Read the latest news from around the Asia Pacific region.
Still Focused on Leisure, Pro-invest Sees Australian Hotel-Conversion Opportunity
Australia-based private equity real estate and operations firm Pro-Invest Group is expanding its strategic focus, moving into the residential real estate market and converting its non-core Australian hotels to housing, reports HNN's Terence Baker.
“We’re set to enter the residential sphere, but managing properties as we would hotels,” said Sabine Schaffer, a London-based managing partner and CEO of Europe at Pro-invest. “Investment, development and management will be end to end, just like we do with hotels. Our approach to management of these residences will be hospitality-focused.”
'Artistic Gene' Drives Jill Goh, the First Woman To Lead the Mandarin Oriental Singapore
Jill Goh has worked in various positions at the Mandarin Oriental Singapore since 1993, but she is the first woman to hold her current role: general manager.
In an interview with HNN's Dana Miller, Goh said her "artistic gene" and family triggered the start of her career in hospitality.
"Till today, this unique gene in me is what propels me to continuously develop and excel in this industry as I was instilled from [a young age] to always 'reach for the stars,'" she said. "The nature of our industry is also one of the motivating factors to why I stayed. This industry allows me to have the opportunity to further enrich my life experiences through the numerous travel opportunities to different countries and [immersion] in various cultures."
Early Spring Comes for Global Hotel Performance
In an analysis of international hospitality markets, STR's Isaac Collazo, Chris Klauda and William Anns found that, outside of the U.S., eight of the top 10 countries according to hotel supply reported gains in occupancy. Average daily rate grew in six of those countries as well.
Indonesia had the largest occupancy gain, growing 11.1 percentage points to 72.1%. ADR grew 11.3% year over year. In Jakarta, occupancy grew 8.6 percentage points to 78.7%.
China reported drops in both occupancy and ADR following the Chinese New Year. The country has now moved past easier year-over-year comparisons.
Deals, Developments, People on the Move
- A joint venture of Boston Global Group and Central Element has listed the 25Hours Paddington in Sydney, Australia, for sale with expectations of 100 million ($65.5 million) in pricing.
- Australia's Golden Age Group has listed the 264-key Ace Hotel Sydney for sale with a price of 300 million Australian dollars.
- Colliers arranged for the sale of the Hotel DeBrett in Auckland, New Zealand, for 21 million New Zealand dollars ($12.6 million).