Asia Pacific Hospitality Newsletter - Week Ending 19 April 2024

CDL Acquired Hilton Paris Opera for EUR244 Million

Singapore-based City Developments Ltd (“CDL”) has agreed to purchase the Hilton Paris Opéra from US-based Blackstone Real Estate Partners (“BREP”) Europe IV for EUR244 million. This acquisition, timed for the Paris Olympic Games, expands CDL's European real estate portfolio. This marks CDL's third major acquisition from Blackstone, following its purchase of the St Katharine Docks complex in London last year. The 268-key Hilton Paris Opéra, acquired by Blackstone in 2013, underwent a significant renovation before reopening in 2015. With Paris hotels experiencing high demand due to the upcoming Olympics and the city's tourism appeal, the transaction reflects the growing investment activity in the French hospitality sector.

Shakespeare Property Group Acquired Woolstore 1888 hotel for AUD55 Million

Shakespeare Property Group (“Shakespeare”), the sister company of Australia-based fund manager Prime Value Asset Management, has acquired Woolstore 1888 hotel for AUD55 million from Hong Kong-based Ovolo Group Limited (“Ovolo”). Situated in Darling Harbour, Sydney, the 90-key property sits on 626 square metres site, and features one food & beverage outlet and a 24-hour gym. Ovolo has acquired the property for AUD33 million in 2014, and Shakespeare is currently in negotiation with another hotel operator to replace Ovolo.

World’s Largest Mercure Hotel Opens in Singapore

France-based Accor SA (“Accor”) has opened the world’s largest Mercure Hotel in Singapore. Located in Club Street, the property is centrally located in the central business district and minutes away from Telok Ayer Station. Developed by Singapore-based Worldwide Hotels, the 989-key property features three food and beverage outlets, an indoor gym, a swimming pool, and a launderette. This property is the second hotel that Worldwide Hotels have partnered with Accor, after the 543-key Novotel Singapore on Kitchener was rebranded from the former Park Royal brand.

Tokyo Announced Redevelopment Plan for Former Site of Tsukiji Fish Market

Tokyo Metropolitan Government has chosen the Japan-based Mitsui Fudosan Co., Ltd.-led consortium to redevelop the former site of the Tsukiji Fish Market. According to the development plan, the approximately 20-hectare site will build a stadium that has a capacity of 50,000, with an exhibition facility to attract world-class events with other convention centres. The area will also include other commercial facilities, offices, hotels, and residential areas. Most of the facilities including the stadium will be completed in 2032, with the entire redevelopment project to be completed in 2038. It is forecasted that the entire project will require a total cost of JPY900 billion. 

Singapore is Launching the First Co-living Train Hotel in One-North

Singapore-based Tiny Pod Pte Ltd (“TP”) is launching Singapore’s first co-living train hotel with the support of JTC Corporation. Situated at a carpark next to Block 69 Ayer Rajah Crescent, One-North, the decommissioned SMRT train carriage will feature eight 7.5 square metres en-suite rooms, communal areas, food and beverage vending machines, and bicycle racks. There will be no hotel staff stationed in the hotel, but the housekeeping team will provide cleaning services for room turnovers. This project is also an extension of TP’s existing shipping container hotel at LaunchPad @ one-north.