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Mon, 22 Oct 2018

Yotel Singapore Orchard, Cheval Blanc Randheli and IHG Win Awards at HICAP 2018

Yotel Singapore Orchard, Cheval Blanc Randheli in Maldives, and IHG’s acquisition of a majority stake in Regent Hotels & Resorts won awards at last week's Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong.

 The awards were presented to the winners of the Reggie Shiu Development of the Year, Transaction of the Year, and the Merger & Acquisition Deal of the Year Awards, at the 29th annual HICAP on 19 October 2018 at the Kerry Hotel Hong Kong.

Yotelpad. Click to enlarge.

The 610-Key Yotel Singapore Orchard (pictured), named Reggie Shiu Development of the Year, introduced self check-in and check-out technology as well as guest service robots to the Singapore hotel market. Yotel’s success proves “micro” hotel rooms (13-16 sqms) don’t 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 a relatively unknown brand in Asia, Yotel has been able to achieve rapid ramp up and strong year-to-date performance. Finalists in this category also included Fairmont Maldives, Sirru Fen Fushi and The Murray Hong Kong, a Niccolo Hotel.

Cheval Blanc Randheli in the Maldives was named Transaction of the Year. Following a bespoke process, 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 resort is globally recognized  as one of the world’s leading hotels and the sale offered a generational opportunity for the buyer to acquire a luxury asset in one of the world’s most exclusive resort destinations. The sale also cemented Maldives’ importance as one of the region’s leading markets for investment with over USD1 billion of activity since 2010, and demand from a broad spectrum of Asian and Middle Eastern investors. Finalists in this category also included the Sheraton Fiji Resort, Westin Denerau Island Resort & Denerau Golf & Racquet Club and the Sheraton Grande Tokyo Bay.

IHG’s acquisition of a majority stake in Regent Hotels & Resorts was named M&A Deal of the Year. To support IHG’s 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 IHG’s platform. IHG sees a real opportunity to unlock the brand’s 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 Regent’s 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. Finalists in this category also included Mantra Group acquisition by AccorHotels and the acquisition of KSL Capital Partners’ Outrigger Asia Pacific assets by Singha Estate.

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