SHANGRI-LA Asia, the newest counter on the hotel scene, yesterday hit a record $8.60, up 6.83 per cent on the week.
At that price, shareholders who bought in at the $735 million flotation - which was 108 times oversubscribed, would have seen a paper profit of 75.51 per cent on their investment in less than four months.
The shares were initially offered at $4.90.
Hong Kong and Shanghai Hotels also hit a year's high of $9.45.
The week's best performing hotel stocks were Regal Hotels, up 10.49 per cent to $1.58, and CDL Hotels International, up 8.55 per cent to $3.175.
In a week which saw the overall stock market broadly consolidate, and profit takers hone in on fat profits, second-and third-liners have been performing selectively better as locals second-guess where the big foreign money is going next.
