Hilton Surfers Paradise Sold for AUD70 Million

Australian’s largest private hotel investor, the Schwartz Family Company (“Schwartz Family”), has acquired the Hilton Surfers Paradise from China-based group, Ja Feng (“Ja Feng”) for AUD70 million. The acquisition is expected to be completed by May 2019. The property is a landmark mixed-use development that comprises of the 169-key hotel and management rights for 220 apartment-style residences. The property also features four dining outlets, conferences facilities, a pool deck, two gyms, a spa and 89-undercover car parking lots. Being one of Gold Coast‘s newest luxury hotel, Hilton Surfers Paradise is conveniently located in the heart of Surfers Paradise with access to world famous beaches and shopping & dining facilities. The Schwartz Family owns 13 other hotels in Australia, including the five-star Sofitel Sydney Darling Harbour.

Berjaya Sells Entire Stake in Intercontinental Hanoi

Malaysia-based Berjaya Land Bhd (“BLand”) has proposed to sell its entire stake in Vietnam-based TPC Nghi Tam Village Ltd (“TPC Village”) for USD54 million. Operating the InterContinental Hanoi West Lake Hotel, TPC Village is a joint venture owned by BLand’s subsidiary TPC Development (75%) and Vietnam-based Thang Long GTC joint stock company (25%). TPC Development has reached a deposit agreement and a capital transfer agreement to dispose of the stake to Vietnam-based Hanoi Hotel Tourism Development LLC. The proposed disposal is expected to benefit BLand with approximately USD46 million in profit. According to Berjaya Group chairman Tan Sri Vincent Tan, the Group plans to restructure businesses that might involve the sale of assets, privatization of 7-Eleven Malaysia Holdings and BLand, and listing of its hotel business in Singapore. Subject to local regulatory approvals, the deal is expected to be completed by the first half of 2019.

Bali Hyatt Reopens as Hyatt Regency Bali After Five Years of Refurbishment

US-based hospitality company Hyatt Hotels Corporation (“Hyatt”) has recently announced the reopening of Bali Hyatt as Hyatt Regency Bali after a five-year multi-million-dollar refurbishment. Situated in the heart of Sanur, the hotel is spread across more than 22 acres of land on a beachfront with nine hectares of tropical gardens. Originally built in 1973, the newly-renovated hotel is approximately a half-an-hour drive from Ngurah Rai International Airport and strategically located in close proximity to Bali’s main tourist attractions. Hyatt Regency Bali features 363 rooms spanning 27 to 81 square metres in size, including 39 one-bedroom suites with a private balcony overlooking the gardens or Indian Ocean. Other facilities include three open-air drinking and dining venues, three swimming pools, a fitness centre, Shankha Spa, Camp Hyatt, and more than 762 square metres of meeting space comprising of a ballroom, three multi-functional rooms, and an outdoor courtyard. Hyatt’s portfolio includes more than 750 properties in more than 55 countries across six continents.

Xiamen Airlines Launches Davao-Quanzhou Flights

China-based Xiamen Airlines (“XiamenAir”) has launched direct flights between Davao and Quanzhou on 18 December, marking Davao’s first direct flight route to Mainland China. Serviced by Boeing 737s, the three-hour non-stop route will operate twice weekly. Davao is the third largest city in the Philippines and has proactively facilitating interaction with China. Quanzhou, the UNESCO-accredited starting point of the Maritime Silk Road, is home to a large number of ethnic Chinese in the Philippines. The new addition is expected to strengthen trade, investment, tourism and cultural ties between the two regions. XiamenAir have been providing flight services between China and the Philippines for over 30 years and will continue to expand its regional network with new routes to the Philippines. Prior to the new addition, XiamenAir operated 34 flights per week between the two countries, covering 6 routes that included Manila - Xiamen/Quanzhou, Cebu - Xiamen/Fuzhou, Kalibo - Hangzhou/Fuzhou.

AccorHotels Relaunches Orient Express Hotels in Bangkok, Thailand

France-based AccorHotels (“Accor”) will relaunch the Orient Express brand with the opening of Orient Express Hotel in Bangkok in the last quarter of 2019. Accor and France-based SNCF Group (“SNCF”) had signed an agreement in 2017 to develop Orient Express hotels after Accor had acquired a 50% stake in the share capital of the brand. Housed in the landmark King Power Mahnakhon Building, a mixed-used skyscraper in Bangkok’s Central Business District, the hotel will feature 154 rooms including nine suites and two penthouses. It will also have two signature restaurants, a cocktail bar, and an entire level dedicated to wellness with an outdoor pool, jacuzzi, and spa. Guest will be able to enjoy the view from a rooftop restaurant and bar on level 76, as well as Thailand’s highest observation deck, Mahanakhon SkyWalk, on levels 74, 75, and 78. King Power Duty Free and numerous retail shops are also accessible on levels 1 to 4. Accor currently owns and/or operates over 4,600 hotels, resorts, and residences across 100 countries.

Absolute Share Price Performance, as on 04 January 2019