Weekly Hotel Industry Asia Pacific News Roundup from HVS

Daiwa House REIT to Acquire Daiwa Roynet Hotel Nishi-Shinjuku for JPY10.174 Billion, Japan

Japan-based Daiwa House REIT Investment Corporation (“Daiwa House REIT”), a real estate investment trust sponsored by Daiwa House Industry, is set to acquire the 280-key Daiwa Roynet Hotel Nishi-Shinjuku from Japan-based Fuyo General Lease Co., Ltd. (“Fuyo Lease Group”) for JPY10.174 billion. This translates to approximately JPY36.3 million a key. The property was developed by Fujita Corporation, a subsidiary of Daiwa House, and completed in 2018. It was later sold to Fuyo Lease Group in 2023 for an undisclosed sum. The 14-storey property is located in Nishi-Shinjuku, Tokyo, just a five-minute walk from Nishi-Shinjuku Station on the Tokyo Metro Marunouchi Line, offering direct access to major destinations such as the Ginza shopping district and the Imperial Palace. Hotel amenities include a restaurant, convenience store, coin-operated launderette, and a meeting room, catering to both business and leisure travellers. This acquisition forms part of Daiwa House REIT’s current investment strategy to expand its portfolio of hospitality assets in Tokyo, reflecting confidence in the city’s long-term tourism and business travel recovery. 

Ovolo Central Hotel Sold for HKD255 Million in Hong Kong

The 41-key Ovolo Central in Central, Hong Kong was reportedly sold for HKD255 million to Charles Leung, chairman of Hong Kong-based Hong Kong China Development Holdings Limited. This translates to approximately HKD6.22 million per key. Completed in 1995 as an office building, it was converted into serviced apartments in 2003 and subsequently into a hotel in 2011. The 25-storey property sits on a 162.4 square metre (“sqm”) site with a gross floor area of 2,432.2 sqm and features a food and beverage outlet, gym, laundrette and two meeting and event spaces. The sale represents a 51% decline from its 2021 price of HKD523 million. 

First REIT Divests Imperial Aryaduta Hotel & Country Club for IDR332.2 Billion in Indonesia

Singapore-based First Real Estate Investment Trust (“First REIT”) has divested the Imperial Aryaduta Hotel & Country Club in Lippo Village, Tangerang, Indonesia for IDR332.2 billion to PT Abadi Jaya Sakti and PT Tigamitra Ekamulia, subsidiaries of Indonesia-based PT Lippo Karawaci Tbk controlled by the Riady family. The 191-key property was developed in 1993 and comprises a seven-storey hotel building, six cabana blocks and a two-storey country club featuring sports and recreational facilities, meeting spaces and F&B outlets. The transaction price represents a 22.2% premium over First REITs initial investment cost. Net proceeds of proposed transaction will be used to reduce debt and support general working capital. The property has since been rebranded as Aryaduta Lippo Village following the transaction. 

Hôtel Perle D’Orient Cát Bà Sold in Vietnam

126-key Hôtel Perle D’Orient Cát Bà located in Cát Bà Island, Vietnam has been sold by a domestic investor group to a consortium of international buyers for an undisclosed amount. Situated within the Cát Bà Island Biosphere Reserve, the hotel opened in 2020 and spans 12 storeys. It boasts five restaurants and bars, a spa centre and gym, two outdoor swimming pools, and meeting and event spaces. The resort is situated in Cat Ba Island, which is accessible by a two-hour drive from Hai Phong followed by a 15-minutes ferry or by flights to Cat Bi International Airport from various cities in Vietnam. The hotel also offers easy access to Lan Ha Bay known for its limestone karsts as well as Cát Bà National Park, a UNESCO Biosphere Reserve renowned for its rich biodiversity and the critically endangered Cát Bà langur.

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