Industry Update
Press Release29 June 2020

HVS Asia Pacific Hospitality Newsletter - Week Ending 26 June 2020

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2020: Hotel Valuation Index (Asia Pacific - Select Markets)

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The Hotel Valuation Index analyses economic as well as hotel-market specific demand and supply dynamics to derive indicative values and future growth trends for the top 15 hotel markets in 8 countries in the Asia Pacific Region.

To view our HVI website, please click here.

W Hotel in Melbourne's CBD Acquired by Daisho Development

Japan-based Daisho Development has acquired the W hotel in Melbourne's CBD, the hotel component of Australia-based Cbus Property's AUD1.25 billion Collins Arch development, for an undisclosed price. Situated at 408 Flinders Lane, W Melbourne comprises 294 rooms across 15 levels and is scheduled to open in December 2020. The surrounding mixed-use development also includes 184 apartments and 49,000 square-metre of office space. Out of the 294 units, the luxury hotel will feature 29 suites, including four spacious WOW Suites, a signature restaurant for only 30 diners and a private dining room for ten, state-of-the-art fitness facility and a gold-roof adorned indoor pool with poolside bar and disk jockey booth, and approximately 830 square-metre of ultra-modern conference and event space.

Daylesford's Bellinzona Resort Sold to Local Operators

The Bellinzona Resort in Daylesford, Victoria, has been acquired by local operators, Tony De Marco and Theresa Albioli, for an undisclosed sum. The acquisition has added to their portfolio of 65 owned and managed properties throughout the Daylesford area. In a statement, they have revealed plans to embark on a multi-million-dollar refurbishment of the venue. The property is situated on a site area of 9,739 square metres
in the heart of Australia's spa capital. It features 43 guest rooms, a large conference and events component, restaurant, cellar door wine bar, indoor heated pool, spa, sauna and guest lounges. Originally built in 1903, The Bellinzona Resort has since undergone several modifications, renovations and two rebuilds due to fire over its long history.

South Korea Plans Makeover for 23 Tourist Attractions

The Ministry of Culture, Sports and Tourism in South Korea has launched the 2020 Open Tourism Project, involving the revamp of 23 tourist attractions to help boost domestic tourism post-COVID. The revamp is targeted to provide a greater degree of space, and primarily aims to benefit the disabled and elderly, as well as families with babies. Culture Minister, Park Yang-woo, has revealed a grant of USD206,000, an increase from the initial USD130,000, to support the revamp of each sites, including the renovation of public toilet facilities. The domestic sites to be revamped includes those in Gyeonggido Province, Jeju Island, Gangwondo Province and Gyeongsangnam-do Province. In addition, tourism businesses in these regions will receive customised consulting sessions, training courses for workers, as well as assistance for marketing efforts. Yeonmudae, Janganmun and Hwaseong Haenggung located in Suwon, Gyeonggido Province are also included in the project. The city decided to invest more than USD1.5 million for the revamp. The sum includes USD620,800 in state funds, equivalent to USD206,000 per site, and USD931,000 in municipal funds. In addition, access to restrooms, rest facilities, parking lots and lodging facilities will also be improved.

TCEB to Spend One Billion Baht to Boost Domestic MICE in Thailand

Thailand Convention and Exhibition Bureau ("TCEB") has announced the one-billion-baht budget to boost the MICE industry by stimulating the domestic market, bidding for international business events in line with key strategic economic sectors and improving the recognition of the country's high hygiene standard. The budget will be complementing with the cabinet's approval of THB22.4 billion package to support tourism and related sectors. TCEB is currently increasing support fund for each domestic meeting and adjusting the support criteria. To qualify for the support, the event venue must be located in other destination than the corporate headquarters' site. Currently, TCEB is working closely with Ministry of Public Health to support the adoption of MICE Venue Hygiene Guidelines for each venue operators in order to gain MICE clients' trust. Presently, 207 venues in Thailand have participated in the COVID-19 Free Meeting project from TCEB. Under this project, all tools and equipment required for health protocol will be subsidised by TCEB.

About HVS

HVS is a leader in global hospitality financial consulting. Hotel owners, developers, investors, lenders, management companies, and public agencies around the world rely on HVS to make informed business decisions. HVS's commitment to excellence and unrivalled hospitality intelligence is delivered by more than 300 people in over 50 offices throughout the world who specialize in a wide range of hospitality assets including hotels, restaurants, casinos, shared ownership lodging, mixed-use developments, spas, and golf courses, as well as conventions, sports, and entertainment facilities. For more information about HVS visit https://hvs.com.

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