Weekly Hotel Industry Asia Pacific News Roundup from HVS
Sofitel Adelaide Hotel Acquired For AUD154 Million
Australia-based, hospitality fund manager, Salter Brothers have acquired the Sofitel Adelaide hotel from the hotel’s developers, Australia-based Palumbo Family, for AUD154 million (AUD613,545 per key). Located within the CBD at 108 Currie Street, Adelaide, Australia, the 32-storey mixed use building is the first internationally branded five-star hotel to be developed in Adelaide in the past three decades. In addition to the 251-key hotel, the building also features 69 residential apartments on the top eight floors, a restaurant, two bars, an indoor swimming pool, a fitness centre, a health club, numerous meeting spaces, and an executive lounge.
Abu Dhabi Fund For Development and MINT Snaps Up Maldives Hotel For USD60 Million
Thai-based hospitality and lifestyle conglomerate Minor International Public Company (MINT), has partnered with the Abu Dhabi Fund for Development (ADFD) to acquire the Amari Havodda Maldives hotel from Crystal Plaza Resorts. The transaction, valued at USD60 million, marks the first hotel sale in the Maldives for 2023. The 120-villa Amari Havodda Maldives, located on Gaafu Dhaalu Atoll in the southern region of the archipelago, will be integrated into MINT's existing portfolio of six properties in the Maldives. MINT plans to rebrand the asset under its NH Collection hotels brand. The acquisition is seen as a strategic investment by ADFD in a popular holiday destination. The interest shown by investors in this unique asset highlights the appeal of the Maldives' hospitality market, attracting capital from Asia-Pacific to the Middle East.
Hong Kong‘s AB Capital Adds To Japan Portfolio With Tokyo Hotel Buy
Hong Kong-based AB Capital Investment, a hospitality-focused private equity firm, has acquired a 220-room hotel in Tokyo, Japan. The specific amount of the transaction was not disclosed. The purchase of APA Hotel Kamataeki-Higashi marks AB Capital's fourth hotel acquisition in Japan since the COVID-19 pandemic. The 14-storey business hotel, located between Kamata and Keikyu-Kamata railway stations, offers a convenient eight-minute ride to Haneda Airport. The property spans 3,070 square meters (33,045 square feet) of gross floor area. AB Capital expressed confidence in the Japanese real estate market and its potential for growth and value creation. The company aims to support the hotel's operator while delivering superior returns to its investors. The acquisition further demonstrates AB Capital's commitment to the hospitality sector in Japan.
Capital Alliance Has Received Approval For AUD340 Million Dual Hotel Project In Melbourne’s Docklands Precinct
Capital Alliance, a leading Melbourne developer has received approval of its planning permit for a AUD340 Million dual hotel project in partnership with Sydney-based TFE Hotels. The project set at 28-38 Pearl River Road will include a state-of-the-art 1000-pax conference centre, which would be one of the largest in the country. The hotels include a 200-key property under the bespoke brand of Collection by TFE Hotels, and a premium 105-key property branded as A by Adina, also by TFE Hotels. The dual hotels will also host Australia’s largest rooftop infinity pool and the country’s longest escalator with immersive visual technology.
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