Hotel industry and travel news from around the Asia Pacific region: Fosun to purchases back 50% stake of Shanghai Bund Finance Centre, Outrigger to acquire resort in the Maldives and more...

Fosun International to Purchase Back 50% Stake of Shanghai Bund Finance Centre

China-based Foshun International ("FI"), controlled by billionaire Guo Guangchang has agreed to purchase back 50% stake of Shanghai Bund Finance Centre (“BFC”) for RMB6.34 billion. As a result, FI will take full ownership of the commercial complex, which is located along the Huangpu River, with a gross floor area of 425,392 square metres. In addition, the property includes 267,514 square metres of commercial offices, a 117,520 square metres of retail mall, 36,346 square metres of hotel space under the brand of Wanda Reign, and 4,211 square metres for an art gallery. FI responded effectively to the pandemic by leveraging its industrial capabilities, proactive strategies and swift tactical adjustments, such as continued investment locally and overseas. 

Time & Place Acquired Melbourne’s Hotel Lindrum for AUD50 Million

Australia-based property developer Time & Place has recently acquired Hotel Lindrum Melbourne MGallery by Sofitel from property developer Robert Magid for AUD50 million. Situated in Melbourne’s FIinders Street, the 59-key property is close to the Treasury Gardens, Melbourne Town Hall, parliament house and other demand generators in Melbourne. The property has one of the most recgonised facades in Melbourne, and features one restaurant, one bar, and one meeting facility. The property was also transacted with a planning permit for a 30-level mixed use development including 77 hotel rooms and 68 residential apartments (Subject to Council Approval) with the original façade to be retained.

Outrigger to Acquire Resort in the Maldives

US-based Outrigger Hospitality Group("OHG") announced the acquisition of the newly renovated five-star Maafushivaru Resort in the Maldives to expanding global portfolio by adding another premier beach property as early as 1 April 2022. The resort will be renamed Outrigger Maldives Maafushivaru Resort and is located on a private island in the pristine South Ari Atoll region. The Maafushivaru Resort has recently undergone an extensive modernization. The resort comprises of a collection of 81 luxury villas, including beach, pool, duplex accommodations, coveted overwater bungalows, and more.

TUI Blue Set to Grow to 300+ Hotels Worldwide

Germany-based TUI Group’s (“TUI”) flagship brand TUI Blue (“TUIB”) will continue to expand its profitable hotel segment and aims to grow to 300+ hotels worldwide. The hotels which are operated either under contracts or franchisees will focus on expansions in the regions of Southeast Asia, China, Africa and the Middle East. TUIB has established hotel development teams in the Arabian Gulf as well as Hong Kong and have successfully signed contracts for the first TUI Blue hotels in China. TUIB aims to become a leading hotel brand in the leisure market.

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