HVS Asia Pacific Hospitality Newsletter - Week Ending 24 January 2025

Hotel Cozi Harbour View Sold for HKD1.87 Billion in Hong Kong

Hong Kong-based Tang Shing Bor’s family has sold the 598-key Hotel Cozi Harbour View to Hong Kong-based Nanyang Commercial Bank, Limited for HKD1.87 billion. This translates to approximately HKD3.13 million per key. The 32-storey property, with a gross floor area of approximately 21,860 square metres, was originally purchased for HKD2.25 billion in 2017. Located in Kwun Tong, the hotel is just a five-minute walk from the nearest MTR station and a 40-minute drive from Hong Kong International Airport. This sale is the latest in a series of divestments by the Tang family, who have been offloading their property assets since 2023.

Mantra Nelson Bay Sold to at Hotel Group in New South Wales, Australia

Australia-based operator, Saltwater Hotels & Resorts, has sold the 110-key Mantra Nelson Bay to Australia-based hotel management company at Hotel Group for an undisclosed amount. Situated a 2.5-hour drive from Sydney, the resort features 75 two-bedroom apartments, 26 three-bedroom apartments, and nine three-bedroom penthouses spread across three buildings centred around a lagoon pool with a cascading waterfall. The property also includes a spa, fitness centre, BBQ and recreation areas, as well as conference and boardroom facilities. This property marks the first hotel acquisition outside its North Queensland for at Hotel Group.

Singapore Launches Intergenerational Co-Living Spaces at Former Henderson Primary School

The Singapore Government plans to launch intergenerational co-living serviced apartments for both seniors and younger crowd on the site of the former Henderson Primary School. The redevelopment project has been awarded to a joint venture between Singapore-based accommodation provider TS Home Private Limited and Singapore-based co-living operator The Assembly Place. The 7,204-square-metre site will be transformed into a space featuring 107 fully equipped apartment units, shared kitchen and lounges, sports facilities, multi-purpose hall and recreational amenities, designed to support a network of hobby-focused spaces and programmes. The site will have dedicated community managers and full-time nurse aides.

Phuket’s East Coast Set for World-Class Marina Development

Thailand-based Na-Ranong family is inviting investors to participate in the development of a world-class marina project on the east coast of Phuket at Sapam Bay. The site includes adjacent land designated for residential, commercial and leisure facilities, offering a comprehensive development opportunity. With pre-approved Environmental Impact Assessment and construction permits, as well as a marine operating license, the site is ready to boost marine tourism in Phuket. This project aligns with the Thai government’s strategic efforts to establish the country as a leading regional marine tourism hub, with a strong focus on marine and cruise liner port developments. Phuket, in particular, has experienced significant growth in nautical tourism over the past decade, making it an ideal location for this venture.