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HVS Monday Musings: Indian Hotel Sector’s Wish List for the Union Budget, 2022-23
By Mandeep S Lamba and Dipti Mohan
This article highlights a few recommendations that India's Union Budget 2022-23 can focus on to help the Indian travel and hospitality sector during these trying times.
To view and download the full article, please click here.
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Fragrance Group Acquired Holiday Inn Hotel in London to Grow UK Portfolio
Singapore-based Fragrance Group Limited (“FGL”) has acquired the Holiday Inn London Kensington Forum at Central London from UK-based Queensgate Investments LLP (“Queensgate”) for an undisclosed sum. The 906-key hotel is located next to the Gloucester Road subway station, along the Cromwell Road in Royal Borough of Kensington and Chelsea. The hotel spans approximately 46,451 square metres, which features two restaurants and a bar, a fitness centre, a business centre, a parking lot, and 12 meeting spaces that could accommodate 400 delegates. Queensgate had previously acquired the property from US-based Apollo Global Management, Inc. in 2019 for GBP350 million. This will be the second hotel property FGL has acquired in UK in December 2021, after they have been reported to purchase the 116-key Aloft Liverpool from UK-based North John Street LLP for an undisclosed sum.
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Michael Kadoorie Acquires a Further 12.4% Stake in Hong Kong and Shanghai Hotels for USD337.5 Million
Majority shareholder of Hong Kong-based Hong Kong and Shanghai Hotels Limited (“HSHL”), billionaire Michael Kadoorie has made an off-market purchase shares of HSHL from asset management group Seekers Capital Partners (“SPC”) and other undisclosed sellers for USD337.5 million, increasing his family’s majority stake from 60.0% to 72.4%. The purchase price values the shares at HKD12.80, which is close to double the amount of the closing price of HKD6.65 on 14 January 2022. The closing share price has risen 20% to HKD7.92 as of 20 January 2022, after the acquisition news. The transaction is conditional on the Kadoorie family obtaining a waiver from the mandatory takeover offer, which is triggered by the size of the purchase. Hence, the deal will terminate if the waiver is not obtained by 31 March, unless the parties involved agree to extend the expiry date. HSHL owns and manages all ten Peninsular Hotels across the globe.
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ESR Cayman Limited Completes Acquisition of ARA Asset Management for USD5.2 Billion
Hong Kong-based ESR Cayman Limited (“ECL”) has announced its acquisition of ARA Asset Management (“AAM”) for USD5.2 billion. The acquisition includes hospitality real estate trust such as, Hui Xian REIT (“HSE”) and ARA US Hospitality Trust (“AUHT”). The transaction is financed through a combination of stock and cash. The stock portion of USD4.7 billion was paid by the issue of shares at HKD27 per share, while the cash component of USD519 million, was partially funded by a USD250 million share placement to Sumitomo Mitsui Corporation (“SMBC”). The Chairman of the ECL, Jeffrey Perlman, mentioned that the group will leverage its expanded scale and offering to provide a full suite of New Economy real estate development products and real asset investment solutions that spur meaningful, long-term sustainable value for its stakeholders.
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Co-living Startup Bespoke Habitat raises SGD1 Million from Angel Investors
Singapore-based co-living and property management startup Bespoke Habitat (“BH”) stated that the company raised approximately SGD1 million (USD740,000) from angel investors. Established in 2019, the startup provides co-living offerings across various areas in Singapore. It currently has properties in Tiong Bahru, Queenstown, Tanah Merah, Jurong West, with more on the pipeline. BH will provide data services, working spaces, and communal living spaces targeting students and professionals with membership services through its app. The startup will utilize the funds to expand 350 units in Singapore to become a complete end-to-end solutions provider, delivering services for logistics, cleaning, and in-house repair and moving-out services. The current competitors include Cove, The Assembly Place, and Hmlet.
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| Closing Share Price | 21 January 2022 | 14 January 2022 | % Change | | |
| Australia Stock Exchange (ASX) | | |
| Elanor Investors Group | 2.20 | 2.28 | -3.5% | | Event Hospitality & Entertainment Ltd | 13.50 | 14.01 | -3.6% | | General Property Group | 5.21 | 5.39 | -3.3% | | Mirvac Group | 2.76 | 2.83 | -2.5% | | |
| Bangkok Stock Exchange (THB) | | |
| Central Plaza Hotel Public Co Ltd | 34.25 | 34.00 | 0.7% | | Dusit Thani Public Co Ltd | 9.35 | 9.45 | -1.1% | | The Erawan Group Public Co Ltd | 3.16 | 2.94 | 7.5% | | Grande Asset Hotels & Property Public Co Ltd | 0.59 | 0.58 | 1.7% | | Laguna Resorts & Hotels Public Co Ltd | 29.00 | 29.75 | -2.5% | | Minor International Public Co Ltd | 30.75 | 29.50 | 4.2% | | S Hotels and Resorts Public Company Limited | 3.42 | 3.26 | 4.9% | | |
| China Shanghai Stock Exchange (RMB) | | |
| Jinling Hotel Corporation Ltd | 7.02 | 7.93 | -11.5% | | |
| China Shenzhen Stock Exchange (RMB) | | |
| Huatian Hotel Group Co.,Ltd. | 3.50 | 3.50 | 0.0% | | Guangzhou Lingnan Group Holdings Company Limited | 7.71 | 8.06 | -4.3% | | |
| Huazhu Group Limited__ | 36.95 | 34.26 | 7.9% | | |
| Hong Kong Stock Exchange (HK$) | | |
| Miramar Hotel & Investment Co Ltd | 13.00 | 13.00 | 0.0% | | Regal Hotels International Holdings Ltd | 3.20 | 3.12 | 2.6% | | Sino Hotels Holdings Ltd | 2.20 | 2.23 | -1.3% | | The Hong Kong & Shanghai Hotels Ltd | 8.20 | 6.65 | 23.3% | | Shangri-La Asia Limited | 6.58 | 6.36 | 3.5% | | |
| National Stock Exchange (INR) | | |
| Chalet Hotels Ltd____ | 239.15 | 241.05 | -0.8% | | IHCL (Taj Hotels, Resorts & Palaces) | 206.35 | 210.70 | -2.1% | | EIH (Oberoi Hotels & Resorts) | 139.30 | 134.65 | 3.5% | | Hotel Leela Ventures_ | 10.65 | 11.05 | -3.6% | | Lemon Tree Hotels Ltd__ | 48.40 | 50.00 | -3.2% | | |
| The Shilla__ | 75000 | 77400 | -3.1% | | |
| Singapore Stock Exchange (S$) | | |
| Amara Holdings Ltd__ | 0.36 | 0.36 | -1.4% | | ARA Htrust (US$)__ | 0.51 | 0.51 | 1.0% | | Ascott Residence Trust__ | 1.05 | 1.06 | -0.9% | | Banyan Tree Holdings Limited | 0.32 | 0.32 | -0.0% | | CDL Hospitality Trusts__ | 1.18 | 1.20 | -1.7% | | Eagle Htrust___ | Temporary closure | Temporary closure | Na | | Far East Hospitality Trust | 0.58 | 0.58 | -0.9% | | Frasers Hospitality Trust | 0.46 | 0.47 | -1.1% | | Hotel Grand Central Ltd | 1.03 | 1.06 | -2.8% | | Hotel Properties Ltd_ | 3.34 | 3.35 | -0.3% | | Mandarin Oriental International Ltd (US$) | 2.18 | 2.19 | -0.5% | | Stamford Land Corporation Ltd | 0.35 | 0.35 | -1.4% | | |
| Taiwan Stock Exchange (NT$) | | |
| Formosa International Hotels Corporation | 145.50 | 145.00 | 0.3% | | The Ambassador Hotel, Ltd | 31.35 | 30.80 | 1.8% | | |
| Tokyo Stock Exchange (JPY) | | |
| Japan Hotel REIT Investment Corp. | 55800 | 57300 | -2.6% | | Imperial Hotel, Ltd___ | 1823 | 1825 | -0.1% | | Red Planet Japan Inc__ | 38 | 39 | -2.6% | | |
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