HVS Monday Musings: Staffing Shortages are Impeding the Aviation Industry's Recovery

By Mandeep S Lamba and Dipti Mohan

The global aviation industry is experiencing severe staffing shortages, which are negatively impacting operations and traveler experience. Skill shortages are not new, but the pandemic has exacerbated them. Continue reading to learn more about how the industry is addressing these challenges.

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Mandarin Oriental International Sales Washington D.C. Hotel for USD139 Million

Hong Kong-based Mandarin Oriental International Limited ("MOI") has announced that it has entered into an agreement to sell Mandarin Oriental, Washington D.C., to London-based Henderson Park, a private equity real estate management company, for USD139 million with a post-tax, non-trading gain of approximately USD 45 million which will be recognized in 2022. The Mandarin Oriental is prominently placed along the capital's revitalized Southwest Waterfront. Following the sale completion scheduled for 8 September 2022, Mandarin Oriental, Washington D.C., will cease to be operated by the group.

High Street Holding Purchases Peppers King Square hotel for AUD26 Million

Singapore-based investment and asset management company High Street Holdings ("HSH") has purchased the 120-key Peppers Kings Square in Perth for approximately AUD26 million to improve their global portfolio. The hotel was opened in November 2016 and located at 612 Wellington Street with a freehold title. The Property features one restaurant, a fitness centre, and an executive lounge that can accommodate 12 delegates in a broad room setting. The hotel is a great value-add opportunity in one of the country's hottest economies and presents multiple upside opportunities. HSH will work with the Australia-based Event Hospitality & Entertainment Limited and rebrand the property into a Rydges brand.

Dash Living Acquires Japan Accommodation Operator IntheHood Hospitality by a Share-Swap

Hong Kong-based leading co-living service company Dash Living expands its presence in Japan through the acquisition of Japan-based IntheHood Hospitality (“IH”) by a share-swap based agreement. IH is an operator of hotels and furnished apartments in the prime locations in Tokyo including Nihonbashi, Otemachi and Tsukiji. Dash Living is expected to manage over 1,800 units across Asia Pacific, with additional 100 units of co-living spaces in Tokyo after the acquisition. The acquisition deal depicts the aggressive expansion in the company’s global portfolio and footprint. As rents are high in major cities in Japan and apartments may require up to four or more months of initial cost or deposit, co-living accommodation is earning its popularity among urban professionals and young generations.

CapitaLand Integrated Commercial Trust to Revamp CQ @ Clark Quay for SGD62 Million

Singapore-based CapitaLand Integrated Commercial Trust (“CICT”) has announced the SGD62 million revamp project for CQ @ Clark Quay (“CQ”). CQ is one of the signature nightlife destinations in Singapore. The revamp project is set to commence in the third quarter 2022 and will be completed within a year. The revamped CQ will be featuring more day activities and all-day food and beverage outlets. In addition, 34% of the project budget will be allocated just for green initiatives. CICT mentioned that as of now more than 70% of CQ net lettable area has pre-commitment from tenants and leases in advanced negotiations. The project will connect CQ to the residential and hotel development by Singapore-based developer CapitaLand Development and City Developments Limited that is expected to be completed in 2025.

Absolute Share Price Performance, as of 29 July 2022

For the latest in the hospitality industry, please visit: http://www.hvs.com/. You are also welcome to contact the following personnel. 

Hok Yean Chee, Regional President – HVS Asia Pacific hychee@hvs.com

Mandeep S. Lamba, President, South Asia – HVS Anarock mlamba@hvs.com

Mei Leng Ho, Senior Vice President – HVS Singapore mlho@hvs.com

Florian Kittler, Managing Director – HVS Executive Search Europe & Asia Pacific fkittler@hvs.com

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