Industry Update
Press Release23 April 2019

HVS Asia Pacific Hospitality Newsletter - Week Ending 19 April 2019

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UIC Acquires Marina Mandarin Singapore and Part of Marina Square Complex for SGD675.3 Million

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Singapore-based investment holding firm, United Industrial Corporation ("UIC"), through its subsidiary, S.L. Development Pte. Ltd. ("SLD"), has acquired the 575-key Marina Mandarin Singapore and parts of the Marina Square complex for SGD675.3 million (USD500 million). This involves an acquisition of an additional 24.3 per cent stake in its 53.1 per cent-owned indirect subsidiary, Marina Centre Private Holdings ("MCH"), from Finnegan Investments Ltd, Mackmoor, and OUE Limited. In addition, UIC will also acquire a 25 per cent stake in Aquamarina Hotel Private Limited ("AHPL") from OUE's subsidiary, Hotel Investment (Marina) Pte. Ltd. ("HIMPL"). Upon completion of the acquisition, UIC will hold 77.34 per cent stake in MCH, and 75 per cent stake in APHL, with the rest held by its parent UOL Group. This acquisition will also enable UIC and UOL to jointly own the entire Marina Square mall, Marina Mandarin Hotel Singapore, Pan Pacific Singapore Hotel and a half-stake in Mandarin Oriental Singapore. With this acquisition, Singapore Mandarin International Hotels, a subsidiary of Singapore-based real estate owner-operator-developer, OUE Group, has agreed to cease operating the Marina Mandarin Singapore before 31 December 2019. UOL stated that the acquisition would help the group to increase its net tangible assets from over SGD9.525 billion to approximately SGD9.532 billion.

Heeton-led Consortium Acquires Crowne Plaza London Kensington Hotel for SGD148.9 Million

A Singaporean consortium led by Singapore-based SGX Mainboard-listed developer, Heeton Holdings ("Heeton"), with Singapore-based SGX Mainboard-listed contractor, KSH Holdings ("KSH") and Singapore-based privately held construction firm, Ho Lee Group ("HLG"), have jointly acquired Crowne Plaza London Kensington via a share sale and purchase agreement with UK-based hotel investment holding company, LC London ("LC"), for SGD148.9 million (GBP84.3 million). With the acquisition, Heeton holds a 60 per cent stake while KSH and HLG each hold a 20 per cent interest. Situated on nearly one acre (4,047 square metres) of land, the 163-key freehold property is a 30 minutes' drive from Heathrow Airport, and is within walking distance to Victoria Station, Paddington Station, the Natural History Museum, the Science Museum as well as the Victoria and Albert Museum. The hotel features a restaurant, a bar, a fitness centre, and approximately 300 square metres of meeting space. The new addition brings Heeton's global portfolio to 12 operating hotels, with eight hotels in the UK, two in Japan, and two in Thailand.

HPL Acquires Weligama Bay Marriott Resort and Spa in Sri Lanka

Singapore-based Hotel Properties Limited ("HPL"), via its wholly-owned subsidiary, HPL Properties (West Asia) ("HPLPWA"), has completed the acquisition of the 198-key Weligama Bay Marriott Resort and Spa for USD22.6 million. The transaction was conducted through share purchase agreements with East West Properties PLC, Asia 2000 Investment Inc., and The Monetary Board of The Central Bank of Sri Lanka for the proposed acquisition of the entire equity interest collectively owned by the sellers in the capital of Weligama Hotel Properties Limited. Located on Sri Lanka's southern coast, the resort comprises of 198 rooms, three dining outlets, a fitness centre, a spa, and four meeting rooms. The new addition represents HPL's second purchase in Sri Lanka in less than a year after it acquired a 94.7 per cent stake in the 35-key Tangalle Bay Hotel for approximately USD2.2 million in August 2018. With Weligama Bay Marriott Resort and Spa, HPL has interest in 32 hotels under hospitality brands such as Four Seasons, Hilton International, Como Hotels, InterContinental Hotels Group and Six Senses Hotels across 13 countries.

Sofitel Sydney Wentworth Unveils New Look with Multimillion-dollar Refurbishment

Sofitel Sydney Wentworth has recently announced the completion of its six-months-long multimillion-dollar revitalisation project which began in October 2018. The refurbishment comprises of an upgrade to all 436 guest rooms, WiFi and the lobby area. The rooms and suites have been fitted with a new soft-grey colour scheme, mood lighting, floor to ceiling curtains, new upholstered bedheads, artworks, carpets, and high-backed armchairs with matching ottomans. The hotel has also improved technological amenities with the launch of inbuilt Google Chromecast in guestrooms, allowing guests to stream content directly from personal devices. The lobby area features new carpets, new furniture, and new artworks in the hotel's adjoining gallery and library off the lobby. Located on Philip Street in the heart of Sydney Central Business District, Sofitel Sydney Wentworth first opened in 1854 as a guest house and was rebuilt several times before establishing itself as an iconic 1960s architectural landmark and Sydney's first luxury hotel.

YOTELAIR Singapore Changi Airport Opens

UK-based YOTEL Limited ("YOTEL") has launched YOTELAIR Singapore Changi Airport, marking its sixth hotel under its airport hotel brand. Located on level four of Changi Airport's new multi-use complex, Jewel Changi Airport, YOTELAIR has opened its doors with 130 cabins(guestrooms). YOTELAIR cabins comes in either Premium Queen Cabins for two people, or Family Cabins for four. Each cabin features SMART televisions, adjustable mood lighting, rain showers, space saving SmartBeds™, and multiple power points to charge several devices at once. The hotel also offers complimentary super-fast WiFi, a 24-hour gym, and its signature public space and social hub, KOMYUNITI, which overlooks Rain Vortex - the world's tallest indoor waterfall. Located in-terminal, YOTELAIR is the only hotel within Jewel Changi Airport and is easily accessible from all four airport terminals, as well as various entertainment, and food and beverage options. In order to cater to the needs of the modern travellers, the hotel can be booked by the hour for a minimum of four hours. YOTEL currently operates a 610-cabin city centre hotel on Orchard Road, Singapore. YOTEL's global portfolio comprises of 30 properties either operating or under development, with plans to increase to 60 properties by 2023.

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