PAG and Inmark Acquire Grand Hyatt Seoul for KRW560 Billion in Korea

Hong Kong-based investment firm, PAG and Seoul-based Inmark Asset Management has formed a consortium to acquire the iconic 615-key Grand Hyatt Seoul for KRW560 billion (USD480 million). The hotel was sold subject to a long-term management agreement with US-based Hyatt Hotels Corporation and will continue to operate under the Grand Hyatt brand. The property occupies over 73,000 square metres of freehold land in the heart of Hannam-dong, one of the most affluent neighbourhoods in Seoul. Opened in 1978, the property features 12 restaurants and bars, a spa, and 19 meeting spaces. After the renovation completion in May, the hotel saw an addition of 14 rooms, an extensive transformation of all guestrooms and suites, as well as its signature Grand Ballroom. The property also has a long-standing reputation as one of the most luxurious hotels in the city. The acquisition comes after a joint venture between Singapore-based Datapulse Technology and Bizcentre Capital, a unit of Malaysia-based developer, Plenitude Berhad, in April purchased the 224-room Holiday Inn Express Euljiro hotel in Seoul for KRW59 billion (USD50.8 million).

Japan’s Haneda Airport to Open Haneda Airport Garden Mixed-use Complex in 2020

Haneda Airport Garden, a new mixed-use complex is set to open in Japan’s Haneda Airport in 2020. The project, co-developed by Japan-based real estate company, Sumitomo Realty and Development, and Haneda Airport Development, will comprise 2,400 square metres of events and meeting space, a 2,000-square-metre hot spring facility, a bus terminal offering 15 bus routes connecting Haneda Airport and other parts of Japan, as well as a shopping mall with 60 retail outlets and 30 restaurants. The complex will also feature two airport hotels, the 160- key Villa Fontaine Premier Haneda Airport and 1,557-key Villa Fontaine Grand Haneda Airport. The mixed-use facility will be directly connected to the airport’s international terminal and will be approximately one-minute walk from both the Haneda Airport International Terminal Station on The Keikyu Line and the Tokyo Monorail’s Haneda Airport International Building Station.

Vietnam and Myanmar Signs Visa-Free Agreement

Starting from January 2020, Myanmar and Vietnam travellers can visit each other’s country for 30 days without visas. The agreement is concluded in a bid to make it easier for travellers who want to stay longer in the other country. Currently, Myanmar eased visa requirements for citizens of all members of the Association of Southeast Asian Nations (ASEAN), except Malaysia. Thailand account for most of the tourists from ASEAN countries, followed by Vietnam. The countries visited most often by Myanmar travellers are Thailand, Singapore and Vietnam. There has also been increasing demand for tour packages to Japan, South Korea, India and England.

Philippine Airlines Launched Direct Flights between Manila and Perth

Philippine flag carrier, Philippine Airlines, will launch a new four-times-weekly direct flights between Manila and Perth, starting from March 2020. Presently, passengers must connect in Singapore, Hong Kong or other Australian cities in order to fly between the Philippines capital and the capital of Western Australia (“WA”). The flights will be operating between Manila Ninoy Aquino International Airport and Perth Airport on Mondays, Tuesdays, Thursdays and Fridays. The airline will operate the service on an Airbus A321, which has 168 seats, including 12 fully-flat business class seats in a 2-2 configuration. The new service is expected to inject an additional 70,000 seats into the market. Perth will be Philippine Airlines’ fourth destination in Australia, following Sydney, Melbourne and Brisbane, which are all served as direct flights. According to the latest International Visitor Survey, the number of visitors from the Philippines travelling to WA grew by 34.7% in the year ending June 2019.

Royal Air Maroc to Unveil First Direct Route to China

Maroc-based Royal Air Maroc has recently announced that it will launch its first regular direct route between Mohammed V International Airport in Casablanca, Morocco, and Beijing Daxing International Airport in the capital of China. Starting on 16 January 2020, the direct flights will be operational three times a week, serviced by a 302-seat Boeing 787-9 aircraft with 26 business-class seats. The flights to Beijing will depart from Casablanca at 17:00 local time on Mondays, Thursdays and Saturdays, arriving in Beijing at 11:55 local time the next day. The return flights will take off from Beijing at 13:55 on Tuesdays, Fridays and Sundays, arriving in Casablanca at 19:55. The new route will not only facilitate the development of Maroc into a world’s leading tourism market but also further enhance the commercial and economic ties between Maroc and China.

Absolute Share Price Performance, as on 27 December 2019