Mon, 23 Oct 2017

Winners of 2017 HICAP Deal of the Year Awards

The winners of the Reggie Shiu Development of the Year, Single Asset Transaction of the Year, and the M&A Deal of the Year Awards were announced on Friday during the 28th annual Hotel Investment Conference Asia Pacific (HICAP) at the InterContinental Hong Kong.

Hyatt Regency Osaka in Japan was named Single Asset Transaction of the Year. Acquired for JPY 16 billion (USD147.45 million) by Hoshino Resorts REIT from Hong Kong based Gaw Capital Partners (GCP) in November 2016, this deal represents the largest non-sponsor REIT hotel transaction in Japan to date. The hotel is a rare and desirable transaction and an opportunistic buy for Hoshino Resorts REIT, being one of the only high-quality, full-service internationally-branded hotels in the mostly limited-service Osaka market. The deal also involved a complicated land lease negotiation with the city of Osaka. Since its acquisition by GCP in 2014, the hotel has seen improved profit margins from market growth, cost management and energy investment. Its turnaround and subsequent sale capitalizes on increased investment interest in one of Japanís fastest growing markets. Savills was the buyerís advisor. Finalists in this category also included Hilton Melbourne South Wharf (Australia) and Novotel Melbourne on Collins (Australia).

The Four Seasons Hotel Kyoto in Japan was named Reggie Shiu Development of the Year at HICAP 2017 in Hong Kong. Click to enlarge.

The Four Seasons Hotel Kyoto in Japan (pictured) was named Reggie Shiu Development of the Year. Integrated with 800-year old historical gardens, the Four Seasons Kyoto respects the old urban scenery with its architectural design, while introducing a new interpretation of Japanese design in its interiors with centuries old local artisan products interspersed throughout. The 123 guest rooms and suites, plus 57 residences, overlook the expansive and well-tonsured gardens. Four dining options include an exclusive sushi restaurant, a modern brasserie, lounge and a garden teahouse used for meditative tea ceremonies by day that transforms at twilight into a bar serving fine sakes. The owner is Berjaya Corporation. The operator is Four Seasons Hotels & Resorts. The architect is Kume Sekkei, Jun Mitsui Associates (Porte Cochťre), Yamamoto Atlelier (Tea House). The interiors are by Hirsch Bedner & Associates (guest rooms, function rooms, public areas, pool and spa), Kokai Studio (Brasserie), and STRICKLAND (Sushi Wakon). The exterior designer is Landscape Design. The development cost was JPY40 billion (USD368 million). Finalists in this category also included Alila Fort Bishangarth (Jaipur, India) and Bawah Island (Anambas Archipelago, Indonesia). 

There was a tie in the M&A Deal of the Year category. Both China Lodging Groupís (Huazhu Hotels) acquisition of Crystal Orange Hotel Holdings and V Hotel Managementís acquisition of Premier Innís Thai portfolio were named M&A Deals of the Year.

China-based multi-brand hotel company China Lodging Groupís subsidiary, China Lodging Holdings, acquired all of the equity interests of leading boutique hotel operator Crystal Orange Hotel Holdings' shareholders for approximately USD531.9 million. Announced in Feb 2017, the deal closed May 2017. Crystal Orangeís positioning and style will complement Shanghai-based China Lodgingís coverage and development capability in China, as well as its corporate philosophy and brand portfolio as one of Chinaís largest hotel groups. China Lodging Group has approximately 620 leased hotels ó over 2,070 managed/franchised hotels and approximately 80 franchised hotels in operation and over 20 leased hotels and approximately 660 managed/franchised and franchised hotels under development. Beijing-based boutique hotel operator Crystal Orange was founded in 2006. Its portfolio includes more than 100 hotels primarily located in tier one and tier two cities. Morgan Stanley, Latham & Watkins and Han Yi Law were the sellerís advisor for this transaction and Fangda Partners, Davis Polk & Wardwell were the buyerís advisor for this transaction.

V Hotel Managementís acquisition of Premier Innís Thai portfolio represents Singapore-based V Hotel Managementís first hotel  investment in Thailand in line with their strategy to expand their offering of affordable midscale accommodation in the region, and seller WHRIís divestment of their Thai portfolio as part of their withdrawal strategy of the Premier Inn business in Asia. The acquisition was completed in June 2017 for THB 1.4 billion (approximately USD42.3 million). The portfolio was acquired with vacant possession, enabling the buyer to establish presence in two of Thailandís key tourism destinations with an operator of their choice. Additionally, the properties were available with BOI foreign ownership privilege, allowing the buyer to hold 100% ownership. The transaction was one of only a few hotel portfolio sales ever to be transacted on the open market in Thailand. JLL Hotels & Hospitality Group was the sellerís advisor for this transaction.

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