HVS Asia Pacific Hospitality Newsletter – Week Ending 26 January 2024
Sheung Wan Hotel By Ovolo
Weekly Hotel Industry Asia Pacific News Roundup from HVS
PGIM Real Estate to Acquire The Sheung Wan Hotel By Ovolo For HKD320 Million
PGIM Real Estate, the global real estate investment arm of US-based PGIM, has announced the acquisition of The Sheung Wan Hotel (“The hotel”) from Hong Kong-based boutique hotel and serviced apartment provider, Ovolo Group, for HKD320 million. Since March 2021, the 56-key hotel was being managed by Hong Kong-based co-living provider Dash Living. Located in close proximity to the Sheung Wan MTR station, the hotel has a gross floor area of 26,000 square feet, spanning across 24 storeys, featuring guest rooms, a gym, self-service laundry facilities, and a restaurant.
Visa-Free Travel for Singapore and China Ordinary Passport Holders
Starting from 9 February 2024, Singapore and China ordinary passport holders will be able to enter each other’s country without a visa and stay for a maximum of 30 days. To date, Singaporeans can visit China, visa-free, only for a maximum of 15 days, while Chinese passport holders would require a visa to visit Singapore. It is expected for the mutual visa exemption arrangement to boost tourism between both countries, by facilitating ease of travel.
Vietnam’s Pearl Island Uplifts with New Attractions and Experiences
Previously a sleepy fishing island, Phu Quoc has transformed into a vibrant destination with new tourism experiences, five-star resorts from leading hotel brands, and the introduction of major events and music festivals hosted at a new attraction “the Kiss Bridge”. The bridge features two 400-metre-long pathways that stretch out over the water and meet in the middle 30cm apart – so two lovers can lean for a kiss. Uniquely with the VUI-Fest Bazaar, it is the first night market by the sea concept in Vietnam. The bazaar hosts more than 40 stalls with street food, performances, and a variety of locally produced goods. VUI-Fest Bazaar is also an eco-friendly event with no single-use plastic bags or drinking straws. Alternatively, one can take a ride on the Hon Thom Cable Car, which travels almost 7.9km over the sea to Hon Thom Island, where visitors can find beaches, a nature park, and a water park with fun rides. Phu Quoc also has new luxury accommodations available, including the 197-key La Festa Phu Quoc, Curio Collection by Hilton, JW Marriott Phu Quoc Emerald Bay Resort, New World Phu Quoc Resort, Premier Residences Phu Quoc Emerald Bay, and Premier Village Phu Quoc.
Cambodia’s APSARA National Authority Has Added a New Bicycle Bridge In The Angkor Area
Cambodia’s APSARA National Authority (ANA) has announced the addition of a new bicycle bridge, near the Ta Keo Temple, spanning 65-metres with a width of 2.5-metres. The addition of a new bridge comes under ANA’s initiative to enhance tourists’ cycling experience in the famed Angkor area. With cycling being a tourist favourite, there are currently more than 23-kilometres of bicycle paths, including four bridges, in the Angkor Archaeological Park area. ANA first began their bicycle route expansion initiative in 2020, with the goal of facilitating tourism by providing opportunities for tourists to explore Cambodia’s temples and local lifestyle conveniently.
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