HVS Asia Pacific Hospitality Newsletter & Week Ending 10 May 2024

Weekly Hospitality Industry Asia Pacific News Roundup from HVS

Frasers Selling Fraser Residence River Promenade to Tuan Sing Holdings

Singapore-based Frasers Property (“Frasers”) is selling the Fraser Residence River Promenade, a 72-unit serviced apartment complex along the Singapore River, along with three warehouses adjacent to the property, to Singapore-based developer Tuan Sing Holdings Limited (“TSHL”) for SGD140 million. The property has a food and beverage outlet, an outdoor swimming pool, a fitness centre, and a carpark. This acquisition will mark TSHL’s first hospitality asset in Singapore, complementing its existing portfolio which includes the 550-key Grand Hyatt Melbourne and 367-key Hyatt Regency Perth in Australia.

Singapore’s LHN Group and Macritchie Developments Establish Second Joint-venture for a Co-living Development in Singapore

Singapore-based companies LHN Group (“LHN”) and Macritchie Developments Pte. Ltd. (“MD”), a company owned by the CEO of Singapore-based Oxley Holdings Limited have announced on 6th May regarding their signed deal for their second joint venture in rental residential properties co-living property in Singapore’s District 6. LHN’s co-living division, Coliwoo, has sold a 20% stake in its subsidiary that acquired the SGD80 million GSM Building to MD. This follows an earlier announcement on 9th April that the pair would establish an SGD48million joint venture to acquire and renovate a four-storey building opposite the Peranakan Museum at 50 Armenian Street. LHN intends to convert some of the floors of the GSM Building into a 187-key Coliwoo brand serviced apartment complex with shops, with a maximum gross floor area of 50,400 square feet.

Hong Kong’s Hotel Ease Access Lai Chi Kok Sold for HKD220 Million

The Tang Shing Bor Family has recently sold Hotel Ease Access Lai Chi Kok in Hong Kong for HKD220 million. Situated in the Lai Chi Kok Industrial Area next to Caritas Medical Centre, this 119-key property is equipped with meeting spaces and is a 5-minute walk from Lai Chi Kok MTR Station. The property was converted into the existing hotel in 2022 from the former Focus Commercial Building, which the family acquired for HKD218 million in 2012.

Vali Hotel in Byron Bay, Australia Sold for AUD30 Million

The CEO of Australia-based Johns Lyng Group has sold the Vali Hotel, located in the coastal town of Byron Bay in New South Wales, for AUD30 million. This 52-key property, situated in the center of Byron Bay, was acquired and extensively renovated in 2021. This sale marks the first hotel transaction above AUD20 million in Byron Bay since 2019. Additionally, the Byron Shire Council will be imposing a 60-day limit for residential accommodations, which is expected to drive more guests towards short-stay lodging options in Byron Bay.

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