Asia Pacific Hospitality Newsletter - Week Ending 23 August 2024

Star Asia Acquires Four Hotels in Japan for JPY34.6 Billion

Japan-based REIT Star Asia Investment Corporation (“Star Asia”) has acquired three hotels in Tokyo and one hotel in Osaka for a total sum of JPY 34.6 billion. The three Tokyo-based hotels that were acquired are the 188-key Koko Hotel Tsukiji Ginza that was bought for JPY 17 billion, the 42-key Koko Hotel Residence Asakusa Tawaramachi for JPY 8.9 billion, and the 47-key Koko Hotel Residence Asakusa Kappabashi for JPY 6.7 billion. The Osaka-based hotel is the 211-key Koko Hotel Osaka Shinsaibashi that was acquired for JPY 11.7 billion. These hotels are operated by Star Asia’s subsidiary Polaris Group.

MA Financial Group Sold Mantra Bathurst Hotel for AUD13 Million

Australia-based MA Financial Group has sold the 50-key Mantra Bathurst Hotel to a local owner-operator for AUD13 million. The Mantra Bathurst Hotel features an on-site restaurant, an indoor swimming pool, four multi-purpose meeting and event venues, and on-site laundry services. It is located a 20-minute drive from the airport and is near popular attractions and dining options in Bathurst. The sale represents a 34% increase over its acquisition price in 2021.

Hyatt to Acquire Standard International for up to USD335 million

US-based Hyatt Hotels Corporation (“Hyatt”) is set to acquire US-based lifestyle company Standard International for up to USD335 million. Hyatt will pay a base price of USD150 million to acquire brands including The Standard, Bunkhouse Hotels, and Peri Hotels, along with management, franchise, and license contracts for 21 open hotels in New York, London, and Bangkok. Hyatt may also pay an additional USD185 million as more than 30 new projects in the pipeline enter its system.

Sri Lanka to Waive Tourist Visa Fee for 35 Countries

Starting 1 October 2024, Sri Lanka will waive the USD50 dollars fee for 30-day tourist visa for travelers from 35 countries, including the US, China and India. This six-month pilot program is designed to revitalise the country’s tourism industry. This initiative aligns with Sri Lanka’s peak tourist season, which runs from December to mid-April. Known for its UNESCO world heritage sites, tea plantations and the scenic Kandy to Ella train route, Sri Lanka hopes this government-led effort will attract more international visitors.

Direct Bangkok-Butterworth Train Service to be Reinstated

Thailand and Malaysia have reached an agreement in principle to reinstate the direct train service between Bangkok and Butterworth and to extend a Malaysian excursion train, currently running to Hat Yai, to include Surat Thani. The transnational service is intended to operate for six months as a test run. Butterworth is a coastal town located in Penang state, northern Malaysia.

Absolute Share Price Performance, as of 23 August 2024

Closing Share Price

23 August 2024

16 August 2024

% Change

Australia Stock Exchange (ASX)

Elanor Investors Group	0.82	0.87	-5.2%
Event Hospitality & Entertainment Ltd	10.97	11.36	-3.4%
General Property Group	4.86	4.69	3.5%
Mirvac Group	2.02	1.99	1.5%

Bangkok Stock Exchange (THB)

Central Plaza Hotel Public Co Ltd	33.75	30.25	11.6%
Dusit Thani Public Co Ltd	10.40	9.65	7.8%
The Erawan Group Public Co Ltd	3.80	3.50	8.6%
Grande Asset Hotels & Property Public Co Ltd	0.09	0.08	12.5%
Laguna Resorts & Hotel Public Co Ltd	39.00	37.50	4.0%
Minor International Public Co Ltd	26.25	25.00	5.0%
S Hotels and Resorts Public Company Limited	2.02	1.78	13.5%

China Shanghai Stock Exchange (RMB)

Jinling Hotel Corporation Ltd

6.19

6.23

-0.6%

China Shenzhen Stock Exchange (RMB)

Huatian Hotel Group Co.,Ltd.	2.82	2.91	-3.1%
Guangzhou Lingnan Group Holdings Company Limited	8.40	8.61	-2.4%

NASDAQ (US$)

Huazhu Group Limited

29.08

28.94

0.5%

Hong Kong Stock Exchange (HK$)

Miramar Hotel & Investment Co Ltd	9.52	9.42	1.1%
Regal Hotels International Holdings Ltd	2.72	2.80	-2.9%
Sino Hotels Holdings Ltd	1.40	1.30	7.7%
The Hong Kong & Shanghai Hotels Ltd	5.20	5.35	-2.8%
Shangri-La Asia Limited	4.87	4.95	-1.6%

National Stock Exchange (INR)

Chalet Hotels Ltd	793.00	820.00	-3.3%
IHCL (Taj Hotels, Resorts & Palaces)	641.00	627.90	2.1%
EIH (Oberoi Hotels & Resorts)	382.00	381.95	0.0%
Hotel Leela Ventures	22.23	19.49	14.1%
Lemon Tree Hotels Ltd	132.13	120.90	9.3%
Mahindra Holidays & Resorts	407.10	399.15	2.0%
Royal Orchid Hotels	362.00	340.10	6.4%
SAMHI Hotels Limited	209.47	195.90	6.9%

Korea Exchange (KRW)

The Shilla

48300.00

47700.00

1.3%

Singapore Stock Exchange (S$)

Amara Holdings Ltd	0.56	0.56	0.9%
ARA Htrust (US$)	0.23	0.23	0.0%
Ascott Residence Trust	0.91	0.87	5.2%
Banyan Tree Holdings Limited	0.33	0.35	-5.8%
CDL Hospitality Trusts	0.93	0.86	7.6%
Far East Hospitality Trust	0.64	0.62	3.2%
Frasers Hospitality Trust	0.44	0.43	2.4%
Hotel Grand Central Ltd	0.72	0.71	0.7%
Hotel Properties Ltd	3.54	3.53	0.3%
Mandarin Oriental International Ltd (US$)	1.61	1.61	0.0%
Stamford Land Corporation Ltd	0.38	0.37	2.7%

Taiwan Stock Exchange (NT$)

Formosa International Hotels Corporation	205.00	207.50	-1.2%
The Ambassador Hotel, Ltd	61.80	61.30	0.8%

Tokyo Stock Exchange (JPY)

Japan Hotel REIT Investment Corp.	73200.00	72600.00	0.8%
Imperial Hotel, Ltd	944.00	881.00	7.2%
Red Planet Japan Inc	1690.00	1140.00	48.2%

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel.

Hok Yean Chee, Regional President – HVS Asia Pacific hychee@hvs.com

Mandeep S. Lamba, President, South Asia – HVS Anarock mlamba@hvs.com

Mei Leng Ho, Senior Vice President – HVS Singapore mlho@hvs.com

Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific fkittler@hvs.com

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