughter, Puri Hadiprana, the company focuses on creating unique spaces that preserve Indonesia's cultural traditions through innovative, thoughtful design. The company includes four properties – Tanah Gajah, a Resort by Hadiprana in Bali with 24 suites and villas; Dua Dari, a Residence by Hadiprana offering four one-bedroom residences; Rumah Prapanca, a Residence by Hadiprana in South Jakarta; and the Bandarindu, a Hotel by Hadiprana, opening in 4Q26 in Bali.
Almal Real Estate Development, based in the UAE, announced its strategic entry into the Southeast Asian market with the debut of The One by Almal in Bali, Indonesia. The launch signals the beginning of Almal's international footprint under its forward-looking 2030 expansion blueprint, with additional projects already in the pipeline for Thailand, Vietnam, the Philippines, Seychelles, and Mauritius. The One by Almal introduces a Residential Resort-Style living concept, seamlessly blending exclusive residences, villas, and townhouses with curated resort services, immersive wellness programs, and signature dining destinations. The first project in Nusa Dua will offer an elevated beachfront lifestyle designed for discerning residents and travelers alike.
Indian Hotels Company announced the opening of Ginger Dehradun, bringing the brand's signature lean luxe philosophy to the capital of Uttarakhand. The hotel offers 72 rooms designed for comfort. Amenities include all-day dining at Qmin, a smart meeting room, a fully equipped fitness center, and community spaces.
TGI Hotels and Resorts announced the launch of The Shore Trishvam – a Pondy Beach Resort nestled along the coastline of Puducherry in India. The premium property is owned by Jayaram Hotels. The Shore Trishvam has 65 rooms and six luxurious private pool villas. Facilities include expansive event spaces, gourmet dining experiences, a spa and wellness center, and easy access to the beachfront. The opening marks TGI Hotels and Resorts' second venture in Puducherry, following Atithi TGI Grand.
CGH Earth Saha unveiled Hibiscus Villa, a private retreat nestled on the shores of Vembanad Lake in Kerala, India. The villa features three bedrooms, an airy living and dining area, and a fully equipped kitchenette. Each room opens up to calming views of the garden, pool, and lily pond, extending to the lake. A feature of the villa, which is geared for small families or groups, is its trio of outdoor lounging areas – a patio for alfresco dining, sunbed-lined poolside deck, and a cozy garden set up.
Leisure Hotels Group marked its debut in Rajasthan, India, with an exclusive boutique jungle retreat in Ranthambore. Singhvilas is an eco-conscious jungle retreat offering 24 well-appointed villas, spread across three categories – Deluxe Cottage, Junior Suite Cottage, and Premium Suite Cottage. L'attitude is their all-day dining restaurant.
Personnel Moves
Wharf Hotels announced the appointment of Juergen Doerr as its Vice President, Operations; Eva Wong as Group Director, Digital Marketing; and Vireo Yeung as Group Director, Global Sales. They are all based at Wharf's headquarters in Hong Kong. Doerr joins Wharf Hotels from Vinpearl Holding Company, where he was CEO, overseeing 33 hotels, seven amusement parks, and five golf courses. Wong previously held leadership roles at Christian Dior Couture, Ralph Lauren, and prestige beauty brands. Yeung is a hotelier with over two decades of experience, starting at Wharf Hotels in July 2024 as Regional Director of Sales – Hong Kong and Taiwan.
ECKO Hotels & Resorts announced Ankit Upreti as Co-Founder. His most prominent former position was with Lemon Tree Hotels, where he specialized in the pre-opening and positioning of new hotels. He co-created ECKO Hotels & Resorts.
Long-time executive Tan Hee Teck is retiring as CEO of Genting Singapore and Resorts World at Sentosa Pte Ltd at the end of this month. Genting Group Chair Lim Kok Thay will assume the role of Acting CEO of Genting Singapore, while Ms. Lee Shi Ruh, the current President of Resorts World Sentosa, will become the property's CEO. Tang decided to retire as he approaches his 70th birthday.
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We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows. Generally the first stage is higher growth, and the second stage is a lower growth phase. In the first stage we need to estimate the cash flows to the business over the next ten years. Seeing as no analyst estimates of free cash flow are available to us, we have extrapolate the previous free cash flow (FCF) from the company's last reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. 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