Asia Pacific Hospitality Newsletter – Week ending September 16, 2022

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Capital Alliance and TFE Hotels have announced the construction of a AUD 340 million mixed-use development in Melbourne’s Docklands

TFE Hotels (“TFE”), an international hotel group based in Australia, has entered into a partnership with a local hotel developer and owner, Capital Alliance (“CA”). The two entities have announced a two-tower mixed-use development project in Melbourne Docklands, a first of its kind featuring two local, world-class hotel brands that will be linked by a sky bridge. Scheduled to open in 2026, the AUD 340 million project will include Australia’s largest rooftop infinity pool, a 1,000 capacity conference center and two accommodation towers. All offer stunning 360 degree views of the city of Melbourne. Located at 28-38 Pearl River Road, Dockland, the mixed-use development will also include a day spa, retail and restaurants. Both towers will have a purpose-built first collection of 200 keys by TFE Hotels and a premium brand of 105 keys A by Adina from TFE, aiming to offer a perfect mesh of hotel and hotel experience. private apartment in town.

Steadfast Capital to develop double hotel at Bourke Street Mall in Melbourne

Singaporean company Steadfast Capital (“SC”) has announced the development of a twin hotel project in the Bourke Street shopping center for 200 million Australian dollars. Scheduled to open in April 2024, the two hotels with a total of 450 rooms will be operated by the IHG group, with 180 rooms under the Hotel Indigo brand and 270 rooms under the Holiday Inn brand. The dual hotel development will be located above a three-story shopping mall. Bourke Street Mall is Melbourne’s main shopping street where flagship department stores such as David Jones and Myer are located. In addition to the double hotels, Bourke Street Mall will also expect new retail offerings and an office center to open in the coming years to rejuvenate the neighborhood.

Weave Living has acquired two hotel properties in Hong Kong for 3.2 billion HKD

Hong Kong-based Weave Living (“WL”) has acquired two hotels from the Tang Shing Bor family for HKD 3.2 billion. It is understood that HKD 2.47 billion and HKD 730 million were spent on the acquisition of 598 Key COZi Harbor View Hotel (“HCHW”) and Ease Mong Kok Hotel (“HEMK”) of 199 keys. Located five minutes from Ngau Tau Kok MRT station, HCHW offers eleven room types and parking. On the other hand, HEMK is located one minute away from MRT Mong Kok station and has a restaurant and parking lot. WL acquired five properties in Hong Kong in 2022, including the 435-key Bay Bridge Lifestyle Retreat for HKD 1.42 billion and the 435-key Rosedale Hotel Kowloon for HKD 1.37 billion.

Pollux Properties to acquire three hotels in Indonesia for IDR 217 billion

Singapore-based Pollux Properties (“PP”) is to acquire three hotels in Bekasi, a city in West Java, Indonesia, for IDR 217 billion. The deal will be fully cash settled. The 3 hotels are expected to start operations in the first quarter of 2023. However, the operator of the properties has not been confirmed. PP mentioned that this transaction will increase value for its shareholders, improve the company’s revenue stability and help the company expand its hotel portfolio overseas.

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