Indies Capital Acquired Swiss-Belhotel and Zest Indonesia’s Stakes from Ciputra Group

Singapore-based alternative asset manager Indies Capital Partners (“ICP”) has acquired 60% stake in Indonesia-based PT Swiss- Belhotel International Indonesia (“SBII”) and Indonesia-based PT Zest Hotels International Indonesia (“ZHII”) from Indonesia-based Ciputra Group at an undisclosed sum. Hong Kong-based Swiss-Belhotel International Holdings Limited will continue as the remaining 40% shareholder of the two companies. All hotels and projects under SBII and ZHII will also continue to be part of the global management and operation of Swiss-Belhotel. This acquisition is a follow-up to ICP’s investment in Indonesia-based Artotel Group. ICP believes in the long-term fundamentals of the Indonesian hospitality sector, and Swiss-Belhotel’s exude excellence in services.

MAAS to Build a 14-Storey Mixed-Use Development in Dubbo, NSW

The Australia-based MAAS Group Property (“MAAS”) has filed plans for the mixed-use development in Dubbo. The 14-storey mixed-use property will be located at 216-236 Macquarie Street, featuring 2,266 square metres of retail spaces, 11,490 square metres of hotel spaces and 6,444 square metres of residential apartment spaces. The existing hotel on the site, the bank hotel, will be refurbished as part of the plans. The total estimated construction costs are AUD65.2 million. On the ground level will be for car parking lots and eight retail and commercial tenancies, while the first storey will feature hotel function areas with the capacity of 200 guests. The third storey to eighth storey will be filled with 162 hotel rooms, while ninth storey to fourteenth storey will be filled with 41 apartments.

Expansion Plans Approved for U-Tapao-Rayong-Pattaya International Airport

The Thai Government has approved in principle a plan to massively expand U-Tapao-Rayong-Pattaya International Airport. The expansion plan will comprise of a newly built runway of 3,505 meters long, all the necessary taxiways to connect the new runway to the main terminal, and new facilities within the passenger terminal. The budget for the total expansion is estimated to be about THB17.77 billion. Of which, THB1.46 billion has been funded by the Royal Thai Navy. Following the major expansion, which is slated to be completed by 2024, the new airport could serve a maximum of 60 million passengers yearly and transforming the popular tourist destination of Pattaya into a major international travel hub.

Six Senses by IHG to Open First Australian Property outside of Melbourne

Six Senses brand by UK-based IHG Hotel & Resorts (“IHG”) has announced the opening of its first ever Australian Property, within the Dandenong Ranges and slated to open by mid-2025. The subject site sits on a 22-hectare estate located at Burnham Beeches, neighboring Alfred Nicholas Memorial Gardens and is approximately 40 kilometers from Melbourne. The accommodation area will be spread over the mansion’s three main wings with 82-keys and a variety of guest room offerings. The guest rooms will offer a decadent retreat filled with seductive furnishing, character and quirky touches, whilst providing a rustic-luxe vibe. The property will include an iconic Six Senses Spa that comprises of a botanical environment, welcome lounge & boutique, tea lounge, treatment rooms, gym, hydro area and sauna. There will also be a premium glamping offering tucked in and around the Hilltop Retreat to allow for a non-intrusive, non-permanent, and eco-friendly alternative to staying at the mansion.

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HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

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