Read the latest news from around the Asia-Pacific region.
Australian hoteliers say the country needs to revamp hotels, find new demand
On a panel of emerging hotel leaders at the Hotel Investment Conference Asia-Pacific's Australia and New Zealand summit, Nick Hill with CBRE Asia-Pacific said it's been a challenging year for the industry, writes HNN contributor Tamara Thiessen.
"Rising interest rates pose a pretty big challenge for the hotel capital markets," he said.
There is reason for optimism, however.
"As we enter the end of the year, it’s looking up," Hill said. "America is set to cut rates by the looks of things in September, which I think will bode well for the [Reserve Bank of Australia] following suit in the short-term future."
Indian hotel firm Ventive Hospitality seeks IPO
Pune, India-based real estate investment trust Ventive Hospitality started the process for an initial public offering with the Securities & Exchange Board of India, reports HNN's Terence Baker. The company expects its initial public offering on the Bombay Stock Exchange and National Stock Exchange of India will raise approximately 20 billion Indian rupees ($238.7 million).
Ventive is the hospitality division of real estate conglomerate Panchshil Realty, which develops commercial, retail, data center and residential projects across and outside India.
Dusit partners with Generator and Freehand Hotels for global expansion
Thailand's Dusit Hotels and Resorts formed a strategic partnership with Generator and Freehand Hotels, creating pathways for both companies to expand in each other's international markets, HNN reports.
Through this partnership, London-based Generator and Freehand Hotels — a developer and operator of hostels and boutique hotels in Europe and the U.S. — will help introduce Dusit Hotels and Resorts to European cities, including London, Paris and Rome, as well as U.S. locations, including New York, Miami and Los Angeles.
The partnership also means that Dusit, the hotel arm of Dusit International, will seek out opportunities to bring Freehand and Generator Hotels' hotel-hostel hybrid model to Bangkok, Manila, Kyoto, Dubai, Abu Dhabi, Phuket and Bali.
Chinese outbound travel strong but shifting
In an HNN podcast interview, STR's senior director for Asia-Pacific Jesper Palmqvist said Chinese travel trends are a bit unexpected. Outbound travel is forecast to reach 85% of 2019 levels this year, but the traveler profile has changed.
"The question has, and should have, eroded from asking, 'When are they coming back?'" he said. "It's not about that anymore. It's more about who are the Chinese [travelers]? It's not the tour groups."
Deals, developments, people on the move
Japanese REIT Star Asia Investment Corp. bought three hotels in Tokyo and one in Osaka for 34.6 billion Japanese yen ($243.9 million): the 188-key Koko Hotel Tsukiji Ginza; the 42-key Koko Hotel Residence Asakusa Tawaramachi; 47-key Koko Hotel Residence Asakusa Kappabashi; and the 211-key Koko Hotel Osaka Shinsaibashi.
Australia's MA Financial Group sold the 50-key Mantra Bathurst Hotel for 13 million Australian dollars ($8.7 million) to a local owner.
South Korea-based Lotte REIT will acquire the L7 Hotels Gangnam Tower, which includes the 333-key L7 Gangnam Hotel and an office complex, for 330 billion South Korean won ($249.3 million) from Mastern General Private Equity Real Estate Investment Trust No. 29.
Australia's Schwartz Family Co. bought the freehold 92-key Leura Gardens Resort for 25 million Australian dollars from The Elanor Hotel Accommodation Fund.
Singapore's sovereign wealth fund GIC Private Ltd. sold the 1,052-key Hilton Fukuoka Sea Hawk Hotel to Japan-based Mizuho Leasing Company for an undisclosed sum.
Singapore-based Fragrance Group Ltd. bought the 122-key Allurity Hotel for approximately 26 million Australian dollars and the 50-key Fountainside Hotel for 16 million Australian dollars from The University of Tasmania in Australia.
Australian private investment group Iris Capital sold the 65-key Ibis Budget Dubbo in New South Wales, Australia, for an undisclosed sum to an unnamed buyer.
The joint venture consortium Atelier Capital Partners Singapore bought the 313-key Capri by Fraser, Changi City for 170 million Singapore dollars ($131.1 million) with plans to rebrand the hotel to Dorsett Changi City Singapore.
TriO Capital, an investment arm of Ovolo Group in Hong Kong, bought the 177-key Hilton Garden Inn Phuket Bang Tao for an undisclosed amount.
Japanese REIT Takara Leben Eal Estate Investment Corp. bought two hotels in Tokyo and one in Hokkaido for a total of 15.25 billion Japanese yen: the 113-key Hotel Livemax Shinjuku Kabukicho Meijidori; the 220-key APA Hotel Kamataeki-Higashi; and the 167-key Quintessa Hotel Sapporo.