Keppel Land opens 195-key Grand Tower at Sedona Suites in Ho Chi Minh City

Singapore-based Keppel Land Hospitality Management, a wholly-owned subsidiary of Keppel Land, has commenced operations of the Grand Tower at Sedona Suites Ho Chi Minh City’s (“HCMC”). Housed within the landmark Saigon Centre mixed-use development, the serviced residences are strategically located in the city’s CBD in District 1, along Le Loi Boulevard. Sedona Suites HCMC Grand Tower features 195 luxury serviced suites, distributed from levels 28 to 42 of Saigon Centre Tower 2, with configurations from studio to three-bedroom apartments to cater for both short and long-term stay. Alongside the guestrooms are facilities including a swimming pool, a sauna, a residents’ lounge and a fitness centre. In addition, guests will be able to enjoy preferential rates at KLOUD, Keppel Land’s new generation serviced co-office on level 21. Sky28, located at level 28, offers both South-East Asian and Vietnamese cuisine with panoramic view of the city. With the new expansion, Sedona Suites HCMC’s existing Orchid and new Grand Towers together provide a total of 284 serviced residences units. 

Marriott International debuts on Belitung Island, Indonesia

US-based Marriott International (“Marriott”) has opened its first property in Belitung, Indonesia with Fairfield by Marriott Belitung. The hotel has an architecture design which are inspired by the traditional Rumah Panggung stilted houses with simple interiors that exude a warm welcome. Located at Tanjung Pendam Beach, Fairfield by Marriott Belitung offers a total of 136 guestrooms, including 11 suites. In terms of food and beverage selections, guests can choose from the Lobby Bar, the Market retail store, KAVA Restaurant which serves international cuisine, or the SIMPUR Bar for cocktails. Other facilities include an outdoor swimming pool, a kids’ pool, a fitness centre and various meeting spaces, including a 113-square-metre Pelenduk Room, 54-square-metre Labi Labu Room and 57-square-metre Trenggiling Room. Fairfield by Marriott Belitung is the second Fairfield by Marriott in Indonesia, following Fairfield by Marriott Surabaya, with Fairfield by Marriott Bali Legian set to open also in 2018.

Hotel Culture sells 84-key Porcelain Hotel property for S$64.8 million to JL Asia Resources

Singapore-based Mary Chia Holdings Limited’s (“Mary Chia”) 51-per-cent subsidiary, Hotel Culture Pte. Ltd. (“Hotel Culture”) has entered into an agreement with JL Asia Resources Pte. Ltd. (“JL Asia”) to sell the Porcelain Hotel for S$64.8 million. Located at 48 – 50 Mosque Street, Singapore, the property is a four-storey refurnished shophouse development with a 99-year leasehold tenure from 28 August 2002 and a gross floor area of 2,141 square metres. Approximately 88% of the area is the 84-key Porcelain Hotel and the remaining 12% is occupied by a spa outlet. Currently, JL Asia operates the hotel under a lease agreement which will expire on 14 February 2020 and will own the hotel when the transaction is completed, either on or before 15 April 2018. 

Singha Estate to acquire six hotels from Outrigger Hotels

Thailand’s Singha Estate, subsidiary of Thai beer company Boon Rawd Brewery has announced that it will buy six hotels from Hawaii-based Outrigger Hotels. The deal includes a total of 859 rooms across four countries, with the total value of the deal not exceeding USD350 million, including debt and equity. The properties being sold consist of Outrigger Laguna Phuket Beach Resort, Outrigger Konotta Maldives Resort, Outrigger Koh Samui Beach Resort, Outrigger Mauritius Beach Resort, Outrigger Fiji Beach Resort and Castaway Island. This acquisition comes as part of Singha Estate’s strategy to invest in hotels and resorts located in prime tourist destinations in order to diversify the company’s geographic risk. In 2017, hotels consisted of 18 percent of Singha Estate’s total revenue of 5.86 billion baht.

Absolute Share Price Performance, as on 9 March 2018