APAC hospitality industry update - Week Ending 4 February 2022 - Insights
Global News

APAC hospitality industry update – Week Ending 4 February 2022

APAC hospitality industry updateShanghai Land Group Acquired Hyatt on the Bund, Shanghai for RMB4.5 Billion

Hong Kong-based Shimao Group Holdings Limited (“Shimao Group”) has sold Hyatt on the Bund in Shanghai to China-based Shanghai Land Group Co., Ltd. For RMB4.5 Billion (approximately USD707 million). The 620-key hotel is located in front of the Huangpu River and a 10-minute ride from the Lujiazui CBD area, with a panoramic Bund waterfront view to the south. The property spans over 109,905 square metres, features six food and beverage outlets, 3,466 square metres event space, a fitness and spa centre, an indoor swimming pool, and a business centre. This sale would help Shimao Group realize a gain of RMB3 billion.

Ibis Budget Melbourne CBD Sold to Capit.el Group

Singapore-based Well Smart International Investment Pte. Ltd. has sold Ibis Budget Melbourne CBD to Australia-based Capit.el Group Pty Limited (“Capit.el”) for approximately AUD25 million. The 146-key hotel is located right in front of the tram station 2-Collin St/Elizabeth St, in close proximity to the Flinders Street Railway Station and Melbourne Town Hall. The freehold strata property features a food and beverage outlet and a carpark above four retails shops. The new buyer believes that although central Melbourne area continues to see abundant upcoming hotel supply, opportunities in the economy segment is limited. This will also be Capit.el’s first direct acquisition in Melbourne city.

Universal Hotels Group Acquired Sydney’s Bats & Ball Hotel for AUD10 million

Sydney-based Universal Hotels Group (“UHG”) has acquired Bats & Ball Hotel (“BBH”) for AUD10 million. BBH is situated on a 504 square metre site on the corner of Cleveland and South Dowling Streets in Redfern. The sale of the 15-key property includes a 2am trading license and 10 gaming machines. The Chief Executive of UHG, Harris Kospetas, mentioned that the addition of BBH was an opportunity they mobilised quickly to achieve. UGH has previously acquired the Tempe Hotel in April 2021 for AUD10 million and a leasehold to the Newtown Hotel for AUD5 million in May 2021.

Association of Southeast Asian Nations (ASEAN) Officially Announced Reopening of Tourism

On January 19, from Sihanoukville Cambodia, The Association of Southeast Asian Nations (ASEAN) has officially announced the reopening of ASEAN tourism. The joint measurement includes the establishment of the ASEAN Travel Corridor, the creation of a digital vaccination card, the promotion of ASEAN internal tourism, and the promotion of the “New Normal” in conformity with the health safety rules of each member country. ASEAN travellers should follow the core public health rules such as wearing face masks, social distancing and work from home initiatives to limit the impacts of the new variant. The new ASEAN Tourism Logo and ASEAN Safe Travel Stamp included the slogan “Safe and Warm” as part of the plan to support tourism recovery. The ASEAN members include Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

Tags: , ,

Related Courses

Related Articles

U.S. tourism recovery projected to exceed pre-pandemic Levels
APAC hotel construction pipeline ends 2021 with record highs

You might also like:

Join over 60,000 industry leaders.

Receive daily leadership insights and stay ahead of the competition.

Most popular:

Popular this week: