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HVS Monday Musings: Indian Hotel Industry Continues to be a Nascent Transaction Market
By Mandeep S Lamba and Dipti Mohan
This article discusses the factors that have led to sluggish transaction activity in the Indian hotel industry.
To view and download the full article, please click here.
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GIC has Acquired Majority Stake in Mediterranean Luxury Resort Group Sani/Ikos Group
Singapore-based Government of Singapore Investment Corporation (“GIC”) is buying majority stake in the Greece-based Sani/Ikos Group (“SIG”) from exiting investors including NYSE-listed wealth manager Oaktree Capital Management, Goldman Sachs Asset Management, the UK-based investment firm Moonstone, family office-backed Florac and Federated Hermes’s backed equity arm Hermes GPE. This partnership will help SIG to deliver on its five-year investment plan of over EUR900 million and create job opportunities in the Mediterranean area. This investment will generate resilient returns for GIC, while valuing SIG at EUR2.3 billion. Currently SIG owns and operates in excess of 2,700 rooms across ten resorts in Spain and Greece. SIG has also secured four additional projects in Greece, Spain and Portugal from 2023-2025.
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Coliwoo to Acquire Singapore’s Pasir Panjang Inn for SGD30 Million
Coliwoo, a subsidiary of Singapore-based LHN Limited (“LHN”), has agreed to acquire Pasir Panjang Inn for SGD30 million with vacant possession. Situated at 404 Pasir Panjang Road, next to the National University of Singapore, LHN will rebrand the 54-key property as a coliving concept. With the acquisition of the subject property, LHN group will then be able to elevate Coliwoo’s value as a brand which will therefore increase capital appreciation to the group and provide an additional revenue stream for the group. LHN currently stands at three co-living hotels and other studio apartment rentals in five different locations in Singapore.
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LaSalle Raises over USD2.2 Billion for Asia Property Fund
US-based real estate investor LaSalle Investment Management has reportedly said it has raised over USD2.2 Billion for its Asia Property Fund - Asia Opportunity VI (“LAO VI”), which has surpassed the firm’s initial target of USD1.5 billion. The latest fund will invest in projects in key APAC markets such as Australia, China, Hong Kong, Japan, South Korea and Singapore. LaSalle aims to utilise the new capital in diverse asset classes across the commercial, residential and hospitality sectors. Of the USD2.2 Billion raised for LAO VI, LaSalle has reported the firm has already invested around 25% of its capital. LaSalle is very active in Asia Pacific, having recently entered a joint venture with Hong Kong-based co-living operator Weave Living to acquire an apartment tower within Hong Kong’s vibrant SoHo district for HKD275 million.
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Ichigo Hotel REIT to Acquire Hotel Sunshine Utsunomiya for JPY2.2 Billion
Japan-based Ichigo Hotel REIT Investment Corporation (“Ichigo”) has acquired Hotel Sunshine Utsunomiya (“HSU”) from Japan-based Takara Leben Real Estate Investment Corporation for JPY2.2 billion. Located within seven minutes walking distance of JR Utsunomiya Station, the 160-key property features five room categories, one food and beverage outlet, six conference rooms with a capacity of 15-72 pax, and an on-site chargeable car park. With the acquisition of HSU, Ichigo will be able to continue to execute its strategy to build a stable, diversified portfolio which aims at increasing shareholder’s value as a fixed-rent lease has been agreed with the current hotel’s operator. Furthermore, the area is expected to grow as a commercial district with future development.
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Absolute Share Price Performance, as of 23 September 2022 | |
| Closing Share Price | 23 September 2022 | 16 September 2022 | % Change | | |
| Australia Stock Exchange (ASX) | | |
| Elanor Investors Group | 1.78 | 1.85 | -3.8% | | Event Hospitality & Entertainment Ltd | 12.60 | 12.94 | -2.6% | | General Property Group | 3.84 | 4.09 | -6.1% | | Mirvac Group | 1.95 | 2.08 | -6.3% | | |
| Bangkok Stock Exchange (THB) | | |
| Central Plaza Hotel Public Co Ltd | 48.50 | 45.25 | 7.2% | | Dusit Thani Public Co Ltd | 12.20 | 12.30 | -0.8% | | The Erawan Group Public Co Ltd | 4.26 | 3.88 | 9.8% | | Grande Asset Hotels & Property Public Co Ltd | 0.23 | 0.21 | 9.5% | | Laguna Resorts & Hotel Public Co Ltd | 32.25 | 29.75 | 8.4% | | Minor International Public Co Ltd | 28.25 | 27.50 | 2.7% | | S Hotels and Resorts Public Company Limited | 3.42 | 3.34 | 2.4% | | |
| China Shanghai Stock Exchange (RMB) | | |
| Jinling Hotel Corporation Ltd | 8.72 | 8.84 | -1.4% | | |
| China Shenzhen Stock Exchange (RMB) | | |
| Huatian Hotel Group Co.,Ltd. | 4.70 | 4.31 | 9.0% | | Guangzhou Lingnan Group Holdings Company Limited | 9.78 | 10.47 | -6.6% | | |
| Huazhu Group Limited | 33.25 | 35.55 | -6.5% | | |
| Hong Kong Stock Exchange (HK$) | | |
| Miramar Hotel & Investment Co Ltd | 12.58 | 12.98 | -3.1% | | Regal Hotels International Holdings Ltd | 2.92 | 2.94 | -0.7% | | Sino Hotels Holdings Ltd | 2.05 | 1.90 | 7.9% | | The Hong Kong & Shanghai Hotels Ltd | 6.97 | 7.04 | -1.0% | | Shangri-La Asia Limited | 5.85 | 6.16 | -5.0% | | |
| National Stock Exchange (INR) | | |
| Chalet Hotels Ltd | 342.05 | 338.00 | 1.2% | | IHCL (Taj Hotels, Resorts & Palaces) | 326.50 | 319.25 | 2.3% | | EIH (Oberoi Hotels & Resorts) | 198.55 | 183.95 | 7.9% | | Hotel Leela Ventures | 10.05 | 9.70 | 3.6% | | Lemon Tree Hotels Ltd | 85.75 | 81.80 | 4.8% | | |
| The Shilla | 74,000 | 74,000 | 0.0% | | |
| Singapore Stock Exchange (S$) | | |
| Amara Holdings Ltd | 0.35 | 0.34 | 1.5% | | ARA Htrust (US$) | 0.42 | 0.44 | -5.7% | | Ascott Residence Trust | 1.08 | 1.08 | 0.0% | | Banyan Tree Holdings Limited | 0.30 | 0.31 | -3.3% | | CDL Hospitality Trusts | 1.26 | 1.28 | -1.6% | | Eagle Htrust | 0.21 | 0.14 | na
| | Far East Hospitality Trust | 0.62 | 0.62 | 0.0% | | Frasers Hospitality Trust | 0.52 | 0.54 | -3.7% | | Hotel Grand Central Ltd | 0.95 | 0.99 | -3.6% | | Hotel Properties Ltd | 3.45 | 3.51 | -1.7% | | Mandarin Oriental International Ltd (US$) | 1.95 | 1.94 | 0.5% | | Stamford Land Corporation Ltd | 0.39 | 0.38 | 1.3% | | |
| Taiwan Stock Exchange (NT$) | | |
| Formosa International Hotels Corporation | 190.00 | 172.50 | 10.1% | | The Ambassador Hotel, Ltd | 30.90 | 31.75 | -2.7% | | |
| Tokyo Stock Exchange (JPY) | | |
| Japan Hotel REIT Investment Corp. | 70,000 | 71,800 | -2.5% | | Imperial Hotel, Ltd | 1,886 | 1,876 | 0.5% | | Red Planet Japan Inc | 57 | 59 | -3.4% | | |
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