Asia Pacific Hospitality Newsletter - Week Ending 22 April 2022

26 April 2022
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Hotel Properties Ltd Announced the Sale of Hilton London Olympia for GBP40.8 million

The joint venture of the Singapore-based Hotel Properties Limited (“HPL”) and Singapore-based Como Holdings Pte Limited (“CHPL”) has sold Hilton London Olympia (“HLO”) and its operating company for GBP40.8 million to an undisclosed buyer. HLO is located at London’s Kensington High Street, minutes away from the Olympia Exhibition Centre and the Kensington (Olympia) Station. The 405-key property features three food and beverage outlets, eleven meeting rooms that span over 910 square metres, a fitness centre, and a business centre. The sale of the ownership interest will realize a gain of approximately SGD29 million for HPL group.

Hmlet Merges with European Co-living Startup Habyt

Singapore-based co-living platform Hmlet will merge its operations with European co-living start-up Habyt. Hmlet will continue to operate under its brand name, but as part of the Habyt Group. Hmlet Chief Real Estate Officer, Joshua Li, will become Head of Expansion, Asia Pacific for Habyt. The new group will manage over 8,000 units worldwide and support 15,000 tenants every year following the merger. With the existing 1,200 units in Singapore, Hong Kong, and Japan, Haybt expects to reach 2,300 units within the Asia Pacific region by the end of 2022. Habyt and Hmlet has recently raised funding from existing investors Burda Principal Investments and Sequoia Capital, and with a new investor Sasscorp.

Dusit Thani Commenced USD1.37 billion Integrated Development in Bangkok

Thailand-based Dusit Thani Public Company (“DTPC”) has announced its development of Dusit Central Park (“DCP”) in Bangkok, a 200,000-plus square foot with an estimated value of USD1.37 billion. The mixed-use integrated development will comprise a 259-key Dusit Thani hotel, two luxury residences, a central park, lifestyle, retail, and office components. The park will feature a roof garden and waterfalls for a natural and breath-taking ambiance. The openings are scheduled in two phases with the development completion target date of 2025. The Dusit Central Park project is a joint venture with a Thai property developer known as Vimran Suriya Company Limited (“VSCL”) and Central Pattana (“CP”), which owns and operates 34 shopping centres and mixed-use projects. Dusit Thani owns or manages more than 320 hotels and resorts across 16 countries.

Sankei Building and Tokyu Land Corporation to Build Hakone Hotel and Residence in Kanagawa Prefecture

Japan-based Sankei Building Co Ltd (“SB”) and Japan-based Tokyu Land Corporation (“TLC”) announced that they will begin development of Hakone Sengokuhara Hotel Condominium and Residence located in Hakone-machi, Ashigarashimo-gun in Kanagawa Prefecture. The 63-key hotel will be split between 38 hotel condo units and 25 hotel residence units. Total floor space will be approximately 6,200 square meters. The hotel residence units will come equipped with bathrooms, kitchens, and washing machines to meet the needs of long-term stays. Construction is scheduled to begin early June 2022 and is scheduled for completion in fall of 2023. The strata title hotel condo and residences are Japan’s first to be constructed in accordance with the “New Private Lodging Business Act” that went into effect in June of 2018.

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