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Asia Pacific hospitality update

Asia Pacific hospitality updateLHN Indirectly Acquires River Valley Road Property for SGD8.5 million

Singapore-based LHN Limited (“LHN”) announced that it’s wholly owned subsidiary (“LHN SB 1”) had entered into an option to purchase (OTP) for the purchase of 298 River Valley Road for SGD8.5 million. The freehold property has a land area of 205.4 square metres and will be acquired with vacant possession on completion. The building will have a commercial gross floor area of 146.04 square metres and a residential gross floor area of 425.18 square metres. LHN will operate the building as a co-living space under the Coliwoo brand. The plan will expand the group’s portfolio under the co-living business in Singapore.

Changzhou Marco Polo Hotel Sold for RMB402 Million

Hong Kong-based Cheer Sky Investment Limited, a wholly-owned subsidiary of Hong Kong-based Harbour Centre Development Limited, has sold the entire equity interest of China-based Wharf (Changzhou) Estates Company Limited (“Wharf-CZ”) to China-based Changzhou Youzhong Catering Management Company for RMB402 Million. Wharf-CZ is currently the owner and developer of Marco Polo Changzhou. The 302-key Marco Polo Changzhou is located in the Xinbei High-Tech Development Zone, 3 kilometres from the central business district in Changzhou. The property spans over 44,000 square metres of total floor area, and features an indoor swimming pool, a tennis court, and a gym room. After the transaction will be completed, Marco Polo Hotels will stop operating the property.

Narai Launches Luxury Marasca Brand

Thailand-based Narai Hospitality Group (“NHG”) has debuted a new luxury brand Marasca Hotels & Resorts (“MHR”). MHR is NHG’s foray into casual luxury hospitality and is positioned as a collection of intimate, casual luxury escapes in unique locations. MHG’s first property, Marasca Khao Yai, is set to be opened late 2022 and will be an 18-key luxury countryside retreat destination. MHR also plans to open another property, Marasca Koh Samui in 2023, with plans for further expansion in Thailand.

Hotel Clover Sold for SGD74.8 million to Singapore’s SLB Development and Hong Kong’s Weave Living

Hong Kong-based Weave Living (“WL”) in partnership with Singapore-based property developer SLB Development Ltd (“SLB”) is acquiring Hotel Clover in Jalan Sultan, Singapore, at a price of SGD74.8 million. The 88-keys hotel is currently located in a row of 17 conservation shophouses in the Kampong Glam area. The two-story property has a total land area of 15,201 square feet and a total gross floor area of 35,000 square feet. The property is on a 99-year leasehold starting April 2008. WL will be taking a majority stake in the deal and will be redesigning and repositioning the hotel into service apartments. WL will also be responsible for the day-to-day operations of the asset. The acquisition of Hotel Clover is WL’s maiden acquisition outside Hong Kong.

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