ByChee Hok YeanandKok Xin
Outlook is bright with increase in tourist arrivals and initiatives to develop new attractions and rejuvenate existing ones. Singapore's hotel market is a tightly held market with limited stock for sale and with high demand. Investor appetite is expected to remain strong and prices firm.
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The first-ever Hotel Overview Presentation & Exchange (HOPE) was organized by HVS ANAROCK in Bengaluru on August 30th in collaboration with Google, RateGain and Embassy Group. HOPE brought together several industry stalwarts for a dialogue on the current trends and challenges impacting the hospitality sector in India and more specifically Bengaluru. The event was well attended by CXO’s, General Managers and Corporate Leaders and was greatly appreciated for its content and execution.
Australia-based fund and investment management company, iProsperity Group (“iPG”) has acquired France-based AccorInvest Group’s 23-hotel portfolio with a combined 54,500 square metres of land for AUD300 million. The portfolio comprises of 17 real estate assets with 1,797 rooms and six lease interests with 1,249 rooms, located across Sydney, Melbourne, Canberra, Brisbane, Perth and several major regional cities. Out of the 17 owned properties, four are branded as ibis hotels while the other 13 are ibis Budget hotels. The six lease interests include The COMO Mgallery by Sofitel in Melbourne, the Novotel Brisbane, Mercureandibis hotels in Brisbane, and the Mercure and ibis hotels in Perth. iPG controls other hotels in prime locations in major cities under the InterContinental, Crowne Plaza and Park Regis brands. Moving forward, it has plans to control AUD10 billion worth of Australian property.
Vietnam-based low-cost airline, VietJet Air (‘VietJet”) has announced the launch of a direct route connecting Da Nang, the coastal city in central Vietnam, with Taipei. Commencing from 19 December 2019, the Da Nang-Taipei route will run daily, serviced by the new and modern A320/A321 aircraft. Flights will depart from Da Nang at 10.50 am, arriving in Taipei at 2.30 pm while the return flight takes off from Taipei at 3.30 pm, arriving in Da Nang at 5.30 pm. The new route will connect passengers to and from Da Nang and Taipei, and vice versa, in approximately three hours. Currently, more than 3,000 passengers depart from Hanoi, Da Nang or Ho Chi Minh City to major cities in Taiwan such as Taipei, Taichung, Kaohsiung and Tainan on a daily basis. Going forward, the low-cost carrier will continue to launch new routes to improve connectivity from local provinces in Vietnam to other countries in the region.