Asia Pacific hospitality update - Week ending 25 March 2022 - Insights
Global News

Asia Pacific hospitality update – Week ending 25 March 2022

Asia Pacific hospitality updateAscott Acquires Two Properties in Ningbo China and Amsterdam for around USD190 million

Singapore-based The Ascott Limited (“TAL”), a subsidiary of Singapore-based CapitaLand Investment (“CLI”) has acquired two properties in Ningo, China, and Amsterdam, the Netherlands, for an estimated USD190 million. In Ningbo, the acquired 206-key property is on a turnkey basis that comprises two residential buildings, which are due to open under the Somerset brand in 2025. Currently, TAL already has four properties with over 800 keys in Ningbo, including Ascott Huaishu Road Ningbo and Citadines OCT Harbour Ningbo. In Amsterdam, the acquired 93-key property is a freehold asset that is set to be refurbished and unveiled as Citadines Canal Amsterdam in 2023. The acquisition was held under TAL’s Ascott Serviced Residence Global Fund (“ASRGF”), a joint venture private equity fund with Qatar Investment Equity (“QIE”). The acquisitions will mark the ninth and tenth assets of ASRGF. TAL portfolio currently operates in more than 78,000 rooms in over 30 countries.

Onward Beach Hotel Sold to Hoshino Resorts

Japan-based Onward Holdings Co. Ltd. (“OHCL”) has sold its 428-key Agana Bay hotel to Japan-based Guam Hotel Management (“GHM”), a subsidiary of the Japanese hotel operator Hoshino Resorts (“HR”). The property was sold for JPY8.5 billion, or approximately USD73 million, in stock shares and receivables. Located in Guam, USA, the hotel has been in operation since 1992 and OHCL decided to sell the property after hard hits by the COVID-19 pandemic. OHCL will continue to operate two golf courses in Guam, which are the Mangilao Golf Course and Talofofo Golf Resort. HR is a family-run Japanese hotel operator established in 1914 with a focus on high levels of Japanese-style hospitality. The corporation currently operates more than 40 luxury resorts globally.

Travelodge Hotels Asia to Open First Hotel in Japan and Ramp Up Expansion in Thailand

Singapore-based Travelodge Hotels Asia (“TLA”) will launch its first hotel in Japan in 2022. The 138-key Travelodge Honmachi Osaka will mark TLA’s entry into the Japanese market, its seventh market to date. TLA is also expanding its footprint in Thailand with an additional two other openings being the 159-key Travelodge Phuket Town opened on 1 January 2022 and the 406-key Travelodge Nimman Chiang Mai opening on 1 September 2022. The openings will bring TLA’s portfolio to 16 hotels in 7 different countries across Asia.

Laundy Hotel Group Acquires Mercure Centro Hotel in Port Macquarie for AUD25 million

Australia-based HTL Property (“HTL”) has announced that Laundy Hotel Group (“LHG”) had acquired its freehold going concern of the Mercure Centro Hotel (“MCH”) for AUD25 million. MCH is an upper upscale hotel located in the heart of Port Macquarie. The 72-key property has five levels, featuring an extensive restaurant and bar, licensed rooftop leisure area, a conference area, parking lots for 86 vehicles, a swimming pool, a spa, and two retail outlets located on the ground floor. Port Macquarie enjoys high traffic flow between Sydney and Brisbane due to its proximity to both cities. The region is also able to attract a diverse economic profile of guests, supported by industrial trade via the port, as well as being one of the top holiday destinations.

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