Weekly Hotel Industry Asia Pacific News Roundup from HVS
Quest Woollongabba Sold for AUD43.8 Million to Invictus Developments Pte Ltd
Singapore-based Invictus Developments Pte Ltd ("Invictus") has acquired Quest Woollongabba ("QW") in Brisbane, Australia for AUD43.8 million from Australia-based property developer Pellicano Group. The 98-key property benefits from a strong twelve-year weighted average lease expiry ("WALE") by income, with 94% generated by a lease to Quest. QW comprises four ground-floor retail units, a fitness centre, conference facilities, an outdoor BBQ area, and a rooftop terrace providing coveted views of Brisbane. QW units range from 60 to 99 square metres with each at least including a kitchenette. The subject property is strategically located in the most famous and oldest precinct "Woollongabba" and by "The Gabba", a primary site for the upcoming 2032 Brisbane Olympics.
ARTOTEL Group Acquires Milestone Pacific Hotel Group
Indonesia-based ARTOTEL Group ("ARTOTEL") has acquired Indonesia-based management hotel operator Milestone Pacific Hotel Group ("MPHG") for an undisclosed sum. MPHG is a hotel operator management company which manages 45 hotels across six brands; Maxone, Nite & Day, Zia, Ruma Ruma, Marc, and One of a Kind in several provinces and second-tier regions in Indonesia. The MPHG brands mainly targets economy and mid-scale segments. ARTOTEL's portfolio will consist of more than 100 hotels post-acquisition, providing all scales of accommodation offerings from luxury to economy hotels. ARTOTEL has announced that by 2025, an additional 50 properties will be added to its management portfolio.
New Disney Cruise Ship is Coming to Singapore in 2025
Singapore Tourism Board has established a five-year collaboration between the US-based Disney Cruise Line to bring a new Disney cruise ship to Singapore in 2025. The 208,000-gross-tonne ship, which is yet to be named, is estimated to be able to carry 6,000 passengers and 2,300 crew members. It is expected to be the largest cruise ship calling in Singapore, as well as the largest ship in Disney's fleet. Millions of local and foreign cruise passengers will be added to Singapore over the five-year period, including fly-cruise passengers arriving in Singapore by air. In 2019, the cruise industry has contributed SGD630 million to the Singapore's cruise industry.
New Airline Really Cool Airlines Set-up in Thailand
Really Cool Airline ("RCA"), a new full-service Thai carrier has set-up and will begin operations by the end of 2023. The airline will focus on international flights, and will be positioned midway between a luxury and budget carrier. The airline will announce its flight routes by June 2023. RCA is one of the four airlines that were seeking licenses to operate in Thailand, which are expected to be approved to operate next year. The Tourism Authority of Thailand believe new airline will help to boost the recovery of Thai tourism.
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