Hotel industry and travel news from around the Asia Pacific region: Universal Enterprises sells W Maldives & Sheraton Maldives, Eco Village Mission Beach in Australia sold and more...

Universal Enterprises Sold Sheraton Maldives Full Moon Resort & Spa and W Maldives 

The Maldives-based Universal Enterprises (“UE”) has sold Sheraton Maldives Full Moon Resort & Spa (“SMFMRS”) and W Maldives (“WM”) for an undisclosed sum to a global private equity investor. SMFMRS is branded as an upper upscale property with 176 keys situated within 15 minutes speedboat ride from Male International Airport while WM is branded as a luxury property with 70 keys located within 25 minutes away from Male International Airport. Both properties have more than five food and beverage outlets and features a swimming pool, a spa centre and a fitness centre. Both properties are managed by the Marriott International and is the first ever portfolio deal transacted in Maldives. Maldives as a resort-based destination has shown resilience in terms of market demand even during the pandemic period. 
 
Best Western Sanctuary Inn Tamworth was Acquired for more than AUD18 Million

Best Western Sanctuary Inn Tamworth was acquired off-market by Australia-based Elanor Hotel Accommodation Fund (“EHAF”) for in excess of AUD18 million. Located within the central business district of Tamworth, New South Wales, the 60-key property features one food and beverage outlet, conference and event spaces, a salt water swimming pool and a fitness centre. The property is situated on a 10,000 square metre land parcel with favourite zoning, and is one of the few international brand hotels in Tamworth. The acquisition reflected an initial yield of 8.5%, and this will be the 15th property EHAF holds in Australia. The 109-key Ibis Styles Tamworth which is located near to the Best Western was also transacted in 2021.
 
Eco Village Mission Beach Sold for almost AUD3 Million to a Southern Investor in Australia

Tropical North Queensland’s Eco Village Mission Beach (“EVM”) was sold to an Australia-based accommodation operators along with two business partners for approximately AUD3 million, which represents a per key rate of AUD150,000 with a yield of 7.0%. The resort offers 17 bungalows, a couples retreat, a resort-style pool, and one food and beverage outlet. The property is situated on a 9,080 square metres site with a unique rainforest feel and only a few steps to the scenic Mission Beach. This is the first time the property has changed hands since it was developed in 1992. The sale process for the Eco Village Mission Beach attracted strong interest from established hotel investors and operators, together with a number of new market entrants.
 
DoubleDragon Acquires a 9,000 Square Metres of Land in Hokkaido for Hotel Development

Subsidiaries of The Philippines-based DoubleDragon Properties Corp. has acquired a 9,000 square metres of land in Niseko, Hokkaido for their first international Hotel 101 development. The upcoming Hotel 101 – Niseko is expected to be patronized by local Japanese domestic travellers as well as international guests, especially the Filipino travellers. Hotel 101 is famous for its typical or similar in size room that caters to the mid-end market, and this will be Hotel 101’s first international hotel. The current Hotel 101 is located in Metro Manila, where the 518-key property has achieved an average occupancy rate of 96.03% in 2021.

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