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HVS Asia Pacific Hospitality Newsletter – Week Ending 22 September 2023

NAF Acquires Japan Hotel Portfolio For JPY 3.1 Billion

Japanese REIT, Nippon Accommodations Fund Inc. (NAF) have agreed to purchase a portfolio of three hotels for a sum of JPY 3.1 billion, with the purchased properties in Nishi-Akashi, Matsuyama, and Naha, Japan. A total of 331 Rooms were acquired in this transaction, representing approximately 7,000SQM of Gross Floor Area. This recent purchase brings NAF’s total acquisitions to 136 Properties, with 13,477 units. The Smile Hotel Nishi-Akashi, originally completed early 2003, is located close to the Nishi-Akashi Station on the JR Kobe Line and the San-Yo Shinkansen Line. The property’s 106 keys were acquired for JPY 970 million, (JPY 9.15 million per key). While the Smile Hotel Okinawa Naha, originally completed mid-2007, is located close to the Miebashi Station on the Okinawa Urban Monorail line. The 128-key hotel was agreed to be acquired for JPY 1.12 billion, (JPY 8.75 million per key). The third property, Smile Hotel Matsuyama with 97 keys, like the first two properties is also conveniently located close to a train station, the Iyo Railway Katsuyama Station. Originally completed in October of 2007, the hotel was agreed to be acquired for JPY 1.01 billion, (JPY 10.4 million per key). 

Blackstone Acquires Student Accommodation Provider In Australia For $322 Million

US private equity giant Blackstone has made its first foray into student accommodation investment in the Asia Pacific region with the acquisition of Brisbane-based Student One for over AUD500 million. The deal includes three premium student housing assets in Brisbane’s central business district, providing a total of 2,300 beds. Blackstone intends to address the shortage of on-campus accommodation in Brisbane, where universities currently accommodate only 5% of students. The strategically located Student One properties offer amenities like a 24-hour concierge, pool, gym, study areas, and more, catering to Australia’s growing international student population. Blackstone aims to capitalize on Australia’s attractiveness as a student destination and the post-COVID resurgence in student visa grants.

I-Berhad Partners With Wyndham Hotels & Resorts Aiming To Reshape Malaysia’s Hospitality Landscape

I-Berhad, a Malaysian developer, has collaborated with the US-based Wyndham Hotels & Resorts on a RM820 million luxury condominium project, Wyndham Suites KLCC, in Kuala Lumpur City Centre. The 50-story luxury residence offers 5-star services and ties into Wyndham’s renowned loyalty program, Wyndham Rewards. This venture taps into the growing business and leisure travel market in the Asia Pacific, solidifying Wyndham’s presence in Malaysia. I-Berhad Chairman, Mr. Tan Sri Lim Kim Hong, sees this alliance as pivotal for global recognition and branding. Its proximity to i-City in Shah Alam presents potential cross-promotional benefits, boosting tourism in Kuala Lumpur and Selangor. The initiative resonates with i-City’s tech-forward vision and emphasis on unity, mirroring Prime Minister Dato’ Seri Anwar Ibrahim’s recent visit that highlighted Malaysia’s dedication to diversity and unity, linking to the One Shah Alam One Destination agenda. 

Marriott Inks Multi-Property Deal In Indonesia’s New Capital: Strategic Implications For Hospitality Sector

Marriott International, Inc. announced it has signed a Hotel Management Agreement with Indonesian real estate developer, PT. Pakuwon Jati Tbk. to open three properties in Indonesia’s new capital city, Nusantara. Nusantara is planned as a smart forest city, in line with zero carbon emissions and national goals of 100% renewable energy. With the agreement, Marriott expects to debut three brands – Four Points by Sheraton, Westin Hotels & Resorts and Tribute Portfolio. Four Points by Sheraton in Nusantara is anticipated to have 300 keys with facilities that range from an outdoor pool, function spaces with natural daylight and a gym with state-of-the-art equipment. The Westin in Nusantara is expected to have 200 rooms and suites featuring the brand’s iconic Heavenly® Bed and wellness theme programs. The hotel plans for three bars & lounges, three restaurants, function spaces, meeting rooms, swimming pool, Fitness Studio, Heavenly Spa, and The Westin Kids Club. Tribute Portfolio is planning for 150 rooms and suites, with a signature destination dining venue, a café, pool bar and lobby lounge. The property amenities expect to feature a spa, gym and an outdoor swimming pool.

Source : Hospitality Net