Weekly Hotel Industry Asia Pacific News Roundup from HVS
Plenitude Buys Second Hotel In Seoul For RM114 Million
Malaysia-based Plenitude Bhd is set to acquire its second hotel in South Korea for RM114.3 million (32 billion won), expanding its presence in the region. Following the success of its first hotel in South Korea, Travelodge Myeongdong Euljiro, the company aims to capitalize on its growing business there. The newly acquired 13-storey hotel, Staz Hotel MyeongDong 2, has 174 rooms and is located close to the first hotel in Seoul's metropolitan area. The acquisition is expected to enhance operational efficiencies due to their proximity. Plenitude's subsidiary will complete the purchase from MODE Tour Real Estate Investment Trust (REIT) Incorporated by October 6. This move aligns with Plenitude's strategy of diversifying its hospitality portfolio.
Ichigo Sells Five Hotel Assets To Ichigo Hotel For Combined 15.1 Billion Yen
On August 16, 2023, Ichigo, based in Tokyo, announced the sale of five hotel assets to Ichigo Hotel REIT Investment Corporation, a TSE-listed REIT managed by Ichigo Investment Advisors. This decision aims to support Ichigo Hotel's growth. The sale includes THE KNOT boutique hotels and other properties. These assets were initially scheduled for a public offering but were cancelled earlier this year due to market conditions. Despite the increased hotel demand, Ichigo is not raising the sale price to support value creation at Ichigo Hotel. The sale is expected to generate gains of around JPY 1.9 billion for Ichigo. The move is aligned with Ichigo's strategy to strengthen its asset management business and contribute to the long-term dividend growth of its sponsored REITs.
Sentosa Development Corporation Has Signed A Tripartite Memorandum of Understanding To Boost Inbound Tourism
Singapore-based Sentosa Development Corporation (SDC) has signed a one-year Memorandum of Understanding (MoU) with Thomas Cook India and India-based SOTC Travel. As India is a top source market for Sentosa, under the MoU, the parties aim to conduct joint consumer promotions, product development, enhance publicity in the India market, increase Sentosa's capture rates in Tier 2 and 3 cities, and increase the number of visitors and visitors' spending on Sentosa Island. In addition, SDC aims to promote Sentosa as a luxury wedding destination by working with the Singapore Tourism Board (STB) and specialized Indian in-market destination wedding planners.
Gold Coast Councillors Approves AUD333 Million Movie World Hotel
Gold Coast councilors have given the green light to a AUD333 million hotel project at Movie World, aiming to stimulate an integrated amusement hub reminiscent of California's Anaheim. This decision coincides with Melbourne Lord Mayor Sally Capp's push for a Disneyland theme park in Melbourne. The 38,519 square metres approved 22-storey hotel will encompass 600 rooms and offer a panoramic sky deck with an infinity pool, kids club, gym, sauna, and steam room. Planning committee councilors have also recently displayed their full support to approve the plans by Village Roadshow Theme Parks for the Movie World hotel. The hotel development has been earmarked for a 5.12 hectare site that will be close to the entrance of the 141.6 hectare Village Roadshow Theme Park. The development is projected to create around 800 construction jobs and make a substantial contribution to the local economy. The focus remains on the Movie World hotel project, signaling a significant advancement for the region's tourism and entertainment sector.
Vietjet To Service Flights From Ho Chi Minh City To Jakarta
Starting this month, Vietjet plans to record more than 80 weekly flights between Vietnam and Indonesia by adding seven more flights per week. Travellers and tourists will benefit from more options and will boost tourism in the gateway cities of Ho Chi Minh City and Jakarta. The new service would be the airline's third route between Vietnam and Indonesia. The new direct service between Jakarta and Ho Chi Minh City provides convenient and affordable options for Vietnamese tourists visiting Jakarta, and vice versa. In addition, Vietjet is set to add more flight routes to Bali and Hanoi.
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