MINOR HOTELS
The Leading Hospitality Partner
Maximizing Shareholder Value
  • Overview of the Hotels
    and Mixed-Use Business
  • Sector Overview
    and Competition
  • Performance Highlights
    and Development Plans

MINT is a leading hotel owner, operator and investor in Thailand and the region, with interests in a variety of related businesses. The Hotels and Mixed-Use Business arm can be divided into the following units:

  1. Hotel Business: MINT currently has 155 hotels and serviced suites with over 19,000 rooms in its portfolio. The hotel business can be divided into four categories:
    1. Owned hotels: Currently, MINT has 40 hotels that are majority-owned, under the following brands:
    2. Anantara Siam Bangkok Hotel Thailand
      Anantara Riverside Bangkok Resort Thailand
      Anantara Hua Hin Resort Thailand
      Anantara Golden Triangle Elephant Camp & Resort Thailand
      Anantara Bophut Koh Samui Resort Thailand
      Anantara Mai Khao Phuket Villas Thailand
      Anantara Layan Phuket Resort Thailand
      Anantara Angkor Resort Cambodia
      Anantara Kihavah Maldives Villas Maldives
      Anantara Kalutara Resort Sri Lanka
      Anantara Hoi An Resort Vietnam
      The Royal Livingstone Victoria Falls Zambia Hotel by Anantara Zambia
      AVANI Riverside Bangkok Hotel Thailand
      AVANI Pattaya Resort & Spa Thailand
      AVANI Gaborone Hotel & Casino Botswana
      AVANI Windhoek Hotel & Casino Namibia
      AVANI Kalutara Resort Sri Lanka
      AVANI Quy Nhon Resort & Spa Vietnam
      AVANI Victoria Falls Resort Zambia
      Oaks Grand Gladstone Hotel Australia
      Oaks Elan Darwin Australia
      The St. Regis Bangkok Thailand
      Four Seasons Resort Chiang Mai Thailand
      Four Seasons Tented Camp Golden Triangle Thailand
      Four Seasons Resort Koh Samui Thailand
      JW Marriott Phuket Resort & Spa Thailand
      Tivoli Mofarrej - Sao Paulo Hetel Brazil
      Tivoli Ecoresort Praia do Forte Bahia Brazil
      Tivoli Avenida Liberdade Lisboa Hotel Portugal
      Tivoli Marina Vilamoura Algarve Resort Portugal
      Tivoli Marina Portimao Algarve Resort Portugal
      Tivoli Carvoeiro Algarve Resort Portugal
      Tivoli Oriente Lisboa hotel Portugal
      Tivoli Jardim Lisboa Hotel Portugal
      Tivoli Palacio de Seteais Sintra Hotel Portugal
      Tivoli Sintra Hotel Portugal
      Tivoli Coimbra Hotel Portugal
      Tivoli Victoria Algarve Resort Portugal
      Tivoli Lagos Algarve Resort Portugal
    3. Joint-venture hotels: MINT has 29 joint-venture hotels under the following brands:
    4. Anantara Veli Maldives Resort Maldives
      Anantara Dhigu Maldives Resort Maldives
      Anantara Bazaruto Island Resort Mozambique
      Anantara Medjumbe Island Resort Mozambique
      Anantara Matemo Island Resort Mozambique
      Anantara Peace Haven Tangalle Resort Sri Lanka
      AVANI Lesotho Hotel & Casino Lesotho
      AVANI Maseru Hotel Lesotho
      AVANI Pemba Beach Hotel & Spa Mozambique
      AVANI Bentota Resort & Spa Sri Lanka
      AVANI Hai Phong Harbour View Vietnam
      Oaks Bodhgaya India
      PER AQUUM Niyama Maldives
      AfroChic Diani Beach Kenya
      Sand River Masai Mara Kenya
      Tortilis Camp Amboseli Kenya
      Elsa's Kopje Meru Kenya
      Joy's Camp Shaba Kenya
      Elephant Pepper Camp Masai Mara Kenya
      Arusha Coffee Lodge Tanzania
      Serengeti Migration Camp Tanzania
      Tarangire Treetops Tanzania
      The Manor at Ngorongoro Tanzania
      Kilindi Zanzibar Tanzania
      Serengeti Pioneer Camp Tanzania
      Club Hotel Dolphin Sri Lanka
      Hotel Sigiriya Sri Lanka
      Naladhu Maldives Maldives
      Radisson Blu Hotel & Residence Mozambique
    5. Management hotels: All hotels under management contracts are under MINT's own brands Anantara, AVANI, Oaks, Tivoli, PER AQUUM and Elewana. Currently, there are 35 hotels under MINT's management umbrella.
    6. Anantara Sathorn Bangkok Hotel Thailand
      Anantara Si Kao Resort Thailand
      Anantara Baan Rajprasong Bangkok Serviced Suites Thailand
      Anantara Lawana Koh Samui Resort Thailand
      Anantara Rasananda Koh Phangan Villas Thailand
      Anantara Chiang Mai Resort Thailand
      Anantara Sanya Resort China
      Anantara Xishuangbanna Resort China
      Anantara Seminyak Bali Resort Indonesia
      Anantara Uluwatu Bali Resort Indonesia
      Al Baleed Resort Salalah by Anantara Oman
      Anantara Al Jabal Al Akhdar Resort Oman
      Banana Island Resort Doha by Anantara Qatar
      Desert Islands Resort & Spa by Anantara UAE
      Qasr Al Sarab Desert Resort by Anantara UAE
      Eastern Mangroves Hotel & Spa by Anantara UAE
      Anantara Sir Bani Yas Island Al Sahel Villa Resort UAE
      Anantara Sir Bani Yas Island Al Yamm Villa Resort, UAE
      Anantara The Palm Dubai Resort UAE
      Anantara Mui Ne Resort Vietnam
      AVANI Atrium Bangkok Thailand
      AVANI Khon Kaen Hotel & Convention Centre Thailand
      AVANI Sepang Goldcoast Resort Malaysia
      AVANI Seychelles Barbarons Resort & Spa Seychelles
      AVANI Deira Dubai Hotel UAE
      Oaks Bangkok Sathorn Thailand
      Oaks Liwa Executive Suites UAE
      The Residences at Victoria Portugal
      Souq Waqif Boutque (to be rebranded to Tivoli) Qatar
      PER AQUUM Huvafen Fushi Maldives
      Desert Palm PER AQUUM UAE
      Lewa Safari Camp Kenya
      Kitich Camp Matthews Forest Kenya
      Loisaba Tented Camp Kenya
      Loisaba Star Beds Kenya
    7. Management of serviced suites: In 2011 MINT acquired 100% of Oaks Hotels and Resorts Limited ('Oaks'), Oaks is one of the largest hotel and resort operators in Australia, with 51 properties, over 6,300 rooms under management throughout Australia, New Zealand and Dubai
    8. Country Region
      No of properties
      Australia New South Wales
      10
        Victoria
      7
        Queensland
      23
        South Australia
      5
        Western Australia
      2
      New Zealand North Island
      1
        South Island
      2
      UAE Dubai
      1
  1. Spa Business: MINT currently has over 60 spas in leading hotels in 19 countries under the brands Anantara Spa, Mandara Spa, Elemis and Aequalis.
    1. Anantara Mai Khao Phuket Villas Thailand
      Anantara Golden Triangle Elephant Camp & Resort Thailand
      Anantara Hua Hin Resort Thailand
      Anantara Bophut Koh Samui Resort Thailand
      Anantara Lawana Koh Samui Resort Thailand
      Anantara Siam Bangkok Hotel Thailand
      Anantara Riverside Bangkok Resort Thailand
      Anantara Si Kao Resort Thailand
      Anantara Rasananda Koh Phangan Villas Thailand
      Anantara Chiang Mai Resort Thailand
      Anantara Layan Phuket Resort Thailand
      Anantara Sathorn Bangkok Hotel Thailand
      AVANI Riverside Bangkok Hotel Thailand
      AVANI Pattaya Resort & Spa Thailand
      AVANI Khon Kaen Hotel & Convention Centre Thailand
      JW Marriott Phuket Resort & Spa Thailand
      The St. Regis Bangkok Thailand
      Dusit Thani Krabi Beach Resort Thailand
      Royal Orchid Sheraton Hotel & Towers Bangkok Thailand
      Tivoli Mofarrej - Sao Paulo Hotel Brazil
      Anantara Angkor Resort Cambodia
      Anantara Sanya Resort China
      Anantara Xishuangbanna Resort China
      Sheraton Sanya Resort China
      The PuLi Hotel & Spa China
      JW Marriott Hotel Cairo Egypt
      Anantara Seminyak Bali Resort Indonesia
      Anantara Uluwatu Bali Resort Indonesia
      Sheraton Seoul D Cube City Hotel Korea
      AVANI Sepang Goldcoast Resort Malaysia
      Anantara Veli Maldives Resort Maldives
      Anantara Kihavah Maldives Villas Maldives
      Anantara Dhigu Maldives Resort Maldives
      Naladhu Maldives Maldives
      PER AQUUM Niyama Maldives
      PER AQUUM Huuafen Fushi Maldives
      Anantara Bazaruto Island Resort Mozambique
      Anantara Medjumbe Island Resort Mozambique
      AVANI Pemba Beach Hotel & Spa Mozambique
      Anantara Al Jabal Al Akhdar Resort Oman
      Al Baleed Resort Salalah by Anantara Oman
      Tivoli Marina Vilamoura Algarve Resort Portugal
      Banana Island Resort Doha By Anantara Qatar
      Souq Waqif Boutque Hotel Qatar
      Anantara Kalutara Resort Sri Lanka
      Anantara Peace Haven Tangelle Resort Sri Lanka
      Hyatt Regency Dar es Salaam Tanzania
      MeliĆ” Zanzibar Tanzania
      Park Hyatt Zanzibar Tanzania
      AVANI Seychelles Barbarons Resort & Spa Seychelles
      Desert Islands Resort & Spa by Anantara UAE
      Qasr Al Sarab Desert Resort by Anantara UAE
      Emirates Palace UAE
      Anantara The Palm Dubai Resort UAE
      Eastern Mangroves Hotel & Spa by Anantara UAE
      Desert Palm PER AQUUM UAE
      Anantara Hoi An Resort Vietnam
      Anantara Mui Ne Resort Vietnam
      AVANI Quy Nhon Resort & Spa Vietnam
      AVANI Hai Phong Harbour View Vietnam
      The Royal Livingstone Victoria Falls Zambia Hotel by Anantara Zambia
  1. Plaza & Entertainment Business: MINT owns and operates 3 shopping plazas adjacent to its hotels to complement their operations. In addition, MINT also runs 7 entertainment outlets in its Royal Garden Plaza in Pattaya.
    1. Plaza
      • Bangkok: The property offers a unique grouping of outstanding restaurants, bars, retails, and services - all under one roof. The plaza is situtated next to two world-class hotels; Anantara Riverside Bangkok Resort and AVANI Riverside Bangkok.
      • Pattaya: Royal Garden Plaza Pattaya is a 4-storey building located next to Pattaya Marriott Resort and Spa that also includes Ripleys entertainment outlets.
      • Phuket: Located just a short walk from Anantara and JW Marriott Phuket, Turtle Village encompasses over 3,000 sq.m of retail space on two levels.
    2. Entertainment Business : Located in Royal Garden Plaza in Pattaya:
      • Ripley's Believe It or Not! Museum presents over 300 fascinating exhibits.
      • Ripley's Haunted House features the newest haunted attractions.
      • Ripley's 4D Moving Theater is a high-tech simulator amusement ride.
      • Ripley's Infinite Maze is a 20-minute journey into a dizzying maze.
      • Louis Tussaud's Waxworks is a museum featuring over 60 life-like wax effigies of famous people from Thailand and around the world.
      • Scream in the dark is a surreal journey into a black abyss of crazy clowns, the living dead, attacking skeletons, mystical mirrows and enough illusions and delusions to give you the happiest of nightmares for weeks to come.
      • Ripley's The Vault is a laser maze challenge.
  1. Residential Property Development: MINT has five premium residential development projects in Bangkok, Koh Samui, Phuket, and Chiang Mai in Thailand, and Maputo in Mozambique.
      • The St. Regis Residences Bangkok consists of 53 residences and penthouses on Rajdamri Road in Bangkok's CBD. The Residences embodies the Thai warmth of character along with the extraordinary refinement and luxury that are the hallmarks of the St. Regis brand.
      • The Estates Samui comprises of 14 villas above a secluded cove of white powder sand and crystal blue water on Koh Samui. The facilities are next to, and managed by, Four Seasons Resort, Koh Samui.
      • The Residences by Anantara, Layan, Phuket, consists of 15 uniquely designed pool residences on a tree-lined hillside boast panoramic views of Layan beach and the Andaman Sea. The pleasures of a prestigious residence extend to the five-star facilities and services of Anantara Layan Phuket Resort.
      • Anantara Chiang Mai Serviced Suites is Chiang Mai's first luxury resort-style condominium project. The 7-storey condominium building features 44 units in total and is situated on a prime location on Charoen Prathet Road across from Anantara Chiang Mai Resort, near Chiang Mai Night Bazaar and iconic Ping River.
      • Torres Rani, Maputo consists of 18 - Storey residential tower and 21 - storey office tower in the heart of Maputo CBD. The residential project boasts 181 units of one, two and three - bedroom apartments for rent and 6 penthouse units for sale.

       

       

       

       

       

       

  1. Points-based Vacation Club Project: Launched for the first time under the Anantara brand, Anantara Vacation Club is a collection of luxurious shared-ownership villas and apartments located in a variety of resort destinations for the use of its owners. Anantara Vacation Club owners purchase Club Points that are backed by unencumbered real estate assets in some of the most beautiful resort properties imaginable, held in trust for their benefit and security. The number of Club Points owned determines your resort destination, time of year, length of stay, and the type of accommodation. Current properties include Koh Samui, Phuket, Chiang Mai, Bangkok, Bali - Indonesia, Queenstown - New Zealand and Sanya - China. MINT will be adding additional destinations to this list in the coming years.
Extract from Annual Report 2015
SECTOR OVERVIEW AND COMPETITION

Our business is spread across a number of geographies, with our key markets being Thailand, Australia, the Indian Ocean region, Africa, the Middle East and China. We set out below our views on each of our key markets.

Thailand

Thailand's tourism industry remains one of the strongest in the competitive Asia region and has continued to show resilience, recovering quickly from setbacks in the wake of Thailand's 2014 political unrest and the Bangkok bombing in August 2015. 2015 saw a sharp 21% rebound in international tourist arrivals, to 29.9 million from 24.8 million in 2014, largely due to increased political stability and Thailand's reputation as a safe, vibrant and culturally rich destination. Growth in arrivals was also buoyed by improving regional and international flight connectivity and robust travel demand by Asian tourists, particularly from China and Korea. Overall, 2015 tourism income increased by 38% to Baht 2.2 trillion in 2015 from Baht 1.6 trillion in 2014.

With Thailand's compelling attributes as a tourism destination and its strategic location in the heart of the Asia-Pacific region, the Tourism Authority of Thailand is confident of continued growth in tourist arrival figures in coming years. Notably, the Tourism Authority of Thailand is recasting its focus away from the decades-long focus on tourist quantity towards tourism quality, as measured by visitor expenditure, average length of stay and the overall quality of the visitor experience. Long-term government measures to support the tourism sector, including infrastructure and mass-transit development, were recently approved and prioritized to be implemented on a fast-track basis. In 2016, more than 32 million visitors are projected to visit Thailand and generate more than Baht 2.4 trillion in total revenue.

Australia

In Australia, both the depreciation of the Australian dollar and a major decline in oil and commodity prices have reduced the cost of travel and supported both international visitor arrivals and domestic travels in the midst of slower-than-anticipated global growth. International visitor arrivals are projected to grow at an average pace of approximately 5% over the next couple of years, with emerging Asia continuing to be the driving force. Domestic travel is expected to grow at an even faster rate, with the most important segment remaining corporate and business travel, while domestic leisure rapidly catches up. In the hospitality market, growth in demand is expected to continue to exceed growth in supply, which will boost average occupancy rates throughout the country. With the serviced apartment industry remaining the steadiest performer in the accommodation market, our Oaks Hotels & Resorts business is well placed to take advantage of favorable market conditions in the years to come.

Indian Ocean

We are optimistic about the longterm outlook of the Indian Ocean region's tourism industry, a region in which tourism is a key component of many national economies.

In the Maldives, 2015 saw a notable decline in arrivals from Russia, but this was offset by an increase in visitors from Western Europe (primarily Germany, Italy and United Kingdom) and from Asia (particularly China and India). The Maldives targets to increase tourist arrivals in 2016 to 1.5 million and has declared 2016 Visit Maldives year, with several promotional activities planned in order to achieve this goal. We expect strong tourism growth in the Maldives in coming years.

In Sri Lanka, the economy has seen tremendous growth over the past few years as the country has benefitted from the resumption of social and political stability after years of armed conflict which ended in 2009. As the steep increase in tourist arrivals continues, the government is committed to and focused on laying the groundwork for sustainable economic growth, as evidenced by several key infrastructure projects that have recently been completed or are under active development. Minor Hotel Group currently has five hotels in Sri Lanka mand will open our sixth Sri Lankan hotel in mid-2016.

Elsewhere in the region, Seychelles and Mauritius are expecting robust international tourist arrivals growth in coming years. This expectation is based not only on these countries rich beach-related and cultural attributes but also to their strategy of diversifying their tourist source markets into the Middle East, Africa and Asia, while at the same time continuing to develop their traditional European markets. Also, both countries active pursuit of improved air connectivity to the islands is expected to further bolster inbound tourism in the years to come.

Africa

We believe that the long-term outlook of Africa, where our portfolio has grown significantly over the past three years, remains strongly positive. The tourism industry is a major sector of the economy for many African countries. The industry thrives from its rich history, prestigious beaches, wild safari experiences and proximity to Europe, leading us to believe that the continent has the potential to outpace other regions in attracting valuable tourist dollars. The UN World Tourism Organization forecasts that international tourist arrivals to Africa will grow from the current level of over 50 million to approximately 85 million by 2020. While intra-regional tourism remains a crucial source of income for the sector, making up approximately half of international arrivals, we believe international tourism, particularly from China and India, will become increasingly important in the years ahead. Our reliance on the traditional markets such as the UK and USA will remain. With the relative cost of leisure destinations being well-priced in GB pounds and US dollars terms, this is expected to bode well for the Groups operations. In addition, we are well-positioned to take advantage of the economic changes that will come on the African continent with the combination of leisure and business hotels.

Middle East

Tourism in the Middle East, where Minor Hotel Group currently manages a portfolio of 11 hotels, also looks promising. In the United Arab Emirates, the government has over the past five years re-invigorated its efforts to develop tourism as an alternative source of income for the country by intensifying its investment in infrastructure and undertaking extensive marketing and branding campaigns at home and abroad to promote tourism. As a result, Abu Dhabi and Dubai have become dominant international travel gateways, business centers and tourist hotspots. In Qatar, where we have launched both of our Anantara and AVANI brands in 2015, the country is undergoing a period of rapid catch-up development, with tourism a pivotal element of its future economic growth strategy and diversification away from reliance on natural resources. After exceeding its goal of 1.7 million visitors in 2015, the Qatari tourism sector expects sustained growth over the next few years, particularly in the build-up to the FIFA World Cup in Qatar in 2022.

China

Another important market for us is China, where we currently manage three hotels, with more in the pipeline to open in coming years. While domestic tourism currently dominates in both numbers and revenue, Chinese tourists are steadily diversifying from inbound to outbound tourism. We believe China, already the worlds largest outbound tourism market, will continue to make rapid strides with overseas trips and consumption. We established our footprint in China not only for its immense potential as an attractive destination in its own right, but also, importantly, to build our brand equity in China and with Chinese travelers.

Development of the Thai Tourism Market

Growth of Serviced Apartments and Occupancy in Australia
Extract from Annual Report 2015
Company-Owned, Oaks and Managed Hotels Revenues

Performance Highlights - Hotels
  Overall Thailand Australia Maldives & UAE
2015 2014 %
Change
2015 2014 %
Change
2015 2014 %
Change
2015 2014 %
Change
System-wide Sales (Baht million) 35,452 26,509 34 9,347 7,486 25 8,640 7,516 15 9,300 8,695 7
Total Number of Hotels 138 119 16 21 21 0 50 48 4 15 14 7
Total Number of Rooms 17,714 14,721 20 3,728 3,728 0 6,232 6,223 0 1,559 1,261 24
Occupancy Rate (%) 68 66 2 72 58 15 76 76 0 61 64 -3
Average Daily Rate (ADR) 5,830 6,110 -5 4,832 4,973 -3 4,271 4,795 -11 17,011 16,318 4
Revenue per Available Room
(RevPar)
3,964 4,024 -2 3,487 2,865 22 3,258 3,643 -11 10,360 10,385 0

 

Revenue (Baht million) 2015 2014 % Change
Hotels (Owned & Managed) 19,270 15,283 26
Real Estate (Residences & Anantara Vacation Club) 4,502 3,476 30
Other Mixed-use 532 571 -7
Total Hotel Group 24,304 19,330 26

 

In 2015, Minor Hotel Group reported an 38% increase in net profit. The growth is principally due to the strong performance of MINT's hotel portfolio, Oaks Hotels & Resorts in Australia and residential development projects, as well as gains relating to our acquisitions of Sun International hotels and Oaks Elan Darwin in 2015. Excluding acquisition-related gains, Minor Hotel Groups 2015 core net profit grew by 16% year-on-year. This growth was achieved not only in the face of weak economic conditions, but also currency challenges, political uncertainty in some of MINT's key markets and other headwinds including the Bangkok bombing.

We set out below some of the key achievements and milestones of Minor Hotel Group in 2015.

 

In 2015, our company-owned and joint-venture hotels under the Anantara, AVANI, Elewana, PER AQUU M, Tivoli, Four Seasons, St. Regis, Marriott and Radisson Blu brands recorded total revenue of Baht 12,710 million, representing 54% growth over 2014. Across our portfolio, the number of our owned and joint-venture hotels (in which we have an equity interest together with partners) increased from 45 at the end of 2014 to 59 at the end of 2015. Over that same period, our total number of owned and joint venture rooms increased from 5,045 to 7,572.

In Thailand, we opened AVANI Riverside Bangkok, the first new-built hotel in AVANIs upscale portfolio and the second hotel to proudly fly the AVANI flag in Bangkok in 2016. AVANI Riverside Bangkok, our flagship hotel for the AVANI brand, has 249 guest rooms including 25 river view suites and was specifically designed to showcase the brands signature hallmarks of contemporary accommodation, a stunning rooftop restaurant, lounge and infinity pool with sweeping views across the Chao Phraya River, multipurpose meeting space and the Riverside Plaza.

In early 2015, we have rebranded our iconic hotel property in central Bangkok, formerly Four Seasons Bangkok, to the luxury Anantara brand. Anantara Siam Bangkok, which comprises 354 guest rooms and suites, is in the heart of Bangkok's main business, nightlife and shopping districts, five minutes from Bangkok's famous Lumpini Park and close to many of the citys key cultural attractions, making it the ideal base for business and leisure travelers. Following the rebranding, we renovated the hotels guest rooms and public areas and the hotel is now Anantaras flagship property in Thailand.

In early 2016, we completed the acquisition of Tivoli Hotels and Resorts (Tivoli), one of the largest luxury hotel chains in Portugal with a presence in Brazil. This EUR 294 million milestone investment allows Minor Hotel Group to capitalize on Tivolis market-leading position in Portugal, a country with a booming tourism market, and to unlock the vast growth potential in Brazil, a leading destination in South America and the regional economic powerhouse. The acquisition marks our debut in Europe and South America, establishing a gateway and platform to further grow our global footprint. The acquisition includes 14 hotels in Portugal and Brazil, land for future development and intellectual property rights of the Tivoli brand. The Tivoli portfolio not only generates immediate revenue and earnings, it will also allow us to leverage its management expertise and platform for potential expansion of other brands and businesses into Europe and South America, in line with our clustering philosophy for synergy. Conversely, we can tap into Tivolis deep and rich brand heritage and introduce it to other markets in which we currently operate.

In Malaysia, we entered into a joint-venture partnership with a subsidiary of Khazanah Nasional Berhad to develop an Anantara resort in Desaru Coast in southeast Malaysia. Scheduled to open in 2018, the new-build Anantara Desaru will be located in the heart of the new beachfront development in Desaru Coast and will have 123 keys comprising a 103-room resort with deluxe guest rooms and villas and 20 three- and four-bedroom villas for sale. This project represents our first hotel investment in Malaysia and we are confident that the new property will showcase the best that Anantara and Malaysia have to offer.

We also formed a joint-venture partnership with a subsidiary of PT Wijaya Karya (Persero) tbk of Indonesia to develop an Anantara Resort in Ubud, Bali. The resort will be located in one of the most beautiful terrains of Ubud. The 100-key property, comprising an 80-room resort with suite rooms and villas and 20 residential villas, is expected to open in 2019. This project represents our continued momentum in Bali where we currently operate two luxurious Anantara resorts in Seminyak and Uluwatu, as well as one Anantara Vacation Club property.

Finally, in Africa, Elewana, our 50% joint-venture which offers safari-style luxury lodging in Tanzania and Kenya, acquired four properties in Kenya, together with tour operating companies and intellectual property from Cheli & Peacock, an integrated safari tour operator, manager and property owner of safari camps and lodges in Kenya. The acquisition of Cheli & Peacock also brought in two more properties under Cheli & Peacock-branded hotel management contracts. This transaction has added six properties to our prestigious Elewana portfolio, completing our Safari circuit in Tanzania and Kenya, and bringing the total number of hotels under the Elewana Collection to 14.

Since the acquisition of the Oaks brand in 2011, we continued to expand with major openings including Oaks Oasis on Queenslands Sunshine Coast in 2011, Cypress Lakes Resort by Oaks and its onsite Golf & Country Club in New South Wales Hunter Valley in 2013 and the new-build Oaks Grand Gladstone and neighboring Grand Hotel, which opened in early 2014. In 2015, Oaks further enhanced its market leading position by expanding not only through the acquisition of management letting rights (MLR) contracts but also through investment in hard real estate assets. In 2015, we added 159 rooms to our Oaks portfolio with the openings of Oaks Carlyle and The Milton Brisbane under MLR arrangements. We added another 301 rooms by acquiring Elan Soho Suites, our first property in Australias Northern Territory, located in its capital city of Darwin. The property was rebranded to Oaks Elan Darwin. By the end of 2015, Oaks owned and managed 53 properties with over 6,200 rooms, contributing approximately 22% of Minor Hotel Groups total revenue. Its underlying performance continued to improve, with revenue and profit in Australian dollars increasing by 10% and 18%, respectively in 2015 on the back of improved operating leverage, successful streamlining of its cost efficiency, as well as gains relating to and contribution from the acquisition of Oaks Elan Darwin.

Revenue from managed hotels (excluding those managed by Oaks under the MLR model) amounted to Baht 984 million in 2015. We currently manage 30 Anantara, AVANI, Oaks and PER AQUU M branded hotels and resorts under long-term hotel management contracts in 11 countries. During 2015, we signed nine new hotel management contracts as part of our on-going business development initiatives. Our medium-term goal is to manage over 80 properties in more than 18 countries across our various brands by 2020.

In early 2015, our Anantara brand made its debut in Qatar with Banana Island Doha by Anantara, comprising 141 luxury guest rooms, suites and villas designed in contemporary Arabian style with signature Anantara touches. Resort guests experience a taste of traditional Qatari hospitality at the first and only over-water villas in Qatar as well as a dedicated wellness center that is unique in the Middle East. Later in the year, we assumed the management of Souq Waqif Boutique Hotel, comprising 9 individual hotels, where each hotel delivers a unique experience, nestled in the impressive backdrop of the historic Souq Waqif in Qatar. The hotel has been rebranded to Souq Waqif Doha by AVANI.

AVANI made its debut in Seychelles with AVANI Seychelles Barbarons which comprises 124 guest rooms and suites. The resort is located on the tranquil Barbarons Beach along Mahs west coast and opened following an extensive refurbishment to meet the vibrant upscale AVANI brand standards.

We signed two hotel management contracts with Qatari Diar Real Estate Investment Company to develop two new Anantara resorts in North Africa, to open in 2016 - 2017. Anantara Tozeur is a new luxury escape being developed by Qatari Diar in the southwest of Tunisia, in the city of Tozeur. This new-build Anantara will offer 93 luxurious guest rooms and villas. Also under development is Anantara Al Houara Tangier in northern Morocco. The hotel, which will offer 150 keys, will be part of the extensive Al Houara project that Qatari Diar is developing in Tangier along 2.5 km of beachfront overlooking the Atlantic Ocean and will also include an 18-hole golf course with golf club and residential homes for sale.

In the UAE, we are further bolstering our commitment through partnerships with two of the largest property developers in the country. We signed a hotel management contract with Ras Al Khaimah (RAK) Properties, the largest property developer listed on the Abu Dhabi Stock Exchange, to operate a luxury eco-themed waterfront resort in Ras Al Khaimah Anantara Mina Al Arab Ras Al Khaimah. The resort, which will comprise 300 guest rooms, suites and overwater villas, will be built in Mina Al Arab, a scenic mixeduse waterfront community under development by RAK Properties to showcase both Ras Al Khaimahs natural beauty and rich heritage. We also joined hands with Dubai Properties in a hotel management contract to develop the new Anantara Dubai Creek, slated to open in early 2018. Anantara Dubai Creek, to comprise 290 rooms, will be located in Culture Village, a new world-class destination being developed by Dubai Properties Group in the east of the city facing Dubai Creek.

Also in 2015, we continued to expand the Anantara brand with the signing of a 220-room Anantara resort in Bahrain owned by the sovereign wealth fund Mumtalakat and the 150- room Anantara Zanzibar. We introduced the Oaks brand in India with the signing of management contract in Neemrana Rajasthan, comprised of 116 units. AVANI hotels continue to gain momentum with signings in Abu Dhabi in the UAE, Doha in Qatar and Busan in South Korea.

Residential sales will remain a core business unit within Minor Hotel Group and continues to enhance our profitability. After we successfully sold out St. Regis Residences in the first quarter of 2015, we launched our new project, The Residences by Anantara, Layan, Phuket, which is situated adjacent to our Anantara Layan Phuket Resort on the secluded Layan Beach in Phuket. It is the most significant new luxury development in this world-renowned island in years, offering a high degree of exclusivity with only 15 villas for sale, and has received an enthusiastic response from target customers. In line with our expectations, we sold 3 units with 21% of total sellable area recognized as revenue in the second half of 2015.

To the north, we began receiving bookings for Anantara Chiang Mai Serviced Suites, the first luxury resortstyle condominium project in the city center of Chiang Mai which we have co-developed in partnership with U City PCL. The sustained demand for highquality real estate developments for residential, recreational and investment purposes in Chiang Mai, paired with early enthusiasm in advance bookings, where we have presold 30 of the total 44 units, makes us optimistic of success when the construction of the project is completed in 2016.

Outside of Thailand, we are developing a residential project in Maputo, Mozambique in partnership with Rani Investments. The construction of the project will be completed and the recognition of revenue will begin in 2016. As part of our mixed-use resort concept, our joint-venture developments of Anantara Desaru and Anantara Ubud will also feature for-sale residential components, in line with our strategy of creating strong residential property pipeline. Additional residential projects are under feasibility study to ensure that we maintain and grow this business unit and Minor Hotel Groups real estate business.

Anantara Vacation Club (AVC) provides its customers with the comfort of secured future holidays locked in at today's prices, and the opportunity to belong to a unique lifestyle club with substantial savings on pre-paid holidays. AVC is also highly complementary to our hotels, as members can take advantage of our hotel facilities including restaurants, excursions and spas. In 2015, AVC reported a 7% increase in sales, with membership in the Club growing by 28% to over 6,900 Club Owners. Operating profitability and margins of AVC have improved over the prior year as a result of higher operating leverage, restructuring of pricing and payment schemes, as well as effective cost control measures. At the end of 2015, AVC had total inventory of 137 club and 47 developer units in Koh Samui, Phuket and Bangkok in Thailand, Queenstown in New Zealand, Bali in Indonesia and Sanya in China. Its purpose-built signature resort in Mai Khao, Phuket, has won numerous industry awards, including Thailand Property Award 2015 Best Hotel Architectural Design. In just five years, AVC has grown from a start-up into a respected industry leader. Through the acquisition, development and renovation of quality resort properties, its unique and flexible Club Points system and the advantages offered by being part of the worldwide network of Anantara Hotels, Resorts & Spas, AVC is poised for even greater success in years to come.