HVS Asia Pacific Hospitality Newsletter - Week Ending 26 February 2021
Raffertys Resort, located in Lake Macquarie, has been acquired by Sydney-based private hospitality group, Iris Capital, an at undisclosed sum through Australia-based HTL Property. Situated within a 90-minute drive from Sydney and a 30-minute drive from Newcastle, the freehold property spans 15,303 square metres, featuring 73 villas, restaurants, reception, five conference rooms, bistros, and additional spaces available for future expansions and further development. This acquisition follows Iris Capital's AUD180 million transaction in November 2020, where 17 Ibis-branded hotels in Sydney, Melbourne, Brisbane, and Canberra were added to their portfolio. HTL Property Director Nic Simarro mentioned that the competition for investment opportunities has significantly increased in recent times, as both traditional and new entrant investors seek quality accommodations within various domestic regions, especially those situated within two hours of an airport.
Singapore has piloted [email protected], a "bubble-wrapped" four-star hotel cum business centre for short-term business travellers to stay and have in-person meetings without prior quarantine. The first phase was launched on 18 February 2021, with 150 premium guest rooms and 40 meeting rooms that can hold four to 22 attendees. After it is fully operational later this year, it can host up to 1,300 travellers at any time. Room rates starts at SGD 384, inclusive of three meals, mini-bar, toiletries, Wi-Fi, two-way airport transfer and Polymerase Chain Reaction ("PCR") tests which is required on day three, seven and 14 of the stay. Travellers who opt for the [email protected] will be transported to the facility directly after taking a PCR test at the airport. After tested negative, they will be able to have meetings in special meeting rooms with air-tight glass panels. There will be separate entrances, exits and ventilation systems for travellers and visitors from Singapore. This facility marks the start of the [email protected] scheme which will open Singapore's borders to business travellers with high economic values. With the resumption of business travel, Singapore hopes to speed up economic recovery and preserve its role as a global business hub.
The Lido in West Java and the Java Integrated Industrial Ports and Estate ("JIIPE") in East Java, have been approved by the Indonesian National Council as two new special economic zones ("SEZs"). They are projected to attract USD19.3 billion in investments, which would support the business ecosystem. According to the Indonesian Coordinating Minister for Economic Affairs, Airlangga Hartarto, world-class theme parks, golf courses, retail and dining, accommodation, and creative economy is planned for the Lido. Developed by Indonesia-based MNC Group, the tourism SEZ is anticipated to increase foreign and domestic tourists to 63.4 million until 2038, attract foreign exchange inflows amounting to approximately USD 4.1 billion and employ 29,545 people over 20 years. JIIPE SEZ, located in Gresik city, will focus on business development in metal, electronics, chemical, energy and logistics industries. The area will consist of a 2,933-hectare industrial zone, a 400-hectare port, a 765-hectare residential estate and a 1,761-hectare industrial complex. Once operational, it is expected to generate USD16.9 billion in investment and contribute exports valued at USD10.1 billion per year. As of the end of 2020, Indonesia has 15 SEZs with an investment commitment of IDR70.4 trillion (USD5.03 billion), of which IDR23.1 trillion realised.
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