Singapore Outbound Investment By CapitaLand Ascott Trust, With 3 Hotels In London, Dublin And Jakarta

CapitaLand Ascott Trust (CLAS) announces plans to purchase 3 properties in London, Dublin, and Jakarta, for a total of S$530.8 million, with the sale and purchase agreements expected to be signed at the end of November this year. The Singapore-based REIT signed a memorandum of understanding with its sponsor, The Ascott Ltd., to buy a hotel each in London and Dublin, while the purchase in Jakarta is a serviced residence. The purchase adds 551 keys to CLAS’ existing portfolio of over 19,000 keys across 15 countries. The Cavendish London Hotel boasts 230 keys, the largest in this portfolio purchase situated in the affluent Mayfair district. A renovation and rebranding are planned for the Mayfair hotel and operated under Ascott’s The Crest Collection. The REIT debuts in the Dublin Market with the purchase of the 136-key Temple Bar Hotel, with a renovation also planned for the property of 30 years. While the 185-unit service residences, Ascott Kuningan Jakarta is in Jakarta’s CBD.

 

Accor, in partnership with Ebisu Resort, is expanding its presence in Japan by renovating and rebranding 23 properties from the Daiwa portfolio into Grand Mercure and Mercure hotels. The conversion will add 23 properties over 6,000 rooms across Japan, ranging from Hokkaido to Okinawa. The hotels will offer a range of guestrooms, restaurants, and wellness facilities, including hot springs, saunas, and swimming pools. The rebranding aims to provide customers with authentic cultural experiences beyond popular cities like Tokyo, Osaka, and Kyoto. Renovations are scheduled to begin in the fourth quarter of 2023 and will be completed by the second quarter of 2024, after which the properties will operate under the Grand Mercure and Mercure brands. This move signifies Accor's commitment to promoting and sharing the appeal of different regions in Japan with travelers from around the world.

 

Abode Hotel And Apartments Acquired For AUD41.5 Million

Australia-based Shakespeare Property Group’s Abode Hotel and Apartments has been acquired by Australia-based, boutique funds management company, Serene Capital for AUD41.5 million. The 1,516 square meter site is located in 10 Bowes Street, Canberra’s South, Australia, about ten kilometers from the Canberra CBD and five kilometers from the parliamentary precinct. The 152-key property features self-contained apartment-style rooms, including a one two-bedroom apartment, three conference rooms, and one all-day dining, in-house restaurant. The hotel was acquired with a long-term lease to Iconic Hotels under its Abode brand, a division of Geocon, Canberra’s larger residential builder-developer.

 

Cambodia And Thailand’s Railway Link Boosts To Travel And Trade

The Bali Regional Government has received a proposal to implement a fee for international travelers entering Bali from 2024. The fee is equivalent to 150,000 rupiah (US$10) and has plans to direct these levies for cultural preservation and development of tourism infrastructure. The Bali Provincial Tourism office stated the tourist fees are intended to “maintain Bali’s nature, culture, and environment in a sustainable manner, ensuring tourists can continue to enjoy Bali with a sense of security and comfort”. The proposal presented in early July, with details of implementation still pending, has garnered support from the stakeholders of the Bali Tourism Industry. The fee is not expected to deter travel to the resort destination, as expressed by the Bali Tourism Board. This tourism fee is a first for Indonesia, and Bali will pioneer the initiative given its reputation as a top destination, and implementing similar levies in other destinations will depend on further evaluation.

 

AirAsia Increases Flights To China

A rebound in travel demand has prompted additional flights planned for AirAsia, registering an 80% load factor in July, and forecasting 95% in the coming months for multiple flight routes between Malaysia and China, including Kuala Lumpur-Shanghai, Kota Kinabalu-Guangzhou, Kuala Lumpur-Nanning, and Kota Kinabalu-Wuhan. AirAsia Malaysia and AirAsia X Malaysia recorded 320,000 sold seats for China-Malaysia routes, reaching 30% of 2019 levels. With 75% of seats purchased by Chinese nationals, Malaysian destinations continue to demonstrate its resilience in attracting Chinese tourists. Given the increased demand, services from Kuala Lumpur-Beijing, Shanghai, and Hangzhou have additional flights scheduled starting at the end of September. In addition to more flights, AirAsia has launched discounted fares for tourists traveling from September to March of next year with destinations including Guilin, Guangzhou, Nanning, Shantou, Beijing, Shanghai, Hong Kong, Macao, Taipei, Busan, Sapporo among other destinations.

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