Singapore-based Viva Land (“VL”) has agreed upon the acquisition of SO/ Singapore Hotel (“SSH”) from Singapore-based Royal Group (“RG”) for SGD240 million. The 134-key heritage property is situated by the cross junction of Robinson Road and Boon Tat Street. The transaction of SGD1.8 million per key has set a new record on the price-per-key of hotels transacted in Singapore. The sale of the SSH along with six retail units that are located on the ground floor has over 49 years remaining on its leasehold. In 2020, VL has acquired Robinson Point, a commercial real estate development located beside SSH. With both acquisitions, VL will be able to combine both sites to redevelop as a mixed-use project.
Australia-based hotel investment firm Pro-invest Group (“PG”) has acquired Campbell5 Hotel (“C5H”) in Canberra, Australia. The transaction will bolster its AUD2 billion Australian hotels portfolio, marking the first asset purchase under its third discretionary investment fund (Fund III). Fund III was created in 2021 for local and international investors who seek opportunities in the Australian hotel market after the pandemic. The C5H will be operating as the Sebel Canberra Campbell (“SCC”) and will be PG’s second Sebel-branded hotel in Canberra. The SCC is the last stage of the AUD500 million Campbell5 development project comprising serviced apartments and residential, commercial, and retail spaces. The property will be able to leverage the proximity to the Parliament House, the Defense Department, Canberra’s CBD, and Canberra Airport. Established in 2010, PG has launched a portfolio of 17 hotels with more than 3,600 keys throughout Australia and New Zealand.
As part of Fukuoka’s ‘Tenjin Big Bang’ Redevelopment Program, officials have recently announced the redevelopment plan of the ‘Fukuoka Daimyo Garden City’. The building will be a mixed-use development opening at the end of 2022. It can be easily accessed from the Tenjin Station or the Nishitestsu Fukuoka Station. The development will include offices, an event hall, a community building, and the first Ritz-Carlton hotel in Kyushu. The 162-key luxury hotel will span over eight floors with 20 suites, six food, and beverage facilities and a chapel. The whole building will be able to enjoy the view of the Tenjin business area, Hakata Bay and Ohori Garden.
Hong Kong-based Swiss-Belhotel International Limited (“SBI”) is set to expand its hospitality portfolio in Japan and other Asian countries through a joint venture with Hong Kong-based Odyssey Group Limited (“OGL”). SBI currently has 125 hotels and projects in 19 countries, including a diverse portfolio of 16 brands. SBI has planned to double the number of hotels under management to 300 by 2025, and the partnership with OGL is part of this aggressive expansion plan. OGL’s expertise in the Asian hospitality real estate market and SBI's desire to provide high-quality hospitality experiences for their guests will complement the two companies for further expansion.
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