Foreign investor walks out of Nepse-listed Soaltee Hotel

 Though the stable government led by Prime Minister KP Sharma Oli is trying to lure foreign investors, one of the foreign investor walked out of the country selling its shares.

Soaltee Enterprises has bought all the shares from an international company InterContinental Hotels Group to make the Nepse-listed Soaltee Crowne Plaza hotel a complete Nepali entity. Soaltee Enterprises – owned by former King Gyanendra Shah and his family – bought some 8.43 million units of shares at Rs 56.06 per unit totaling Rs 472.34 million worth transaction, according to the Nepal Stock Exchange (Nepse) floor sheet. The shares of the Soaltee Hotels is being traded at Rs 190 per unit at the share market currently. According to the Nepse, the bulk shares transfer took place today through broker 33 and 34.

Along with this purchase of shares from InterContinental Hotels Group, the Soaltee Hotel is now totally owned by only Nepali investors, confirmed one of the oldest five-star hotel in Nepal. The Hong Kong-based InterContinental Hotels Group had 10 per cent stake in Soaltee Hotel.

The shares of Soaltee Hotel that were in the ownership of InterContinental Hotels Group (IHG) were transferred to Soaltee Enterprises. After the share transfer, Soaltee Enterprises now owns 50 per cent stake in Soaltee hotel, whereas Oberoi Hotels Pvt Ltd holds eight per cent shares, Nepal Airlines Corporation (NAC) holds 12 per cent shares while the remaining 30 per cent stake is held by the public, as Soaltee Hotel is one of the listed hotels at the Nepal Stock Exchange (Nepse).

Founded by late prince Himalaya Bir Bikram Shah Dev and late princess Rajya Laxmi Devi Shah in 1965, Soaltee Crowne Plaza was formally inaugurated by late king Mahendra Bir Bikram Shah in 1966 with 104 rooms. But today Soaltee Crowne Plaza hosts 282 luxurious guest rooms and seven regal VVIP suites, spread over 12 acres.

In 1969, the Soaltee hotel was incorporated as a private limited company. Oberoi Hotels (India) Pvt Ltd, with its investment in shares capital, was entrusted with operational management of the hotel and rebranded as ‘Hotel Soaltee Oberoi’ in 1969. 

However, the hotel was converted into a public limited company in 1975 with an investment in the shares capital of the company by Nepal Industrial Development Corporation (NIDC), International Finance Corporation (IFC), Oberoi Hotels (India) Pvt Ltd, Nepal Airlines Corporation (NAC), promoters and the public. The shares of the hotel was listed at the share market with a face value of Rs 10 per unit.

Likewise, in 1994 the hotel was again renamed Soaltee Holiday Inn Crowne Plaza Kathmandu and was operated by Holiday Inns China, a fully owned subsidiary of InterContinental Hotels (IHG).

But in 1998, Soaltee Holiday Inn Crowne Plaza was again rebranded as Soaltee Crowne Plaza Kathmandu.

Soaltee bags World Travel Awards

Soaltee Crowne Plaza Kathmandu has won the prestigious World Travel Awards 2012 — also described as the ‘Oscars of the travel industry’ by the Wall Street Journal — for 'Nepal’s Leading Hotel'.
"We are absolutely delighted to win the award,” Soaltee Crowne Plaza Kathmandu general manager Nalin Mandiratta said, speaking on the award distribution ceremony in Singapore.“It makes us proud to be recognised on a global platform,” he said, thanking his team members for making the guests happy and creating a Great Hotel Guests Love.
Established in 1993, the World Travel Award serves to acknowledge, reward and celebrate excellence across all sectors of the global travel, tourism and hospitality industry.
Nominations are gathered by region and voting is carried out by millions of travel agents and tourism professionals from more than 164 countries, including visitors to World Travel Award’s website who are encouraged to submit their votes via the online voting system.
Listed at Nepal Stock Exchange, Soaltee Crowne Plaza Kathmandu is a five star deluxe hotel managed by InterContinental Hotels Group PLC and boasts an array of amenities like 282 rooms, seven meeting spaces, city’s finest specialty restaurants and bars, state-of- the-art fitness centre, beauty salon along with various recreational facilities making it a preferred destination for business meetings, leisure and all celebrations.
The preferred destination for business meetings, leisure and all celebrations in Kathmandu, Soaltee had posted Rs 300.58 million gross operating profit by the end of last fiscal year (June 30, 2012) compared to Rs 245.84 million in the same period of a fiscal year ago. Likewise, in the first quarter of the current fiscal year, the hotel has posted Rs 45.08 million gross operating profit compared to Rs 42.39 million in the same period a fiscal year ago. Soaltee has listed 17,908,990 unit shares at Rs 10 per unit at the Nepse and its shares were last traded at Rs 312 per unit.
Similarly, InterContinental Hotels Group (IHG) is the world’s largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 4,400 hotels and more than 645,000 guest rooms in 100 countries and territories around the world. The Group owns a portfolio of well recognised and respected hotel brands including InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels and Resorts, Holiday Inn Express, Staybridge Suites and Candlewood Suites and also manages the world’s largest hotel loyalty programme, Priority Club Rewards with 48 million members worldwide.IHG has 1,400 hotels in its development pipeline, which will create 140,000 jobs worldwide over the next few years. InterContinental Hotels Group PLC is the Group’s holding company and is incorporated in Great Britain and registered in England and Wales.

Soaltee wins Today's Traveller Award

Soaltee Crowne Plaza Kathmandu — a preferred destination for business meetings, leisure and all celebrations — has won the prestigious Today’s Traveller Award 2012 for Best International Business Hotel in Nepal.
"I am immensely delighted to receive the award," said general manager of Soaltee Crowne Plaza Nalin Mandiratta upon accepting the honour from tourism minister of India Subodh Kant Sahai in New Delhi on Tuesday.
"It is yet another proud achievement for Soaltee and gives us motivation to further excel in our product and service offers for our valuable customers," he added.
Reputed for its architecturally stunning exteriors, mountainous surroundings, comfortable rooms, state-of-the-art meeting facilities, impeccable service and world class amenities, the iconic Soaltee Crowne Plaza Kathmandu had also been the proud recipient of Today’s Traveller Nepal’s Best Business Hotel Award for 2008.
Today's Traveller is India's most respected travel and tourism industry award incorporated in 2007 with the objective of recognising exceptional achievers and contributors, who have inspired all the players in the travel and tourism industry.
Soaltee Crowne Plaza Kathmandu — a Nepal Stock Exchange (Nepse) listed company — is a five-star deluxe hotel managed by InterContinental Hotels Group PLC, and boasts an array of amenities with 282 rooms, seven meeting spaces, city’s finest specialty restaurants and bars, state-of-the-art fitness centre, and a beauty salon along with various other recreational facilities, which makes Soaltee a preferred destination for business meetings, leisure and all celebrations.
Due to its regular good returns, the shares of the hotel have been traded at around Rs 235 per unit at the Nepse that has listed 17,908,990 unit shares at a face value of Rs 10 per unit. It has recorded a Rs 163.43 million profit before tax and Rs 120.21 million profit after tax at the end of the quarter on March 31, according to the hotel's third quarter financial statistics. "Sailing on sustained tourist arrivals, the hotel has been able to increase its total income by 11.78 per cent as compared to the same period last fiscal year."
InterContinental Hotels Group (IHG) is the world’s largest hotel group by number of rooms that it owns, manages, leases or franchises, through various subsidiaries. It has over 4,400 hotels and more than 645,000 guest rooms in 100 countries and territories around the world.
The group owns a portfolio of well recognised and respected hotel brands including InterContinental Hotels & Resorts, Hotel Indigo, Crowne Plaza Hotels & Resorts, Holiday Inn Hotels and Resorts, Holiday Inn Express, Stay bridge Suites and Candlewood Suites and also manages the world’s largest hotel loyalty programme, Priority Club Rewards with 48 million members worldwide.
IHG has 1,400 hotels in its development pipeline, which will create 140,000 jobs worldwide over the next few years. InterContinental Hotels Group PLC is the group’s holding company and is incorporated in Great Britain and registered in England and Wales.