Asia Pacific Hospitality Newsletter – Week Ending 12 April 2024

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Weave Living and KKR has Acquired Seoul’s State Sunyu Hotel

Hong Kong-based Weave Living has partnered with US-based Kohlberg Kravis Roberts & Co. L.P. (“KKR”) to amass Seoul’s State Sunyu Hotel for an undisclosed sum. The 157-key property is strategically positioned outdoors the Yeouido Business District and adjoining to Seonyudo station. Following an eight-month renovation, it is going to be remodeled right into a flagship Weave Suites facility in Seoul. The property boasts a complete gross flooring space of 9,318 sq. meters and can function wellness facilities, workstations, personal eating areas, and lounges for his or her residents after the rebranding. Weave Living and KKR has focused to construct a portfolio of 1,200 items in South Korea, with a concentrate on Seoul.

LHN is Bringing Two Additional Coliwoo Properties to Singapore

Singapore-based LHN Group is increasing its Coliwoo co-living properties with two new developments in Singapore. In partnership with Macritchie Developments Pte. Ltd., an organization owned by the CEO and Executive Director of Singapore-based Oxley Holdings Limited, they’ve secured the Option to Purchase the leasehold property at 50 Armenian Street for SGD26.5 million. This property spans a land space of 710.7 sq. meters and is meant for business utilization and/or co-living operations. Additionally, LHN has additionally efficiently tendered for 260 Upper Bukit Timah Road, the place one other Coliwoo co-living serviced residence might be established, anticipated to open within the first half of 2025.

Hilton has Acquired Sydell Group for Luxury Lifestyle Hotel Expansion

US-based Hilton Worldwide Holdings Inc. (“Hilton”) has acquired majority controlling curiosity of the US-based Sydell Group LLC (“Sydell”) for an undisclosed sum. The acquisition permits Hilton to broaden its luxurious life-style resort footprint underneath Sydell’s NoMad Hotels model. After the acquisition, Sydell will proceed to be liable for design, branding and administration of NoMad Hotels whereas Hilton will lead growth of the model. NoMad Hotels will even be a part of Hilton’s loyalty program and reserving platform. The acquisition comes after the announcement of the acquisition plan of the Graduate Hotel model from US-based AJ Capital Partners for USD 210 million, and new partnership with UK-based Small Luxury Hotels of the World Limited and US-based glamping supplier AutoCamp.

Quality Resort Siesta Sold to a Private Indian Syndicate

The Quality Resort Siesta in Albury has been acquired by a brand new entrant—a non-public Indian syndicate for an undisclosed sum. This 88-key property is centrally positioned in Albury, simply 8 minutes away from the regional Albury Airport. The property options two meals and beverage shops, a tennis court docket, a squash court docket, two swimming swimming pools, and a spa. Originally managed and operated by Australia-based The Jones Hotel Group, the property might be operated by the Australia-based Regional Accommodation Group Pty Ltd, following the completion of the transaction.

About HVS

HVS is the world’s main consulting and valuation providers group targeted on the resort, restaurant, shared possession, gaming, and leisure industries. Established in 1980, the corporate performs greater than 4,500 assignments per 12 months for just about each main trade participant. HVS principals are considered the main professionals of their respective areas of the globe. Through a worldwide community of over 50 workplaces staffed by 300 skilled trade professionals, HVS offers an unparalleled vary of complementary providers for the hospitality trade. For additional info concerning our experience and specifics about our providers, please go to www.hvs.com.

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