HVS Asia Pacific Hospitality Newsletter - Week Ending 17 August 2018 (August 17, 2018)

HVS Market Pulse: Bangkok, Thailand

By Pawinee Chaisiriroj and Paola Orneli Bock
The article provides a brief overview of Bangkok, its different sub-markets, its tourism industry, the recent dynamics of the local lodging market, as well as the 2018 outlook.

TCRE Partners Pte Ltd Acquires Wangz Hotel for S$46 million

Singapore-based TCRE Partners Pte Ltd (“TCRE”) has completed the purchase of the 41-key boutique Wangz Hotel from Glastech Pte Ltd (“Glastech”) for S$46 million. The transacted price indicates a value of S$1.12 million per room for the six-storey freehold hotel. Upon expected completion of the deal in early fourth quarter of 2018, Glastech will lease the property back from its new owner until the end of 2019. Wangz Hotel provides 41 rooms with sizes from 26 square metres to 47 square metres, along with other facilities including a lounge and a rooftop restaurant. The hotel was initially a commercial and residential building until 2007 when Glastech bought the property and converted it into Wangz Hotel. Glastech also owns Forest by Wangz, a serviced apartment development in Moulmein Road. As of now, no future plans for the property have been disclosed.

Gaw Capital Partners Acquires Bell City, a Mixed-use Development, in Melbourne for AUD157 Million

Hong Kong-based private equity firm Gaw Capital Partners (“Gaw Capital”) has acquired Bell City, a mixed-use development, for AUD157 million via its hospitality arm GCP Hospitality (“GCP Hospitality”). The acquisition includes two hotels that have a total of 844 keys under the Mantra and BreakFree brands, a conference complex, commercial tenancies, a 600-space car park and serviced offices. Bell City, located in Melbourne’s Preston precinct, is just 20 minutes from Melbourne Airport and the CBD. With plans for a ‘co-living’ concept, GCP Hospitality will also roll out their student shared accommodation concept, Campus, as their second location in Australia after Perth which is due to open in January 2019.

Fiji National Provident Fund Completes Triple Acquisitions

Fiji National Provident Fund (“FNPF”) has completed the acquisition of the 300-key Sheraton Fiji Resort, the 276-key Westin Denarau Island Resort & Spa and the 110-hectare Denarau Golf & Racquet Club from US-based Marriott International (“Marriott”) for US$131 million. All three properties are located on the north-western tip of Denarau Island, Fiji’s top holiday destination and represents the nation’s largest hotel transaction. Marriott acquired these properties when it merged with Starwood Hotels in 2016 and will continue to manage them under long-term agreements after the sale to FNPF. The two hotels and golf course will add to FNPF’s existing portfolio of hospitality assets which comprises of the 266-key InterContinental Fiji Golf Resort & Spa, the 130-key Holiday Inn Suva, the 250-key Fiji Marriott Resort Momi Bay and 25 per cent of the 103-key Grand Pacific Hotel. 

Marriott International Opens its First Complex Hotel in Fujian Province, China

US-based Marriott International (“Marriott”) recently announced the opening of its first complex hotel, namely Marriott & Courtyard Xiamen Haicang, in the Fujian Province of China. Strategically located in the CBD along Haicang Boulevard of Xiamen, the hotel enjoys excellent accessibility and overlooks Xiamen Island and Gulangyu Island. It offers 537 well-designed guestrooms and a total banquetting and meeting space of 3,000 square meters. Food and beverage outlets at the hotel comprise three distinctive restaurants and an elegant  lobby lounge with modern design. In addition, the hotel offers a fitness center, a spa and other leisure and entertainment facilities.

Absolute Share Price Performance, as on 17 August 2018

Closing Share Price as at 17 August 2018 10 August 2018 % Change
Australia Stock Exchange (ASX)
Elanor Investors Group 2.02 1.95 3.9%
Event Hospitality & Entertainment Ltd 14.93 14.46 3.3%
General Property Group 5.24 5.31 -1.4%
Mirvac Group 2.43 2.32 4.5%
Mantra Group 3.95 3.95 0.0%
Bangkok Stock Exchange (THB)
Central Plaza Hotel Public Co Ltd 41.25 43.75 -5.7%
Dusit Thani Public Co Ltd 12.00 12.10 -0.8%
The Erawan Group Public Co Ltd 7.75 7.10 9.2%
Grande Asset Hotels & Property Public Co Ltd 0.99 0.94 5.3%
Laguna Resorts & Hotel Public Co Ltd 38.00 38.00 0.0%
Minor International Public Co Ltd 37.75 38.00 -0.7%
China Shanghai Stock Exchange (RMB)
Jinling Hotel Corporation Ltd 9.07 9.41 -3.6%
China Shenzhen Stock Exchange (RMB)
Huatian Hotel Group Co Ltd 2.80 2.85 -1.8%
Guangzhou Dong Fang Hotel Co Ltd 8.04 8.46 -5.0%
China Lodging Group Ltd 32.83 33.88 -3.1%
Hong Kong Stock Exchange (HK$)
Miramar Hotel & Investment Co Ltd 14.56 14.76 -1.4%
Regal Hotels International Holdings Ltd 4.37 4.54 -3.7%
Sino Hotels Holdings Ltd 3.47 3.48 -0.3%
The Hong Kong & Shanghai Hotels Ltd 10.30 10.56 -2.5%
Shangri-La Asia Limited 11.50 11.86 -3.0%
National Stock Exchange (INR)
IHCL (Taj Hotels, Resorts & Palaces) 127.5 123.9 2.9%
EIH (Oberoi Hotels & Resorts) 175.8 171.0 2.8%
Hotel Leela Ventures 16.6 16.0 3.8%
Korea Exchange (KRW)
The Shilla 99900 99200 0.7%
Singapore Stock Exchange (S$)
Amara Holdings Ltd 0.48 0.47 3.2%
Ascendas Hospitality Trust 0.80 0.80 0.6%
Ascott Residence Trust 1.08 1.08 0.0%
Banyan Tree Holdings Limited 0.54 0.55 -0.9%
CDL Hospitality Trusts 1.55 1.50 3.3%
Far East Hospitality Trust 0.65 0.62 4.8%
Frasers Hospitality Trust 0.71 0.70 0.7%
Hotel Grand Central Ltd 1.38 1.38 0.0%
Hotel Properties Ltd 3.72 3.71 0.3%
Mandarin Oriental International Ltd (US$) 2.13 2.15 -0.9%
OUE Hospitality Trust 0.75 0.76 -1.3%
Stamford Land Corporation Ltd 0.49 0.49 0.0%
Taiwan Stock Exchange (NT$)
Formosa International Hotels Corporation 140.5 141.5 -0.7%
The Ambassador Hotel, Ltd 22.4 22.4 0.0%
Tokyo Stock Exchange (JPY)
Japan Hotel REIT Investment Corp. 82700 82500 0.2%
Imperial Hotel, Ltd 1991 2012 -1.0%
Red Planet Japan Inc 24 26 -7.7%

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel.
Hok Yean Chee, Regional President – HVS Asia Pacific [email protected]
Daniel J Voellm, Managing Partner – HVS Hong Kong [email protected]
Mei Leng Ho, Associate Director – HVS Singapore [email protected]
Paola Orneli Bock, Vice President – HVS Bangkok [email protected]
Steven Zhu, Vice President – HVS Shanghai [email protected]
Florian Kittler, Managing Director – HVS Executive Search Asia Pacific [email protected]

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