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Thu, 11 Oct 2018

HICAP 2018 Deal of the Year Award Finalists

The organizers of the annual Hotel Investment Conference Asia Pacific (HICAP) have announced the finalists for the Reggie Shiu Development of the Year, Transaction of the Year, and the M&A Deal of the Year Awards.

The awards will be presented at the 29th annual HICAP held 17-19 October 2018 at the Kerry Hotel Hong Kong.

Finalists for the Reggie Shiu Development of the Year Award are:

Fairmont Maldives, Sirru Fen Fushi: This 120-Villa resort is the sole hotel on a pristine atoll, allowing marine life to flourish on the 9km house reef with manta rays, turtles, and large pods of bottlenose and spinner dolphins, regular visitors to the 600-hectare lagoon. A manta ray cleaning station at the house reef offers guests unique glimpses. In homage to the abundant sea life and pristine house reef, the resort features Maldives first coral regeneration project in the form of an Underwater Art Installation created by celebrated underwater naturalist and artist Jason deCaires Taylor.

Owner: SC Capital Partners
Operator: Fairmont
Architect: SCSY Studio
Interiors: Hirsh Bedner Associates
Landscape: STX Landscape Architects
Development Cost: N/A

The Murray Hong Kong, a Niccolo Hotel: This government building turned into a 336-key luxury hotel has maximized the usage of space while providing luxury of space and comfort. Originally designed by Foster + Partners, key features of the building were retained, proving redevelopment can enhance the usage of this iconic architectural building with its award-winning energy efficient design. The buildings distinctive ground floor arches and recessed windows were retained, allowing the hotel to be part of the Conserving Central project preserving the heritage of the historic heart of Hong Kong. Its ground-breaking energy efficiency concept is still applauded decades after it was built. The enlarged windows create a frame surrounding the citys skyline and gardens, allowing the hotel to continue its eco-conscious heritage. Hotel facilities embrace Hong Kongs beauty by showcasing unique views of the city.

Owner: Wharf Real Estate Investment
Operator: Wharf Hotels Management
Design Architect: Foster + Partners
Architect of Record: Wong & Ouyang (HK) Ltd
Interiors: Foster + Partners, Wong & Ouyang (HK) Ltd Development Cost: USD1 billion (approx.)

Yotelpad. Click to enlarge.

Yotel Singapore Orchard: The 610-Key YOTEL Singapore Orchard is a unique concept leveraging technology and design to drive extraordinary cost efficiencies for owners and unique experiences for guests. Introducing self check-in and checkout technology as well as guest service robots to the Singapore hotel market, YOTELs success proves micro hotel rooms (13-16 sqms) dont belong only in the Economy segment. Efficiency in space programming, focused predominantly on rooms with leased F&B venues and a lean operating model, generates strong profitability and return on investment. For an unknown brand in Asia, Yotel has been able to achieve rapid ramp up and strong Year-to-Date performance.

Owner: Hong Fok Corporation
Operator: YOTEL
Lender: United Overseas Bank
Architecture and Interiors: DP Architects Development Cost: USD63 Million (approx.)

Finalists for the Transaction of the Year Award are:

Cheval Blanc Randheli - Maldives: The resort was marketed - and sold - for over USD200 million, representing the largest single asset transaction and the only significant trophy sale to have taken place in Maldives. At a price exceeding USD4.5 million per key, the sale represented the highest price per key ever achieved for a hotel asset globally while being backed by sound investment returns. The sale also cemented Maldives importance as one of the regions leading markets for investment with over USD1 billion of activity since 2010, and demand from a broad spectrum of Asian and Middle Eastern investors.

Sheraton Fiji Resort, Westin Denerau Island Resort & Denerau Golf & Racquet Club - Denerau Island, Fiji: The Fiji National Provident Fund (FNPF) acquired three of Fijis most iconic hotels in a single transaction, namely the Sheraton Fiji Resort, Westin Denerau Island Resort & Spa and the Denerau Golf & Racquet Club. Ticket prices for these assets were approximately F$280 million (around USD132 million). The deal continues to confirm the seller, Marriott International, as an asset light company focused on operational opportunities.

Sheraton Grande Tokyo Bay - Japan: An official hotel of Tokyo Disney Resort, this asset was acquired by Kingdom TMK (a joint venture between GIC and Invincible REIT) for approximately JPY100 billion (USD909.1 million). Worth highlighting in this transaction is that Fortress Investment Group LLC is both the sponsor of Invincible REIT (a JREIT) and the seller (Granada TMK). Invincible REIT acquired preferred shares in the acquiring entity which allowed it to enjoy double leverage (asset level and REIT level) on this institutional quality asset. After the sale, the seller continues to be involved in the on-going asset management as the sponsor of Invincible REIT.

Finalists for the M&A Deal of the Year Award are:

Mantra Group Acquisition by AccorHotels: In the largest transaction in Australias hotel industry history, AccorHotels successfully completed the acquisition of the entire shareholding in Mantra Group Limited for approximately AUD1.2 billion (USD908 million). Prior to the acquisition, Mantra was listed on the Australian Securities Exchange and was the second largest hotel brand in Australia. The acquisition gives AccorHotels access to Mantras 138 hotels, apartments and resorts under the Mantra, Peppers, BreakFree and Art Series brands in Australia, New Zealand, Hawaii and Bali. The acquisition completed in May 2018 following approvals by the Australian foreign investment regulator, competition regulator and Mantras shareholders.

Acquisition of KSL Capital Partners Outrigger Asia Pacific Assets by Singha Estate: Singha Estate successfully acquired a portfolio of six resorts from KSL Capital Partners for USD310 million. The six resorts, with 859 rooms, are located in Thailand, Fiji, Mauritius and Maldives, and they are all operated by Outrigger Hotels and Resorts. Following the acquisition, the total number of hotels and resorts owned by Singha Estate will increase to 39.

IHG Acquires Majority Stake in Regent Hotels & Resorts: To support IHGs growth in the fast growing $60 billion luxury segment, the company acquired a 51% stake in Regent Hotels & Resorts in July 2018. IHG took control of the brand and the operating business from the deal closure enabling the hotels to benefit from IHGs platform. IHG sees a real opportunity to unlock the brands enormous potential and accelerate its growth globally from the six hotels today to more than 40 hotels in the long term. Regent will be positioned in the space above InterContinental Hotels & Resorts and the team is evolving Regents brand positioning, while protecting what made the brand special. As part of the deal IHG announced plans to rebrand InterContinental Hong Kong to a Regent, after a full refurbishment, which will see the hotel return to its roots as it first opened its doors in 1980 as Regent Hong Kong.

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