HVS Asia Pacific Hospitality Newsletter - Week Ending 2 February 2024

Weekly Hotel Industry Asia Pacific News Roundup from HVS

WFM Financial to Acquire Four Points by Sheraton Melbourne from Hiap Hoe for AUD96 Million

Australia-based WFM Financial, a subsidiary of Australia-based alternative asset manager, MA Financial, has agreed to acquire Four Points by Sheraton, Melbourne Docklands Hotel (“the hotel”), from Singapore-based Hiap Hoe, for AUD96 million. Opened in 2017, the hotel forms part of Hiap Hoe’s mixed-use Marina Tower development and is located to the west of Melbourne’s central business district. The 273-key hotel spans across 16-storeys and consists of a conference space, bar, restaurant, gym, and an outdoor swimming pool. The hotel is expected to be rebranded as Vibe Docklands, under the management of Australia-based operator, TFE Hotels.   

YTL Hospitality REIT Acquires Syuen Hotel for MYR55 Million

Malaysia-based YTL Hospitality REIT has acquired the Syuen Hotel (“the hotel”) for MYR55 million. Located in Ipoh, Perak, Malaysia, the 290-key hotel spans across 13-storeys and has a gross floor area of 4,539 square metres. The hotel is a former four-star property that ceased operations in May 2020. It is expected for the hotel to undergo renovation and be rebranded under the AC Hotels by Marriott brand, with YTL Hospitality REIT leasing the property to the hotel operator under a variable rental arrangement.

flydubai to Introduce Flights to Malaysia

Dubai-based flydubai, has begun its new flight service to Langkawi and Penang, Malaysia. This flight service operates daily from Terminal 3, Dubai International Airport, to Penang International Airport and Langkawi International Airport. flydubai is the first carrier to offer daily flight services between Dubai, Penang and Langkawi. The flight route entails a short stop-over in Penang, before flying to Langkawi. 

Indonesia to Implement the Indonesia Tourism Fund

The Indonesian government is set to establish an Indonesia Tourism Fund (ITF) for the promotion of tourism and nation branding. The ITF will be used on major international branding activities such as sports events, concerts, and business events. Along this, the ITF is expected to promote tourism development in key areas, namely – Lake Toba, Borobudur, Mandalika, Labuan Bajo, and Likupang. In its first stage, Indonesia’s Ministry of Finance (MOF) will allocate approximately USD128.6 million. The Ministry of Tourism and Creative Economy will then be in-charge of proposing the amount of annual funding required. While the ITF is still undergoing its finalization stages, it is expected that the fund will be managed either by state-owned Indonesian Journey, or another MOF-established fund management institution.  

Foreigners Entering Singapore Allowed to Use Automated Lanes

As the first in the world, foreign visitors to Singapore, will be allowed to use the automated lanes in Singapore’s air, land, and sea, checkpoints, to clear immigration. This will begin from the second half of 2024, whereby prior registration to use the automated lanes is not required, and when leaving Singapore, foreigners are not required to present their passports. This shift is expected to facilitate the immigration clearing process for all travellers.

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.