Accor Completes Acquisition of Mövenpick Hotels & Resorts

France-based AccorHotels (“Accor”) has completed the acquisition of Switzerland-based Mövenpick Hotels & Resorts (“Mövenpick”) on September 03rd, 2018. The Enterprise Value represents CHF 560 Million (€482 Million) and encompasses 100% of Mövenpick’s share capital, as well as full brand use rights for the Mövenpick brand for activities pertaining to all hospitality business. However, this excludes other non-hospitality related activities such as wine distribution, ice-cream and markets. With this acquisition, Mövenpick complements Accor’s portfolio by consolidating the France hospitality giant’s current footprint in Europe and Asia with its accelerating growth in Africa and the Middle East. Mövenpick will also reinforce Accor’s presence in the upscale market while gaining benefits from Accor’s loyalty program, distribution channels and operating systems. Mövenpick’s portfolio consists of 84 properties with more than 20,000 rooms across 26 different countries and a pipeline of 42 hotels that are slated to open before December 2021 while Accor currently has a portfolio of more than 4,500 hotels, resorts and residences as well as 10,000 private homes across 100 different countries. In Asia, the acquisition will increase Accor’s existing property portfolio by 15 properties, representing 3,605 rooms across seven countries, and also add another 16 properties with 5,526 rooms to the brand’s pipeline. 

Heeton and KSH Jointly Acquires Smile Hotel Asakusa in Tokyo, Japan

Singapore-based real estate conglomerate Heeton Holdings Limited (“Heeton”) and Singapore-based property investment group, KSH Holdings Limited (“KSH”) have jointly acquired the 96-key Smile Hotel Asakusa in Tokyo for an undisclosed sum. This acquisition marks the duo’s second hospitality asset in Japan, the first being the 164-key Super Hotel Sapporo in Susukino in April 2016. Located in close proximity to Asakusa metro and within a bustling district known for its numerous Shinto festivals, the hotel is approximately 25 minutes’ drive away from Haneda airport. The 10-storey freehold property spans a land area of 361.38 square metres and a total gross floor area of 1,793.43 square metres, and feature a local restaurant and on-site spa facilities. The hotel will remain operating under the Smile Hotel brand and by the current hotel operator. Heeton’s hotel portfolio includes nine properties world-wide and will continue to prioritise in developing the hotel division. 

iPG Acquires The Pullman On The Park Hotel In Melbourne

Australian-based investment group iProsperity Group Pty Ltd (“iPG”) bought the five-star Pullman On The Park Hotel in Melbourne from the Canadian real estate asset management company Brookfield Assett Management (“Brookfield”). The price of the transaction was not disclosed but it was listed for AUD200 million-plus by Brookfield in February. Located in Melbourne’s CDB close to the Melbourne Cricket Ground and the Rod Laver Arena the 419-rooms property includes conference facilities, a 1000-person ballroom, an outdoor swimming pool, a 215-cars parking lots, along with a brand-new lobby and bar that was recently renovated for AUD12.5 million. This acquisition will add significant value to iPG AUD1.8 billion real estate portfolio. With its backing in the AUD1 billion SB&G Hotel Group, which owns six IHG hotels, iPG is one of the biggest hotel owners in Australia.

Waldorf Astoria Debuts in Bangkok

US-based Hilton Worldwide Holdings Inc. ‘s luxury brand, Waldorf Astoria Hotels & Resorts (“Waldorf Astoria”) has opened its first property in Southeast Asia with Waldorf Astoria Bangkok. The 171-key hotel is housed within the 60-storey building Magnolias Ratchadamri Boulevard and is owned by Thailand-based developer Magnolia Quality Development Corporation Limited (“MQCD”). Located by the Ratchaprasong intersection, the hotel is within walking distance of the renowned shopping precincts, Erawan Shrine, the luxurious Gaysorn Village mall and both lines of the Bangkok Mass Transit System (BTS) Skytrain. Waldorf Astoria Bangkok also features three distinct dining outlets, a lounge, two bars, an open-air infinity pool with private cabanas, a 24-hour fitness center, a spa, and the Magnolia Ballroom with 730 m2 of event space which can host up to 700 standing guests. Waldorf Astoria Bangkok is the most recent addition to Waldorf Astoria’s Asian portfolio which consists of three other hotels in Beijing, Chengdu, and Shanghai.

Greenland Opens its First Moqi Hotel in China

China-based Greenland Group (“Greenland”) recently announced the opening of its first Moqi hotel in China. Located at the Greenland Central Plaza in Wuhan City, the hotel is adjacent to AEON MALL, Ren Xin Hui Shopping Mall and other fashion centers. The modern hotel features 220 rooms and suites with a stylish individualized living space, an open kitchen and other amenities. Representing the group’s first E-sports-themed property, the hotel offers special E-sports playing space and advanced E-sports facilities catered to young people. In addition, its public spaces are designed to include a club, a bar, an outdoor standard skate park and a basketball court. Greenland has a presence in more than 80 mainland cities with most of its projects in either large-scale mix-use developments or skyscrapers. 

Absolute Share Price Performance, as on 7 September 2018