YTL Hospitality REIT Acquires Hotel Stripes For MYR138 Million

Under a related party transaction, Malaysia-based YTL Hospitality REIT will acquire Hotel Stripes Kuala Lumpur, Autograph Collection, for MYR138 million. Maybank Trustee Bhd, the REIT’s trustee, entered into a conditional sale and purchase agreement for the hotel, with Hotel 25 Sdn Bhd, the vendor. The 184-key five-star hotel is located along Jalan Kamunting in Kuala Lumpur, Malaysia, and is operated by Hotel 25, an indirect wholly owned entity of YTL Corp Bhd. After the acquisition, the hotel will be leased back to Hotel 25 for 15 years, with an option to renew the lease for another 15 years. The lease agreement will provide the REIT with fixed rental payments from the lessee, with a step-up provision of 5% for every five years. This acquisition is expected to be completed by 2H2023. 

Hop Inn Has Announced A USD283.4 Million Asia-Pacific Expansion Plan

Budget brand Hop Inn will be expanding their Asia-Pacific (APAC) portfolio with an announced investment plan of THB 10 billion (USD 283.4 million). With their Thailand-based operator, Erawan Hop Inn Company, the expansion will inject 100 hotels in Thailand, 15 hotels in the Philippines, and 35 hotels in other APAC countries, contributing approximately 14,000-keys to the APAC region. This will be carried out via mergers and acquisitions, newly built, lease and operate, and franchise models. By 2030, it is anticipated that the expansion will boost Hop Inn’s expected revenue by four times. Expansion plans have taken place, with the recent THB 1.7 billion acquisition of three hotels and one long-term lease hotel in Tokyo and Kyoto. It is expected that these four Japan projects will contribute 373-keys by 1Q 2024.

Indonesian Paradise Property To Work With Club Med To Develop Five New Indonesia Resorts

Lifestyle property developer Indonesian Paradise Property, has entered into a Memorandum of Understanding (MoU) with Vacances (Club Med) to build and manage five new resorts in Indonesia, under 30-year management contracts. Each resort project will cost at least IDR 500 billion (USD 33 million). The first phase of the project, spanning across five years, will see three resorts being built in North Sulawesi, West Java, and Bali. Once completed, the second phase will take place with the development of the remaining two resorts, in located that have yet to be announced. For each of the resort projects, approximately 300 hectares of land will be utilized with construction expecting to begin by 2025. 

Novotel Singapore on Kitchener Undergoes Rebranding

Accor and Worldwide Hotels Group are joining forces to rebrand the former Parkroyal on Kitchener Road in Singapore as the Novotel Singapore on Kitchener, effective November 1, 2023. Following Worldwide Hotels Group's acquisition in July 2023, the 543-key hotel, located in Little India, is set for rebranding beginning October 31, 2023. The hotel had undergone a comprehensive refurbishment in 2020, offering updated décor and interior design. The partnership reflects the companies' shared commitment to delivering outstanding guest experiences and service. The Novotel Singapore on Kitchener caters to both leisure and business travelers, boasting various facilities, including an all-day dining restaurant and retail shops.

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HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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