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Asia Pacific hospitality updates

Asia Pacific hospitality updatesRydges North Sydney was Acquired by High Street Holdings for AUD75 Million

Subsidiaries of Singapore-based investment and asset management company High Street Holdings has acquired Rydges North Sydney from Australia-based EVENT Hospitality & Entertainment Limited for AUD75 million. Located in the heart of North Sydney’s business district, the 167-key property occupies 2,549 square metres freehold site that is situated next to the upcoming Victoria Cross Metro Station. Travellers can enjoy the parking facility when staying on the property. The North Sydney region currently has approximately AUD8.4 billion in large-scale development projects planned, including multiple new commercial properties constructed near the property. The large influx of commercial projects and limited accommodation supply give a promising prospect for the local hotel market.

Ascott to Acquire First lyf-Branded Co-Living Property in Sydney, Australia

Singapore-based The Ascott Limited (“TAL”) has announced to acquire its first lyf-branded Co-living property in Sydney, Australia. The property will be named as lyf Bondi Junction Sydney (“LBJS”). The transaction is made through the Ascott Serviced Residence Global Fund (“ASRGF”), a joint-venture private equity fund with Qatar Investment Authority. This acquisition will increase the number of properties that ASRGF holds to 11. LBJS will be featuring 197 guest rooms, slated to be open in 2024. The ideal location of LBJS enjoys proximity to Sydney’s Central Business District and the famous Bondi Beach. The Managing Director of ASRGF believes that LBJS is a rare purpose-built asset in a highly sought-after location for both business and tourism.

Japan to Increase Daily Arrival to 20,000 and Further Ease Border Restriction

On 1 June 2022, Japan officially doubled its daily arrival capacity to 20,000 foreign visitors and has eased its strict border controls by forgoing COVID-19 tests and quarantine practices. Japan has exempted the need to isolate and submit COVID-19 test results upon arrival if the visitors are traveling from the 98 countries that Japan has categorised as “blue”, representing the lowest risk of infection. As for 99 countries that are categorised as “Yellow”, isolation and COVID-19 testing are also omitted if the travellers have completed three rounds of designated COVID vaccination. In addition, Japan will be welcoming international tourists as well, starting from 10June 2022. Travellers visiting for leisure will be only allowed to enter the country with guided tours from the blue countries and regions. The forthcoming tourists will be included in the 20,000-per-day arrival quota.

Visa-free to Enter Jeju Island and Yangyang-gun County in South Korea from 1 June 2022

Travellers are allowed to enter Jeju and Yangyang visa-free via international airports from 1 June 2022. The visa-waiver program allows international travellers to visit South Korea short-term without a visa requirement. However, the visa-free entrance to Jeju does not apply to citizens of 24 countries/regions and ten other countries that have mutually suspended the visa-waiver program with South Korea (Japan, Hong Kong, Taiwan, Macau, etc.). Tour groups of five or more people can enter through Yangyang International Airport, including those from Asian countries of Vietnam and Indonesia. Tourists must enter Jeju Island via direct flight to qualify for the visa-free program. Also, the group of tourists must travel to South Korea through a designated travel agency recognized by the Gangwon provinces.

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