Hotel industry and travel news from around the Asia Pacific region: Gaw Capital Partners acquires Bell City in Melbourne, Fiji National Provident Fund, Marriott opens first complex hotel in Fujian, China and more...

TCRE Partners Pte Ltd Acquires Wangz Hotel for S$46 million

Singapore-based TCRE Partners Pte Ltd (“TCRE”) has completed the purchase of the 41-key boutique Wangz Hotel from Glastech Pte Ltd (“Glastech”) for S$46 million. The transacted price indicates a value of S$1.12 million per room for the six-storey freehold hotel. Upon expected completion of the deal in early fourth quarter of 2018, Glastech will lease the property back from its new owner until the end of 2019. Wangz Hotel provides 41 rooms with sizes from 26 square metres to 47 square metres, along with other facilities including a lounge and a rooftop restaurant. The hotel was initially a commercial and residential building until 2007 when Glastech bought the property and converted it into Wangz Hotel. Glastech also owns Forest by Wangz, a serviced apartment development in Moulmein Road. As of now, no future plans for the property have been disclosed.

Gaw Capital Partners Acquires Bell City, a Mixed-use Development, in Melbourne for AUD157 Million

Hong Kong-based private equity firm Gaw Capital Partners (“Gaw Capital”) has acquired Bell City, a mixed-use development, for AUD157 million via its hospitality arm GCP Hospitality (“GCP Hospitality”). The acquisition includes two hotels that have a total of 844 keys under the Mantra and BreakFree brands, a conference complex, commercial tenancies, a 600-space car park and serviced offices. Bell City, located in Melbourne’s Preston precinct, is just 20 minutes from Melbourne Airport and the CBD. With plans for a ‘co-living’ concept, GCP Hospitality will also roll out their student shared accommodation concept, Campus, as their second location in Australia after Perth which is due to open in January 2019.

Fiji National Provident Fund Completes Triple Acquisitions

Fiji National Provident Fund (“FNPF”) has completed the acquisition of the 300-key Sheraton Fiji Resort, the 276-key Westin Denarau Island Resort & Spa and the 110-hectare Denarau Golf & Racquet Club from US-based Marriott International (“Marriott”) for US$131 million. All three properties are located on the north-western tip of Denarau Island, Fiji’s top holiday destination and represents the nation’s largest hotel transaction. Marriott acquired these properties when it merged with Starwood Hotels in 2016 and will continue to manage them under long-term agreements after the sale to FNPF. The two hotels and golf course will add to FNPF’s existing portfolio of hospitality assets which comprises of the 266-key InterContinental Fiji Golf Resort & Spa, the 130-key Holiday Inn Suva, the 250-key Fiji Marriott Resort Momi Bay and 25 per cent of the 103-key Grand Pacific Hotel.

Marriott International Opens its First Complex Hotel in Fujian Province, China

US-based Marriott International (“Marriott”) recently announced the opening of its first complex hotel, namely Marriott & Courtyard Xiamen Haicang, in the Fujian Province of China. Strategically located in the CBD along Haicang Boulevard of Xiamen, the hotel enjoys excellent accessibility and overlooks Xiamen Island and Gulangyu Island. It offers 537 well-designed guestrooms and a total banquetting and meeting space of 3,000 square meters. Food and beverage outlets at the hotel comprise three distinctive restaurants and an elegant lobby lounge with modern design. In addition, the hotel offers a fitness center, a spa and other leisure and entertainment facilities.

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