Weekly Hotel Industry Asia Pacific News Roundup from HVS
Australian Rugby League Commission Purchases Quest Woolooware Bay Hotel in Sydney
Quest Woolooware Bay, a newly built serviced apartment hotel located in Sydney’s Sutherland Shire has recently been purchased by the Australian Rugby League Commission (ARLC). The new property is set to open late November 2023, Quest Hotels will assume a lease and manage the hotel which features 40 apartments (71 keys), facilities include event spaces, business lounge and a gym. This new purchase represents the ARLC’s second major investment to acquire assets to provide new revenues for reinvestment into the game. ARLC has stated this transaction intends to strengthen its financial security and investments to provide steady income, long-term capital growth, strong yield and low risk, and protecting the game from major interruptions. Quest Woolooware Bay is located adjacent to the PointsBet Stadium and is a part of the AUD 1 billion Woolooware Bay Town Centre mixed-use development. The hotel’s location in the mixed-use development, and within proximity to Cronulla beach would service leisure, corporate, VFR and sports market segments.
Tuan Sing Holdings Exploring Move Into Hospitality
Tuan Sing Holdings plans to convert its existing Singapore headquarters at The Oxley as a hotel or serviced residence. The Oxley currently operates as Tuan Sing’s corporate headquarters and offers other offices and residences. The property developer is also considering turning its key asset Link@896 into a hotel or serviced residence, it is currently a 5-storey mixed-use commercial development with retail spaces & offices. The evaluation for the project at Link@896 is ongoing, subject to approval by local authorities, according to a recent corporate update from Tuan Sing. Tuan Sing further elaborates, that both properties present “potential value-creation opportunities”, with asset enhancement set to generate incremental recurring income. Currently, the Grand Hyatt Melbourne and Hyatt Regency Perth are the wo hospitality assets in Tuan Sing’s portfolio.
Japan Invests In Big Attractions To Boost Tourism
Japanese companies are investing in major attractions to boost tourism amid the country's recovery. Warner Bros. Studio Tour Tokyo: The Making of Harry Potter opened in June, becoming the world's largest Harry Potter attraction. Universal Studios Japan launched attractions based on popular animation series, while Ghibli Park in Nagoya expanded with new areas. Theme park attendance is crucial for Japan's tourism recovery, with visitors spending more despite lower numbers. Upcoming attractions include Tom's City Circuit Tokyo Bay, offering indoor and outdoor electric vehicle go-karting and VR-based entertainment, which aims to revitalize Tokyo's nighttime economy. These investments align with Japan's efforts to attract more tourists and increase visitor consumption.
Philippines’ Department Of Transportation Taps ADB To Fund Additional Transport Projects
The Philippines' Department of Transportation (DOTr) plans to secure funding from the Asian Development Bank (ADB) for several transportation infrastructure projects, aiming to boost economic growth and connectivity. There are nine agreements between DOTr and ADB totalling PHP1.2 trillion for projects covering aviation, railways, and roads. These projects include the North-South Commuter Railway, MRT-4, Davao Public Transport Modernization Project, and more. DOTr also seeks ADB's technical assistance. The goal is to position the Philippines as an investment hub and a gateway to Asia.
Hong Kong Airlines Resumes Flights to Kumamoto
Hong Kong Airlines has announced resumption of direct service to Kumamoto later this year, previously operating this route in 2016. This route will run three times weekly and marks the fifth destination launched this year. Kumamoto, located on the island of Kyushu, boasts natural landscapes and is a popular destination for nature enthusiasts. Kumamoto features volcanic landscapes at Mount Aso and hosts one of the world’s largest calderas, the volcanic activity provides for the island’s numerous hot springs. Kumamoto marks Hong Kong Airlines’ second destination in Kyushu, complementing the existing daily routes to Fukuoka. Hong Kong Airlines has been expanding routes throughout Japan with flights to seven destinations across the country. The airline has been adjusting flight frequencies to capture the growing travel demand for Japan.
About HVS
HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.