HVS Asia Pacific Hospitality Newsletter - Week Ending 22 November 2024

Vision Hotels Acquires Beachcomber Island Resort in Fiji

Australia-based Vision Hotels has acquired the 50-key Beachcomber Island Resort in Fiji for an undisclosed sum, with plans for a comprehensive renovation to be completed by March 2026. The FJD10 million investment includes FJD4 million for initial renovations, with the remainder allocated for constructing new luxury bures. The renovation will be executed in phases. The first phase, set for completion by 25 November 2024, involves building a brand-new kitchen and launching a refreshed menu. The second phase, to be completed by 31 March 2025, will cover the renovation of 38 rooms and significant upgrades to the bar and restaurant. The third phase involves renovation of the remaining twelve rooms. The final phase will add 40 new rooms, with construction scheduled for completion by 31 March 2026. The project aims to elevate the resort's facilities, enhance the guest experience with modern amenities, and introduce luxury island-style accommodations.

Ichigo Hotel Makes Two Hotel Acquisitions and One Hotel Sale in Japan

Japan-based Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel”) has announced the acquisition of two properties in Fukuoka, Kyushu’s largest city, known for its strong domestic leisure and business demand. The acquisitions include the 103-key The OneFive Marine Fukuoka for JPY2.6 billion and the 160-key Nest Hotel Hakata Ekimae for JPY6.5 billion, bringing the total acquisition cost to JPY 9.1 billion. Additionally, Ichigo Hotel has sold the 302-key Nest Hotel Osaka Shinsaibashi in Osaka to an unnamed buyer for JPY7.75 billion, translating to approximately JPY25.6 million per key. The sale is expected to generate a gain of JPY290 million for Ichigo Hotel.

 JMF Announces Planned Acquisition of Hotel Under Construction in Kamakura, Japan

KJR Management, the asset manager of Japan-based Japan Metropolitan Fund Investment Corporation (“JMF”), has announced its planned acquisition of a 36-key hotel under construction from Japan-based Hajime Construction Co., Ltd. for JPY3.2 billion, scheduled for 1 March 2026. The hotel will be located within a popular tourist destination, just a one-minute walk from Kamakura Station on the JR Yokosuka and Shonan-Shinjuku Lines. It is expected to be completed in January 2026, with a total floor area of 1,812 square meters, consisting of five above-ground storeys and one basement level. The hotel’s concept centers around a modern “hot-spring inn” theme and will feature a large public bath and a sauna. The property will be operated by Japan-based VALM Inc., which has already signed a fixed-term building lease reservation agreement with the seller.

Trouville Hotel Sold to Joint Partnership for GBP3 Million in The United Kingdom

The 88-key Trouville Hotel in Sandown, UK has been sold to a joint partnership between Singapore-based Seacare Hospitality Pte., Ltd., (“Seacare”) and Thailand-based Compass Hospitality (“Compass”) for GBP3 million. The hotel features an on-site restaurant; a function room which includes short mat bowls, table tennis, a pool table, and refreshments; and a ballroom. It has been reported that the hotel will continue operations in its current form. Seacare currently operates 17 other hotels around the UK, as well as one each in Kuala Lumpur, Malaysia and Singapore. Compass on the other hand operates hotels in Thailand, UK, Malaysia, and Sri Lanka.

 Travellers Group Acquires Burnett Riverside Hotel in Bundaberg, Australia

Australia-based Travellers Group has acquired the 44-key Burnett Riverside Hotel in Bundaberg, Australia for an undisclosed amount. The hotel offers wide range of rooms including those with in-room spa bath and kitchenette, and features a range of amenities, including a restaurant, a bar, meeting and event spaces, and shared laundry facilities. It is conveniently located, just a 10-minute drive from Bundaberg Airport and Bundaberg Golf Club and a 5-minute drive from the famous Bundaberg Rum Distillery. This acquisition is Travellers Group’s second hotel purchase this year, following their acquisition of the 24-key Bluegum Dubbo in July, signalling an expansion of their hospitality portfolio in regional Australia.