HVS Asia Pacific Hospitality Newsletter – Week Ending 12 April 2024
Weekly Hotel Industry Asia Pacific News Roundup from HVS
Weave Living and KKR has Acquired Seoul’s State Sunyu Hotel
Hong Kong-based Weave Living has partnered with US-based Kohlberg Kravis Roberts & Co. L.P. (“KKR”) to acquire Seoul’s State Sunyu Hotel for an undisclosed sum. The 157-key property is strategically located outside the Yeouido Business District and adjacent to Seonyudo station. Following an eight-month renovation, it will be transformed into a flagship Weave Suites facility in Seoul. The property boasts a total gross floor area of 9,318 square meters and will feature wellness centers, workstations, private dining areas, and lounges for their residents after the rebranding. Weave Living and KKR has targeted to build a portfolio of 1,200 units in South Korea, with a focus on Seoul.
LHN is Bringing Two Additional Coliwoo Properties to Singapore
Singapore-based LHN Group is expanding its Coliwoo co-living properties with two new developments in Singapore. In partnership with Macritchie Developments Pte. Ltd., a company owned by the CEO and Executive Director of Singapore-based Oxley Holdings Limited, they have secured the Option to Purchase the leasehold property at 50 Armenian Street for SGD26.5 million. This property spans a land area of 710.7 square meters and is intended for commercial usage and/or co-living operations. Additionally, LHN has also successfully tendered for 260 Upper Bukit Timah Road, where another Coliwoo co-living serviced apartment will be established, expected to open in the first half of 2025.
Hilton has Acquired Sydell Group for Luxury Lifestyle Hotel Expansion
US-based Hilton Worldwide Holdings Inc. (“Hilton”) has acquired majority controlling interest of the US-based Sydell Group LLC (“Sydell”) for an undisclosed sum. The acquisition allows Hilton to expand its luxury lifestyle hotel footprint under Sydell’s NoMad Hotels brand. After the acquisition, Sydell will continue to be responsible for design, branding and management of NoMad Hotels while Hilton will lead development of the brand. NoMad Hotels will also join Hilton’s loyalty program and booking platform. The acquisition comes after the announcement of the purchase plan of the Graduate Hotel brand from US-based AJ Capital Partners for USD 210 million, and new partnership with UK-based Small Luxury Hotels of the World Limited and US-based glamping provider AutoCamp.
Quality Resort Siesta Sold to a Private Indian Syndicate
The Quality Resort Siesta in Albury has been acquired by a new entrant—a private Indian syndicate for an undisclosed sum. This 88-key property is centrally located in Albury, just 8 minutes away from the regional Albury Airport. The property features two food and beverage outlets, a tennis court, a squash court, two swimming pools, and a spa. Originally managed and operated by Australia-based The Jones Hotel Group, the property will be operated by the Australia-based Regional Accommodation Group Pty Ltd, following the completion of the transaction.
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