Insights from HVS Asia Pacific Hospitality – Week’s Highlights Ending 25 April 2025
Weekly Hotel Industry Asia Pacific News Roundup from HVS
Shayher Group Acquires Park Hyatt Melbourne from Fu Wah Group for AUD200 Million in Australia
Australia-based firm Shayher Group has successfully acquired the prestigious Park Hyatt Melbourne for AUD200 million from China-based Fu Wah International Group (“Fu Wah Group”). This translates to approximately AUD816,000 per key. Fu Wah Group acquired the hotel with 240-key in 2014 for approximately AUD135 million from Singapore-based sovereign fund GIC, equating to approximately AUD563,000 per key. The 245-key hotel, located in East Melbourne and a 30-minute drive from Melbourne International Airport, features 13 function rooms, two restaurants, a bar, an indoor pool, a gym, a tennis court, and 845 car parks. The hotel sale represents the priciest commercial real estate transaction in Melbourne so far in 2025. Shayher Group, is believed to be part of the Taiwan-based apartment developer, Par Jar Group. This transaction adds another prestigious property to its Australian portfolio, which also includes 312-key W Hotel Brisbane and other investments in key locations such as the Gold Coast’s Homeworld Helensvale and Brisbane’s Milton Green business park.
Hoshino REIT Sells KAI Aso and Acquires Comfort Inn Niigata Kameda in Japan
Japan-based Hoshino Resorts REIT Inc. (“Hoshino REIT”) has sold KAI Aso for JPY774 million to Japan-based NBI Regional Revitalization Investment Co., Ltd. and acquired Comfort Inn Niigata Kameda from Japan-based Greens Co., Ltd. for JPY422.28 million. These transactions equate to approximately JPY64.5 million per key and JPY5.95 million per key, respectively. Completed in April 2006, the 12-key KAI Aso, located in Kyushu Prefecture, has a gross floor area of approximately 1,554.5 square metres and features two food and beverage outlets, an onsen, and a car park. Completed in August 2002, the 71-key Comfort Inn Niigata Kameda, located on the south side of Niigata City, has a land area of approximately 1,630 square metres and offers a laundrette, a car park, and coffee facilities.
John Halikos Acquires Darwin Office Building for AUD7.7 Million to convert into voco Darwin Suites in Australia
Australia-based developer John Halikos, of JH Group has acquired a commercial office building, ‘Health House’, in Darwin’s Central Business District for AUD7.7 million, with plans to convert it into an 87-key voco Darwin Suites. This represents the first voco hotel by UK-based IHG Hotels & Resorts in the Northern Territory, Australia. The five-level office building, encompassing approximately 5,245 square metres, will be transformed to feature suites equipped with self-contained kitchenettes, an all-day dining restaurant, meeting spaces, a fitness centre, an outdoor pool, and 45 parking spaces. Slated to open later this year, the property is strategically located near the Darwin Entertainment Centre and within walking distance of attractions such as Crocosaurus Cove.
Jade Partners and Aura Group-Backed Company Acquires Montien Hotel Precinct in Bangkok
Ignite Venture Co. Ltd. (“Ignite Venture”), a company backed by Thailand-based private equity firm Jade Partners and Singapore-based global investment firm, Aura Group Pte. Ltd., (“Aura Group”), has acquired the Montien Hotel Precinct in Silom, Bangkok for an undisclosed sum. The acquisition includes the 500-key Montien Hotel Surawong Bangkok, the 179-key serviced apartment Surawong Residences, the Montien Shopping Mall, and the associated car park. As part of the deal, Ignite Venture also secured leasehold rights from Thailand-based The Thai Red Cross Society for the land and buildings on a 10-rai plot in Silom, with a total lease value exceeding THB2.5 billion over a 25-year term. The previous owner, Thailand-based Tantakitt Co., Ltd., will retain a minority stake in Ignite Venture. Following the transaction, Hong Kong-based Conduit House – which also undertook the renovation of the Montien Hotel Surawong Bangkok – will manage the hotel. Ignite Venture plans to upgrade the hotel to a 4.5-star standard through phased renovations and refurbishments, targeted for completion by the end of 2025.
Dalian Wanda Group to Divest Hotel Management Subsidiary to Tongcheng for RMB2.5 Billion
China-based Dalian Wanda Group is set to divest its hotel management subsidiary, Wanda Hotel Development Limited (“Wanda Hotel”), to China-based Tongcheng Travel Holdings Limited (“Tongcheng”) for RMB2.5 billion. This transaction represents a multiple of 9.5 times the target company’s adjusted net income for 2023. Tongcheng, which is backed by two China-based firms, Tencent Holdings Ltd. and Trip.com Group Limited, will take over the management of 204 hotels comprising more than 40,200 rooms previously operated under the Wanda Hotel portfolio. According to Wanda Hotel’s 2024 annual results, the company also has 376 additional properties under contract that are yet to commence operations. Post-divestment, Wanda Hotel announced that it will pivot towards its remaining investment property leasing activities while also broadening its investment strategy to include the culture and tourism sectors.
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Categories: Development