Industry Update
Press Release21 December 2021

HVS Asia Pacific Hospitality Newsletter - Week Ending 17 December 2021

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NZ Hotel Holdings Acquired QT Auckland, New Zealand

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New Zealand-based NZ Hotel Holdings Asset LP (“NZ Hotel”), a partnership between New Zealand government’s New Zealand Superannuation Fund, New Zealand-based Russell Property Group Limited, and New Zealand-based Lockwood Auckland Properties Limited has acquired QT Auckland at an undisclosed sum. The 150-key QT Auckland was converted from the former Bayleys House office building and started its operation in November 2020. Situated in the heart of the Viaduct and Wynyard Quarter precincts, the hotel features a Mediterranean restaurant and the city’s only rooftop bar, two event spaces, a fitness centre and a carpark. NZ Hotel has invested a total of AUD300 million portfolio in 2019 including the 164-key Adina Apartment Hotel Auckland Britomart, 255-key Four Points by Sheraton Auckland and the 263-key BreakFree On Cashel; the 82-key Sofitel Queenstown in 2020; and the 280-key The Rydges Wellington Hotel in November 2021.

Genting Hong Kong to Receive US$ 30 million Funding and Progressively to Resume Cruises Operation within Asia

Hong Kong Based Genting Hong Kong (“GHK”) has entered into a Bridge Facility Agreement with its majority shareholder and Chairman, Tan Sri Lim Kok Thay, for an injection of US$30 million fund to boost liquidity. On the same week, the Minister of Transportation and Communications in Taiwan, Wang Kwo-tsai, has confirmed that the Central Epidemic Command Center has approved GHK’s application to resume cruise operation via Explorer Dream Vessel in January, which has been halted since May 2021. GHK has been progressively recovering its cruise operations in different countries. In the month of December 2021, GHK has increased the passenger capacity for its Hong Kong sailings from 50% to 75%, GHK will also be opening to international travellers on its Singapore sailing as well as resuming Malaysia sailings via Star Cruises from 22 December 2021.

Vietnam to Resume International Flight to Nine Countries in January

The Vietnam government has announced that to resume international flights to nine countries in January. The following country lists include the United States, Singapore, Thailand, Cambodia, Laos, China, Japan, South Korea and Taiwan. The restoration of international connectivity is to hasten the recovery progress of the economy and tourism as well as allowing Vietnamese that are overseas to return for the upcoming Lunar New Year. The Deputy Prime Minister, Pham Binh Minh, emphasised that even though the resumption of flights is necessary, effective pandemic control must continue, such as fully vaccinated travellers must go through self-isolation upon arrival. The foreign affair ministry is currently in negotiations with the mentioned countries on mutual recognition of “vaccine passport”. Vietnam has grounded international flight since March 2020, only allowing its nationals, foreign experts, investors, and highly-skilled workers entering by special arrangement.

Japan Continues to Fund Tourism Campaign under New Stimulus Package

The draft of the latest stimulus package plan states that the government plans to aid money to promote domestic tourism and dining out to recover the tourism and F&B sector. The draft also includes a plan to create a fund to encourage investments in green technology, a nod to Prime Minister Yoshihide Suga’s pledge that Japan will aim for net-zero emissions by 2050. Last month, Japan approved USD490 billion stimulus package to weather the coronavirus impact on the country. The government led by Prime Minister Fumio Kishida supported the stimulus in hopes of recovering the third-largest economy that suffered from the prolonged fallout of the health crisis due to COVID-19. The stimulus plan would follow a combined USD2.2 trillion in two previous packages rolled out this year, and the government is planning another stimulus package to focus more on the economic recovery of the tourism and sustainability sector.

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