BPEA Real Estate Acquires and Rebrand a 306-room Hotel in Japan
Hong Kong-based Baring Private Equity Asia Real Estate (“BPEARE”) has announced the acquisition of a newly built select-service urban hotel in Osaka’s Midosuji Boulevard. However, the cost of the acquisition was not announced. This transaction is BPEARE’s first hospitality asset purchase in Japan since the closure of BPEA Real Estate Fund II in 2018. BPEARE has also announced that the 306-key property will be branded as Holiday Inn Express (“HIE”), making it the first HIE in Japan. The Managing Director and Regional Head of Hospitality, BPEARE, Eric Siegel, mentioned that they are looking forward to stewarding this asset and is exploring hospitality investment opportunities in the region.
Philippines’ General Santos City Completed its Airport and Seaport Project
Philippines’ General Santos City (“GSC”) has recently seen the completion of the upgrade and expansion of the General Santos International Airport (“GSIA”) and the Makar Wharf. Situated in General Santos City, the main gateway of Soccskargen region in Mindanao, the upgraded GSIA can now accommodate two million passengers annually up from its previous annual capacity of eight hundred thousand passengers with new innovate contactless features incorporated. The new port operations building complex of Makar Wharf can now accommodate at least 1,300 large ships for port calls annually and ease the movement of vessels, cargo and other port-related traffic. The improvements of the airport and seaport in GSC is hoped to stimulate the city’s economic growth, boost transportation economic activities, and employment opportunities to the rest of Mindanao.
South Korea set to Build Largest Tourism Resort in Incheon
The Incheon Free Economic Zone stated that it had secured KRW 1.8 trillion (USD 1.5 billion) project financing for the first-stage development of what is to be the largest resort in Northeast Asia. The first phase includes the construction of a five-star hotel with more than 1,000 rooms, a 15,000-capacity concert hall, an indoor waterpark, a shopping mall, and a casino. The development of Inspire Entertainment Integrated Resort will be taken place on the International Business Zone 3 at the Incheon International Airport. A consortium has been created for the project development, including US-based Mohegan Gaming & Entertainment , Korea-based industrial company KCC Corporation, and UK-based investor Miura Holdings Ltd, in cooperation with Incheon International Airport. “As the project has successfully gained funding, it is expected to bring about KRW 5.8 trillion worth production inducement effect and create KRW 1.8 trillion worth added value,” said the agency. The agency has been successfully conducting the development of three resort complexes, including Inspire, Paradise City, and Midan City Resort, on the site around the Incheon International Airport.
Banyan Tree Group Launches 5 Brands to Multi-Brand Ecosystem Grounded in Purposeful Travel
Singapore-based Banyan Tree Holdings Limited (“BTHL”) announced that they are set to double its footprint of 54 hotels across 23 countries by 2025 with the introduction of 3 new brands and 2 brand extensions of Banyan Tree launching in the next 18 months. The 3 new brands are Garrya, Homm and Folio, and the 2 new brand extensions are Veya and Escape. The expanded global portfolio of 10 unique brands will abide by the proprietary “Stay for Good” programme (“SFG”). SFG is a structured 3 pillar framework that aligns with the United Nation Sustainable Development Goals, namely Environment, Society and Governance. The President and Group Managing Director of BTHL, Mr Eddy See, mentioned that this strategy will fortifies BTHL’s stronghold in the lifestyle spectrum within Asia, while diversifying their offerings to meet the evolving needs of diverse and affluent travellers around the world. BTHL will have a total of 7 openings by the end 2021 including the debut of 2 new brands and a brand extension.These openings include the launch of Garrya Huzhou Lucun in November, Homm Bliss Southbeach Patong and Banyan Tree Veya Phuket in December. BTHL is expecting another 19 openings throughout the following year of 2022.
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