Asia Pacific Hospitality Newsletter - Week Ending 7 July 2023

Pan Pacific Hotels Group Sold PARKROYAL on Kitchener Road in Singapore for SGD525million

Singapore-based Pan Pacific Hotels Group sold PARKROYAL on Kitchener Road in Singapore to Singapore-based Midtown Properties Pte. Ltd., who is part of Worldwide Hotels Group, at SGD525million. This is the largest single-asset hotel transaction in Singapore and the second largest in Asia Pacific in 2023. The 542-key freehold property is located in the historic Little India district near Farrer Park MRT station and is in close proximity to City Square Mall and Mustafa Centre.

 City Developments Ltd has Acquired Nine Tree Premier Hotel Myeongdong II for KRW140 billion

CDL Hotels (Korea), wholly owned subsidiary of Singapore-based City Developments Ltd (CDL) has acquired Nine Tree Premier Hotel Myeongdong II in Seoul, South Korea. The acquisition was valued at KRW140 billion, approximately KRW343million per key. The 408-key hotel opened its doors in 2017, is situated in the commercial district of Myeongdong-Euljiro, next to famous shopping areas of the Myeongdong Walking Street and Lotte department store, also within the vicinity are street food stalls, restaurants, and entertainment venues, and is a short walk from the Euljiro 3-ga subway station. The acquisition of Nine Tree Premier Hotel Myeongdong II marks the second hotel deal for the group this year.

 Worldwide Hotel Group’s Subsidiary Acquires Novotel & ibis Melbourne Central Hotel for AUD170million

Australia-based Legend Land Melbourne Pty Ltd, a subsidiary of Worldwide Hotels Group, has acquired the Novotel & ibis Melbourne Central Hotel for AUD170 million from Well Smart Investment Holdings, marking the largest hotel transaction in Melbourne in over six years. The acquisition reflects the growing investor confidence in Australia's hotel market. The 472-room dual-branded hotel, built in 2018, consists of a 259-room ibis component and a 213-room Novotel component. The property offers various amenities, including restaurants, a bar, conference spaces, recreational facilities, and parking.

 Sri Lanka’s New USD17.6 Million Marketing Campaign

Sri Lanka has announced the launch of their new 1.45 billion rupees (USD17.6 million) destination marketing campaign. Slated to begin end-July, the campaign will run for 12 months and is the country’s first major destination marketing campaign in the past 15 years. The campaign will target key markets such as UK, Ukraine, Germany, France, Italy, India, Russia, West Asia, Scandinavia, South Korea, Japan, and Australia. The campaign will be executed in two phases, with the first phase focusing on rejuvenating the country and raising awareness on Sri Lanka as a destination.

 25hours Launches Their First Hotel and Serviced Residences in Asia, Opening Late 2023 in Jakarta

25hours Hotel The Oddbird, slated to open late 2023 in Jakarta will feature 345 rooms, inclusive of hotel and serviced residences. The property features South American cuisine in its main restaurant, COPA. Monkey Bar – the rooftop bar best known for its outposts in the Berlin and Dubai 25hour hotels, will also make its first appearance along with the property. In addition, a planned lobby lounge and bar, and a healthy pool bar complete the property’s restaurant and bar offerings. The hotel will feature a ballroom, themed event venues including a karaoke lounge, wellness facilities with an outdoor swimming pool. In-house guests staying at 25hours Hotel The Oddbird are entitled to complimentary drive time to explore the city, in partnership with UK-based premium car maker MINI. Located in District 8, an integrated mixed-use development boasts residential condominiums, offices, hotels, and a shopping mall hosting well-appointed retail. Visitors have direct access to the Ashta Mall and are close to the city’s landmarks and popular locations, such as the Treasury Tower, the Stock Exchange, culinary and nightlife scene of Senopati and Gunawarman, and the GBK main stadium, addressing the needs of both business and leisure travelers.