(Bloomberg) -- Taiwan hotel stocks are benefiting after restaurants linked to them were awarded stars in Michelin's first restaurant guide for Taipei.
FDC International Hotels Corp. surged as much as 9.9 percent after its affiliate Le Palais was named the only three-star restaurant from Michelin in the Taiwanese capital. My Humble House Hospitality Management Consulting Co. rose as much as 10 percent after its The Guest House restaurant got two stars. The Landis Taipei Hotel Co. advanced as much as 4 percent as its Tien Hsiang Lo received one star.
Twenty eateries claimed stars in Michelin's debut guide for Taipei, which was released Wednesday. The awards are part of Michelin's growing effort to broaden its appeal in Asia. It also publishes guides for Hong Kong, Shanghai and other Asian cities.
The new Michelin guidebook is a landmark for Taiwan's restaurant industry given its credibility, Jih Sun Securities Co. analyst James Hou wrote in a note dated Thursday. Jih Sun maintained its buy rating on FDC International.
Michelin reviewers award three stars for restaurants “worth a special journey,” two stars for those “worth a detour” and one means that the restaurant is good in its category.
--With assistance from Adela Lin Cindy Wang and Kristine Servando
To contact the reporter on this story: Yu-Huay Sun in Taipei at ysun7@bloomberg.net.
To contact the editors responsible for this story: Richard Frost at rfrost4@bloomberg.net, Philip Glamann, Samson Ellis
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