HVS Asia Pacific Hospitality Newsletter - Week Ending 21 April 2023

Acure Acquired Perth’s Quest Fremantle for AUD38 Million

Australia-based Acure Asset Management Ltd (“Acure”) has acquired Quest Fremantle (“QF”) for AUD38 million from Australia-based Harvis Capital Pty Ltd.. Located on Pakenham Street, QF is just 1-minute away from the Fremantle Railway Station and 30-minute away from Perth city centre. The 122-key property has a choice of studio, 1- and 2-bedroom apartment, and features a meeting and conference space that spans over 57 square metres. Acure has acquired their first hospitality asset – the 84-key The Sebel Mandurah in January 2023 for AUD18 million.

 Japan Government Approved Japan’s First Casino Resort in Osaka

The Government of Japan has approved a JPY1.08 trillion Osaka Resort complex which is set to be the country’s first casino and is slated to open in 2029. The subject site is located on Yumeshima, a reclaimed island within Osaka Bay which is also the venue for 2025’s World Expo. The integrated resort (“IR”) project will include a casino, hotels, a conference centre, shopping malls, museum, a ferry terminal and a private helicopter landing pad. US-based MGM Resorts International have entered a partnership with Japan-based Orix Corp. to spearhead the IR project, with each owning a 40% stake. Another 20 companies will hold the remaining 20% stakes. The IR project is expected to generate JPY520 billion in revenues and is forecasted to attract 20 million visitors annually.

 QIC Lodged an AUD560 Million Mixed-use Development Application in Sydney’s Castle Hill Area

Queensland Investment Corporation ("QIC"), an investment company owned by Queensland government, has filed a development application for the AUD560 million mixed-use project in Sydney’s Castle Hill area. With roughly 40,000 residents, Castle Hill is located 34km from Sydney’s central business district. The project will comprise a 200-key hotel, a retail space that will house more than 70 new retail brands, and the first A-grade commercial building in the area. The future hotel will capture views across the Greater Blue Mountains World Heritage area, and include event spaces and new hospitality venues.

 Taiwan Announced Incentive Scheme to Attract Foreign Tourists

Taiwan’s Ministry of Transportation and Communications has announced an incentive scheme which is expected to begin in May to attract independent travelers to Taiwan. Independent travelers will have a chance to win one of the 500,000 shopping vouchers valued at NTD5,000 per voucher through a lucky draw system. Only foreign tourists who arrive in four designated airports will be eligible for the scheme which are; Taiwan Taoyuan International Airport, Taipei Songshan Airport, Taichung International Airport and Kaohsiung International Airport. Tour agencies will be also given up to NTD50,000 if they organise or receive tour groups that spend two nights in Taiwan, depending on the number of tourists in a group and the days they stay. Furthermore, hotels and private accommodation providers could receive NTD5,000 per month for each new employee they hire, in order to help local hotels to deal with labour shortage issues.

HVS ANAROCK HOPE 2024 - Save the Dates!

HVS ANAROCK recently hosted its first annual summit, HOPE 2023, with a select gathering of 350+ delegates, including senior leadership of domestic and international hotel chain operators, asset owners, investors, travel industry leaders, thought leaders and influencers from across the globe. The two-day conference held in Goa featured 80+ eminent speakers from the who’s who of the global and Indian hospitality, travel and food & beverage industries to economists, private equity & banking leaders, architects, technology leaders, start-up gurus, change makers and renowned travel writers and authors.

After the successful inaugural edition, we are delighted to announce that HVS ANAROCK HOPE, India’s most exclusive hospitality summit, will be back with its second edition on 29th February & 1st March 2024 at the spectacular Taj Cidade De Goa. HOPE (Hospitality Overview Presentation & Exchange) will bring Indian and international hospitality players together for two days of high-octane knowledge exchange, networking, and celebration.

Save the dates: 29th February & 1st March 2024! Please visit the event site for more details.