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ECMLG Divests Tune Hotel George Town Penang and Adjoining Freehold Land for Around
MYR51.9 Million in Malaysia Weekly Hotel Market Asia Pacific News Roundup from HVS
NIPPON REIT Obtains Five-Property Portfolio Consisting Of Two Hotel Assets for Around JPY17.4 Billion in Japan
SBI REIT Advisors Co., Ltd. (“SRA”), the possession manager for Japan-based NIPPON REIT Investment Corporation (“NIPPON REIT”), has announced the acquisition of 5 properties for an estimated total of JPY17.4 billion. The portfolio consists of two hotels, 2 office buildings, and one urban industrial asset. The hotel possessions, 132-key Hotel Resol Stay Akihabara and 190-key Smile Hotel Premium Hakodate Goryokaku, will be obtained from Japan-based The Sankei Building Co., Ltd. for JPY6.25 billion and JPY2.70 billion, respectively. This equates to roughly JPY47.3 million per secret for the Tokyo hotel and JPY14.2 million per secret for the Hokkaido hotel. Completed in 2021, Hotel Resol Stay Akihbara is a 13-storey residential or commercial property with a gross floor location of around 3,533 square metres (“sqm”). Located in Chiyoda ward, Tokyo, the residential or commercial property is within 3-minute walk from both JR Akihabara Station (JR East Line) and Iwamotocho Station (Toei Shinjuku Line). The Smile Hotel Premium Hakodate Goryokaku was finished in 2020 and has a gross flooring location of around 5,043 sqm throughout 9 storeys. Located in Hakodate City, Hokkaido, it is around a 3-minute walk from Goryokaku-Koen-Mae Station on the Hakodate City Cable Car Yunokawa Line. These acquisitions mark NIPPON REIT’s first foray into hotel properties. The Henry Boutique Hotel and Serviced Residence Got for Approximately HKD185 million in Hong Kong
The Henry, a shop hotel and serviced house situated at 322– 324 Des Voeux Roadway West in Sai Ying Pun, Hong Kong, has actually been sold to a concealed purchaser for around HKD185 million, which relates to around HKD5.44 million per key. The 34-key residential or commercial property spans approximately 2,220 square metres across 24 storeys. The structure layout consists of a ground-floor retail system presently tenanted by Starbucks Coffee, a concierge room, conference room, storage area on the first floor, back-of-house facilities on the third floor, and guest rooms occupying the upper levels. The 999-year leasehold website is approximately a five-minute walk from both Hong Kong University and Sai Ying Pun MTR stations on the Island Line, supplying direct connectivity to the Central Enterprise Zone of Sheung Wan and Central. The transaction marks the buyer’s first acquisition in Hong Kong, with plans underway to reposition the property as student lodging. ECMLG Divests Tune Hotel George Town Penang and Adjoining Freehold Land for Around MYR51.9 Million in Malaysia
ECML Hotels Sdn Bhd, a wholly-owned subsidiary of Malaysia-based ECM Libra Group Bhd (“ECMLG”) is divesting the 258-key Tune Hotel George Town Penang together with the adjoining freehold land to Malaysia-based Wealthpro Holdings Sdn Bhd for around MYR51.9 million. This equates to approximately MYR201,000 per secret. Gotten in 2018 for MYR21 million, the hotel had a book value of MYR22.9 million as at 31 December 2024. This equates to a gain of MYR29.0 million before deducting approximated taxes and expenditures of MYR4.3 million for ECMLG. The property and the adjoining freehold land covers around 2,053 square metres (“sqm”). Tune Hotel George Town Penang has a gross flooring location of around 8,884 sqm throughout 11 storeys, using centers such as a television Lounge, conference room, and internet stations. It delights in a prime area next to New World Park and is roughly a 34-minute drive to Penang International Airport. The deal is anticipated to complete in the very first quarter of 2026. MYR5 Billion Integrated Advancement To Release in Johor Bahru, Malaysia in 2030
Coronation Square, a MYR5 billion mixed-use development developed by Malaysia-based Coronade Residence Sdn. Bhd. in Johor Bahru’s Ibrahim International Enterprise zone, is set to become a flagship task within the Johor– Singapore Special Economic Zone (JS-SEZ). Covering 3.9 hectares, the development will feature a mix of hospitality, medical, workplace, and property components across 6 high-rise towers, anchored by a 1.2-million-square-foot retail mall. Building of the shopping mall is scheduled to begin in 2026, with completion expected by 2030. The advancement will be directly connected to the forthcoming Rapid Transit System (“RTS”) station at Bukit Chagar and the customs checkpoint by means of a 210-metre raised walkway, offering seamless cross-border accessibility. The Ascott Limited, subsidiary of Singapore-based CapitaLand Financial Investment Ltd., has actually been appointed to manage the hotel element within Tower 1 of Crowning Square, which will consist of 207 keys and is set to open in 2029. EVT Obtains Pro-Invest Hotels for New Hotel Management Division
EVT Connect Hospitality, a freshly released division of Australia-based conglomerate EVT Limited (“EVT”), has actually announced the acquisition of Pro-Invest Group’s hotel management company, Pro-Invest Hotels, for a concealed amount. The acquisition consists of the long-lasting hotel management agreements for 15 hotels throughout Australia and New Zealand, totalling around 3,200 spaces. These properties will continue to run under their existing third-party franchise brands, consisting of those under UK-based IHG Hotels & Resorts and France-based Accor. Going forward, operations for the 15 hotels will be handled by EVT Connect Hospitality. Nevertheless, Pro-Invest Group will keep property management obligations for the properties, which are held under its three hotel investment funds through its fund management platform. This transaction marks EVT’s debut into third-party hotel management, broadening its hotel management footprint.
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