Asia Pacific Hospitality Newsletter - Week Ending 19 July 2024

Sebel Melbourne Ringwood Hotel Acquired by Serene Capital

Australia-based Amber Property Group have sold the 103-key Sebel Melbourne Ringwood Hotel to Australia-based Serene Capital, marking it as the 13^th asset in Serene Capital’s flagship hotel fund, Serene Capital Hotel Fund 1. The property is located at 96 Maroondah Highway, Melbourne. It features both guest rooms and suites, on-site restaurant & bar, conference and event spaces, a fitness centre, and on-site car parking. Vacant possession of hotel management was also included as part of the agreement.

CHI 120 Serviced Apartment in Hong Kong Sold for HKD188 Million

Hong Kong’s CHI 120 Serviced Apartment has been acquired for HKD 188 million. The property is located a 2-minute walk from the Sai Ying Pun MTR Station and boasts a harbour front location. It features 19 whole-floor, 1,050-square-foot one-bedroom apartments and a retail podium of 8,824 square feet. The property has the potential to be redeveloped into a commercial building to maximize its gross floor area. 

Aqualand Lodges Request to Build Mixed-Use Tower in North Sydney

After recently completing the development of AURA by Aqualand, Australia-based Aqualand Australia ("Aqualand") has lodged a request with local governing bodies for permission to build a 40-storey mixed-use development at the site of an existing commercial building in 132 Arthur Street, North Sydney. The planned development will include a 240-key hotel spanning twelve stories; and around 225 built-to-rent apartments spanning 25 stories above the hotel. The development will also include food and beverage options on the ground floor, as well as a hotel lobby and conference space. The property will be situated close to the existing North Sydney Metro Station, and the upcoming Victoria Cross Metro Station slated to open in August 2024. 

Bangkok Airways is Developing Koh Samui Infrastructure to Attract more Tourists

Thailand-based airline Bangkok Airways PLC ("Bangkok Airways") has announced plans to expand its Koh Samui Airport over the next two to three years with an investment of THB 1.5 billion. Four boarding gates and ten additional check-in counters will be added to the airport. The shopping area of the airport will also be enlarged. Furthermore, Bangkok Airways has expressed interest in bidding for the construction and ownership of two new projects on Koh Samui: a cruise terminal and a sea airport. While a feasibility study is required before commitment, Bangkok Airways has stated that the projects align with the airline’s interests in expansion and attracting tourists to the island.