Asia Pacific Hospitality Newsletter - Week Ending 14 October 2022

Stamford Land to Sell its Sole Five-star property in Auckland to Alvarium Consortium for NZD170 million

Singapore-based developer Stamford Land Corporation Ltd (“Stamford Land”) has entered into a Sale and Purchase agreement with a consortium consisting of New Zealand-based CP Group, UK-based Alvarium investments, and Singapore-based Archipelago Capital. The 286-key luxury hotel located at 22-26 Albert Street in Auckland’s Central Business District will be sold for NZD170 million, which to date is the largest transaction ever recorded for a single hospitality asset in New Zealand. The acquisition price is said to be sold at an 8.5% premium to its current market value, which Stamford Land estimates a net gain of SGD50 million. The divestment represents a recalibration of the group’s investment strategy, whereby moving away from hospitality assets and into other real estate classes within the global marketplace. The group has also mentioned that divesting the asset during times of high operating costs will help the company minimize risk while generating cash flows for other opportunities. Post-acquisition, the site will be rebranded to a major international name that has yet to be decided by the new owners.

Laundy Hotels to acquire a hotel in Casula, Australia for AUD42 Million

Australia-based Laundy Hotels has agreed to acquire the former Hunts Hotel Liverpool for a speculated acquisition price of AUD42 million. Laundy Hotels currently own more than 30 properties across New South Wales. The 2.142-hectare site is located at 2415 Camden Valley Way with easy highway access and close proximity to Casula’s Central Medical Centre. Refurbishments of the existing building will be expected along with new buildings. The former 140-key Hunts Hotel Liverpool is equipped with ballroom conference facilities, an on-site restaurant & bar, an outdoor swimming pool, and two tennis courts, all spread across different structures within the compound. 

Regent Singapore Set to be Rebranded As Second Conrad in Singapore

Regent Singapore is reported to be rebranded as Conrad, the Second Conrad in Singapore, after the 512-key Conrad Centennial Singapore which is also owned by the Singapore-based Pontiac Land Group (“PLC”). Completed in 1982, the current 440-key Regent Singapore is located at the corner of Cuscaden and Tomlinson roads which features five food and beverage outlets, and 14 meeting and event spaces. It is expected PLC will inject significant investment to renovate the aging property to remain its competitiveness, as new hotels such as the 142-key Artyzen Singapore and 190-key Singapore EDITION will be joining the supply in the area in the upcoming years.

StayWell Holdings is Debuting Two New Brands in Australia

StayWell Holdings Pty Limited (“Staywell’), a subsidiary of Japan-based Seibu Holdings, has announced a series of global development plans with a key focus on the Australian market. Two new brands – Park Proxi and Park Regis by Prince will be introduced to the Australian market in the upcoming two years. Park Proxi hotels will feature a new concept in hotel management, whereby hotel owners co-create and customise the hotel they desire; while Park Regis by Prince will provide a fusion of the Australian and Japanese heritage of the Park Regis and Prince brand, offering an upscale and premium hotel experience. In addition, the Prince Akatoki brand will be expanded into the Australian market with the Sydney and Melbourne properties slated to open by 2025 and 2026 respectively.