Weekly Hotel Industry Asia Pacific News Roundup from HVS
Southeast Asia Portfolio Transacted For USD106.1 Million
Three Southeast Asia properties, namely – Pullman Jakarta Central Park, ibis Saigon South, and Capri by Fraser (Ho Chi Minh) were sold. The transaction amounted to USD106.1 million and is the first hotel portfolio sale in the region for 2023. The 317-key Pullman Jakarta Central Park is an exclusive, internationally branded, upscale lifestyle hotel in West Jakarta and features direct access to the bustling Central Park mall. The 140-key ibis Saigon South and 175-key Capri by Fraser are located in Ho Chi Minh City and are in close proximity to the Saigon Exhibition and Convention Centre. Under the sale of Pullman Jakarta Central Park and ibis Saigon South, the benefits of Accor management under the respective brands were provided. Whereas for the sale of Capri by Fraser, the hotel was sold with vacant possession.
Melbourne's Adelphi Hotel Acquired By Sydney-Based Developer For $25 Million
Sydney-based Virtical Pty Ltd has acquired Adelphi Hotel for $25 million, with the offering of vacant possession of hotel management. The 34-key hotel features a rooftop pool, an events venue, a cocktail bar, a boardroom, and a restaurant leased to NOMAD Melbourne. Located at 187 Flinders Land, a bustling entertainment precinct, the hotel is recognized as a four-time winner of the Victoria's Best Boutique Hotel Award. Future plans for the hotel include renovation and expansion projects, that aim to further improve and transform the hotel as an accommodation provider and a CBD hotspot.
Galaxy Entertainment Group and MGM Resorts International Exploring Gaming Facilities in Thailand
Hong Kong-based Galaxy Entertainment Group and US-based MGM Resorts International are laying the groundwork to potentially establish gaming facilities in Thailand as the industry looks to hedge against a deteriorating outlook in Macau. This comes after a casino resort proposal won cross-party support and is expected to be given the green light by the new government. Currently, Thailand has legal restrictions imposed on casino entries, but the industry expects a change. The two gaming giants, Galaxy and MGM have since set up offices in both countries, with Galaxy using the office to promote its Macau operations.
UNESCO Welcomes USD2.9 Billion Australian Investment in Great Barrier Reef
The Australian government has pledged USD2.9 billion to safeguard the Great Barrier Reef, in a letter sent to UNESCO Chief Audrey Azoulay last week. The fate of the reef has been a source of tension between UNESCO and the Australian government, with the UN agency's World Heritage Committee threatening to put the world's largest coral system on a list of "in danger" global sites. In order to avoid such a move, the government will further commit substantial actions to secure the future of the Reef. These measures include fisheries reforms, accelerated action to improve water quality, and strong, legislated climate action.
The First Voco Brand Hotel in Japan
United Kingdom-based IHG Hotels & Resorts has debuted its first voco hotel in Osaka, Japan. voco Osaka Central is a 191-key hotel that features a gym and fitness room, meetings and event spaces, a bar, a café, and a restaurant. The hotel is in Kyomachibori, Osaka, and is easily accessible via three Osaka Metro stations – Higobashi, Honmachi, and Yodoyabashi. The hotel occupies the site of the historically significant, former Kyomachi Building. Due to the site's symbolism, the hotel incorporates design elements, such as artworks and the use of natural materials, that reflect the rich heritage.
About HVS
HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.