GIC to Enter into Joint Venture for the Acquisition of Sheraton Grande Tokyo Bay Hotel

Singapore’s sovereign wealth fund, GIC, is set to enter into a joint venture with Invincible Investment Corporation, a Japanese public hotel and residential REIT, for the US$909.1 million acquisition of Sheraton Grande Tokyo Bay Hotel. GIC will invest US$463.6 million to hold a 51 per cent majority stake in the joint venture. Built in 1988, the Sheraton Grande Tokyo Bay Hotel is a 1,016-key property that includes a 175-room Annex Tower opened in December last year. It is located next to the Tokyo Disney Resort (TDR) and is the largest ‘official hotel’ out of six such hotels in the resort. Since its inception in 1984, TDR has displayed strong growth, attracting over 30 million visitors annually in recent years. According to TDR’s operator, Oriental Land, US$682 million worth of investment plans are in the pipeline for the addition of new attractions in Tokyo Disneyland, by 2020. Currently, around 12 per cent of GIC’s portfolio is invested in Japan, and this acquisition will serve as a step forward in further expanding their footprint in the country.

The Ritz-Carlton Langkawi Opens in Malaysia

The Ritz-Carlton Hotel Company officially opened its newest luxury property in the Malaysian island of Langkawi. Fringed by lush rainforests and featuring its own private beach fronting the Andaman Sea, The Ritz-Carlton, Langkawi, has been designed to fully immerse travelers in the island's natural ecosystem and local culture. Accommodation options at the resort comprise 70 guest rooms, 15 suites and 29 villas. Especially suited to multi-generational families or other groups, the resort's Villa Mutiara, offers accommodations for up to eight people, and features two pools and access to a private beach. Furthermore, the property offers four dining options alongside facilities such as an outdoor tennis court, a fitness center and an infinity pool. Guests can also partake in outdoor activities such as deep-sea fishing, sailing and diving.

Keong Hong Holdings Opens First Overseas Hotel in the Maldives

Singapore-listed developer, Keong Hong Holdings, along with its joint-venture partners – Sansui Holding, BRC Asia and L3 Development – announced their first hotel in the Maldives with the opening of the Mercure Maldives Kooddoo Resort. Located on the island of Kooddoo, approximately a one-hour flight from Male International Airport, the Mercure Maldives Kooddoo Resort is a 68-villa property, comprising 43 overwater villas and 25 beach villas. On the same day last week, the expanded Kooddoo airport was also opened. Its construction, which started in 2014, was undertaken by KHA Resorts & Hotels Construction (Maldives), a subsidiary of Keong Hong. Kooddoo Airport serves as a gateway to the southern atolls, and with the completion of the extended runway, it will now be able to welcome private jets. The property is the third addition to Keong Hong Holdings’ hotel portfolio and the first overseas hotel for the group. A 120-villa Pullman Maldives Maamutaa Resort is expected to be the group’s second overseas property, scheduled to open in 2019.

Hop Inn Opens Second Hotel in the Philippines

Thailand-based Hop Inn Hotels is set to pursue their vision of opening 15 budget hotels in the Philippines within the next five years. Just seven months after launching their first property in the Philippines, the brand has opened its second property in the country – the 144-key Hop Inn Hotel Makati Avenue, in Makati City. Erawan Group PLC, the company behind this fast-growing chain, is focusing the brand’s development mainly on Thailand and the Philippines. Currently, Hop Inn has a total of 26 hotels in Thailand and two in the Philippines, with three more properties slated to open next year in Metro Manila: one in Aseana, a site in Alabang, and one in Quezon City. The company is also looking at key cities in Visayas and Mindanao as next potential sites to open more hotels. 

Dream Hotel Group Signs Third Hotel in Thailand

Dream Hotel Group announced its third property in Thailand with the signing of Dream Na Jomtien Pattaya in partnership with Wise Power Land Co. Ltd. The resort is a 90-minute drive from Bangkok’s Suvarnabhumi Airport and 15 minutes from the Utapao International Airport. Slated to open in August 2018, Dream Na Jomtien Pattaya features 200 ocean view villas, rooms and suites; multiple dining and nightlife venues, including a specialty rooftop bistro, a sunset bar and a signature sky bar; a 12,000 square feet wellness spa and fitness center; as well as VIP access to the hotel’s 90-foot yacht for private excursions. Dream Na Jomtien Pattaya marks the third location in Dream Hotel Group’s Asia Pacific portfolio, joining Dream Bangkok and Dream Phuket Hotel and Spa. The group plans to open more than 30 hotels worldwide across all its brands – Dream, Time, The Chatwal and Unscripted – over the next four years.

Hotel Properties Limited’s Subsidiary Acquires Land for Luxury Hotel Development in Palau

Singapore-listed Hotel Properties Limited (HPL) recently announced that its subsidiary, HPL Properties (Pacific Ocean) Pte. Ltd. (HPLPPO), has incorporated a wholly owned unit called Leisure Development Koror Inc. (LDKI) to acquire land at US$8.5 million for a luxury hotel development in the Republic of Palau. According to HPL, the acquisition was “negotiated at arm’s length on a willing buyer willing seller basis, taking into consideration the location and potential development of the land”. The incorporation of LDKI and the acquisition of land will be funded by way of internal funds. HPLPPO is 70% owned by HPL and 30% owned by Como Holdings Pte. Ltd. (Como), and this joint venture will allow HPL to own hotel developments in the Pacific Ocean area. 

Absolute Share Price Performance, as on 29 September 2017