Jerry Schwartz Acquires Paradise Resort in Surfers Paradise in Australia for AUD43 Million

Australia-based hotel owner, Jerry Schwartz, has announced the purchase of 360-key Paradise Resort Gold Coast (“Paradise Resort”) in Surfers Paradise in Queensland, Australia from Australia-based property developer, Ralan Group, for AUD43 million. The deal follows four years after Ralan Group paid AUD75 million for the site. Paradise Resort will be Schwartz Family Company’s second property in Gold Coast following the acquisition of the 169-key Hilton Surfers Paradise in January 2019 for AUD70 million. The addition of the Paradise Resort will increase the Schwartz Family Company network to 15 hotels and over 3,500 rooms in four states and territories. Subsequent to the takeover, Dr Schwartz indicated plans to upgrade some rooms to 4/4.5-star and the introduction of a major refurbishment program to upgrade rooms, food and beverage outlets and other facilities.

Moelis Australia Acquiring Beach Hotel in Byron Bay in Australia for More Than AUD100 Million

Australia-based capital market company, Moelis Australia, has entered into an exclusivity agreement in relation to the acquisition of both the real estate freehold and operating business of the 25-suite Beach Hotel in Byron Bay in New South Wales, Australia for more than AUD100 million. The venue was previously bought in 2017 by Australia-based funds manager, Impact Investment Group, for AUD70 million. The 4,585-square-metre freehold asset also includes retail, and food and beverage areas. Following the transaction, Beach Hotel will be managed by Moelis Australia Hotel Management, with the intention to retain the majority of the existing management operations and venue staff. The deal is expected to be finalised within the next two weeks.

Central Group Plans to Invest More Than THB20 Billion for Overseas Expansion

Thailand-based Central Group (“Central”) has announced plan to invest over THB20 billion (USD663.13 million) to build its presence in international tourism destinations. The new investment properties include Vienna, Osaka, and Turin. Slated to open in 2023, the development in Vienna will feature a total of 58,000 square metres with luxury department store, a luxury hotel with 150-165 keys, upscale F&B outlets, and rooftop park. The project is a joint venture between Central and Austria-based Signa Group. The development in Osaka will be the first Centara branded hotel in Japan located in the prime Namba district of Osaka. Slated to open in 2023, the Centara Grand Hotel Osaka will feature 515 keys with a lounge, rooftop restaurant sky bar and meeting space. The hotel is a partnership between Centara Hotels & Resorts, Japan-based Taisei Corporation, and Japan-based Kanden Realty & Development. The development in Turin is the luxury mall, Renascente Turin, which was bought in 2017 and is now under refurbishment. Last year, Central’s international operations – primarily in Vietnam, Europe and the Maldives, have contributed around 30% of the group’s revenue.

Merlin Plans to Build Legoland Theme Park in Shanghai, China

The UK-based Merlin Entertainments (“Merlin”), one of the world's largest attraction operators and players in location-based entertainment, has announced that it will join hands with China Media Capital (“CMC”), one of China’s largest and most diversified media investors, to build and operate a Legoland Resort in Shanghai, China. To be situated in Jinshan District of the city, the GBP500 million (USD625 million) project is expected to be one of the largest Legoland resorts in the world. Scheduled to open after 2023, the new park will also feature a theme hotel with 250 rooms. As a significant milestone in the expansion of the Legoland estate in China, Legoland Shanghai is estimated to attract approximately two million visitors a year after operation. Currently, there are eight Lego parks in operation globally.

Air India Announces New International Flights

India-based Air India Limited’s national carrier airline, Air India, has announced new international flight service between Mumbai and Nairobi. The flights will be operational for four days a week starting from 27 November 2019. Currently, Air India is the only domestic carrier to operate this route. In the past month, Air India has also introduced a series of new international flights, including Delhi-Doha route from 29 October 2019 which will be operated four times a week, and direct service between Amritsar and London Stansted which will be operated thrice a week. In September, the carrier has also introduced new flights on the Delhi-Toronto and Delhi-Seoul routes.

Absolute Share Price Performance, as on 22 November 2019