Hotel industry and travel news from around the Asia Pacific region: ARA H-Trust sells 4 Hyatt Place Hotels, Ascott to acquire Oakwood and more...

Ascott to Acquire Oakwood to Increase its Global Portfolio

Singapore-based Ascott limited announced it is acquiring Oakwood Worldwide from Singapore-based Mapletree Investments Pte Ltd. The acquisition will increase Ascott's global portfolio by 81 properties and 15,000 units. Oakwood's 8500 operational units are expected to contribute to Ascott's recurring fee income streams upon completing the transaction slated in 3Q 2022. Ascott's acquisition of Oakwood will leapfrog Ascott's global presence to more than 150,000 units in about 900 properties across over 200 cities in 39 countries. The new markets will be added to Ascott's portfolio during the acquisition, including Cheongju in South Korea, Zhangjiakou and Qingdao in China, Dhaka in Bangladesh, and Washington DC in the US.
 
Boustead Projects Acquires 28 and 30 Bideford Road for SGD515 Million

Singapore-based Boustead Projects ("BP") has acquired 18-story freehold luxury mixed-used development along 28 and 30 Bideford Road through its 50 percent-owned joint venture of the group's wholly-owned subsidiary, BP-Real Estate Investment. The mixed-use includes the 168-key Orchard Hills Residence and 54,512 square feet of retail, office and medical space. The consideration amount for the property is SGD515.0 million. The sale of 28 and 30 Bideford Road comes after a share charge was enforced from September 2021 in relation to SGD110 million in notes due 2020. The acquisition will benefit the group's real estate business and enable the company to expand and diversify its property portfolio.
 
ARA H-Trust Sells 4 Hyatt Place Hotels for USD32.5 Million

Singapore-based ARA US Hospitality Trust("ARA H-Trust") has agreed to enter a purchase and sale agreement to sell a four-property portfolio of Hyatt Place hotel for USD 32.5 million to US-based real estate investment firm Three Wall Capital. Four properties of Hyatt Place comprise the 127-key Hyatt Place Pittsburgh Cranberry in Pennsylvania; 126-key Hyatt Place Birmingham Inverness in Alabama; 128-key Hyatt Place Cincinnati Northeast and 127-key Hyatt Place Cleveland Independence, which are both located in Ohio. The sale is expected to be completed in Q3 2022
 
Sing Hoe Hotel has been Acquired by Crescendas Eco for SGD29 Million

Singapore-based Crescendas Eco Pte Ltd (“Crescendas”) has acquired the freehold Sam Hoe Hotel at 759 Mountbatten Road for SGD29 million, 7.4% higher than the guide price indicated when the property was put up for sale in April. The 41-key property has been in operation for 75 years, formerly known as Sin Hoe Hotel. The freehold site spans over 20,847.54 square feet, which the purchase price translates to SGD1,391 per square foot. Currently, Crescendas operates two hotels in Singapore, namely at Jalan Afifi in Paya Lebar and Belilios Lane in Little India. They also own the 271-key Canareef Resort in the Maldives. 

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