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Fri, 18 September 2015

Finalists of HICAP Hotel Industry Deals of the Year

The finalists for the Reggie Shiu Development of the Year, Single Asset Transaction of the Year, and Merger and Acquisition of the Year awards have been announced.

The awards will be presented at the Hotel Investment Conference Asia Pacific (HICAP), scheduled for 14-16 October 2015, at the InterContinental Hong Kong.

Finalists for the Reggie Shiu Development of the Year Award

Club Med Finolhu Villas, Maldives

Nestled in beautiful natural surroundings on a 5-hectare island are 52 Eco Nature Villas designed around four themes: beauty, nature, elegance, and memories.

6,000 square meters of solar panels have been integrated into the resort's design in the covering of the paths between the resort's jetty and water villas and generate up to 1 megawatt of electricity each day which is capable of satisfying 100% of the properties energy needs.

Strategically landscaped to minimize erosion, the isle also has a desalination tank that generates a self-sufficient water supply and an efficient waste management system.

- Developed by Hussein Afeef.
- Operated by Club Med.
- Architecture by Yuji Yamazaki.
- Interiors by Meriem Hall.

Rosewood Beijing, China

This 283-room hotel is the result of an extensive two-year retrofit and refurbishment of the lower floors of the 53-storey Jin Guang Centre in the city's prime Chaoyang District. The building's exterior of Mongolian bluestone, with an interior of diverse volumes, is meant to recall the ruggedness of a mountain. The neutral palette creates a subtle backdrop for the impressive array of paintings, photographs, mixed-media pieces, and sculpture by renowned Beijing and China artists. Contemporary furnishings with traditional Chinese touches decorate the six restaurants, Manor Club lounge, spa, and residential-style guest rooms.

- Developed by New World Development.
- Operated by Rosewood Hotels & Resorts.
- Interiors by BAR Studio & PLandscape.

The Temple House, Chengdu, China

Comprising 100 guest rooms and 42 serviced residences, The Temple House is an integral part of the Chengdu Daci Temple Cultural and Commercial Complex that surrounds historic Daci Temple.

Designed with respect for the site's history and local culture and artistry, a number of traditional courtyard buildings have been restored and incorporated into the hotel's design, including the hotel's entrance set in a building first built in the Qing Dynasty.

The three-dimensional woven faade combines modern design with traditional Chengdu architectural elements of timber, brick and step stones.

- Developed by Chengdu Qianhao RE Co. Ltd. (JV b/t Swire Properties and Sino Ocean Land).
- Operated by Swire Hotels.
- Architecture by Make (UK), in collaboration with Tsinghua University (heritage buildings restoration).
- Interiors by Make (rooms + public areas)/ AVROKO (F&B outlets).

Finalists for the Single Asset Transaction of the Year Award

Hilton Sydney, Australia

One of the largest single hotel transactions to have taken place in Australia, the Hilton Sydney Hotel was acquired for A$442 million by Singapore-based Bright Ruby. The transaction included negotiation of a new 50-year hotel management agreement with seller Hilton Worldwide. The Hilton Sydney was the only asset owned outright by Hilton in Australia. The acquisition marks the first hotel investment in Australia for Bright Ruby.

Outrigger Konotta Maldives Resort, Maldives

In September 2014, OKM Private Limited, a wholly-owned subsidiary of Outrigger Enterprises Group, purchased the partially completed Konotta Maldives Resort from Aima Construction and Platinum Capital Holdings. In just 10 months, the property underwent an aggressive completion programme that included the total redesign of all public areas and rooms product, opening on 1 August 2015 with 29 beach pool villas (4 newly constructed), 21 overwater pool villas and a new 509sqm three-bedroom overwater Presidential villa.

The resort was acquired for around US$800,000 per key exclusive of the additional costs to expand villa inventory and finishing costs to complete the development. In the first three months of operation, rooms revenue has exceeded initial operating underwriting by 132%, with ADR up 11% over the original forecast. The transaction involved disposal of a non-performing loan and a complicated sale process requiring intense co-operation between the principals, lending consortium and creditors for a successful outcome, and the entire redevelopment was delivered on time and on budget.

Sofitel Sydney Darling Harbour, Australia

The acquisition of the Sofitel Sydney Darling Harbour by cosmetic surgeon and hotelier Dr Jerry Schwartz, being developed by Lend Lease and to be managed by AccorHotels, marks the development of Sydney's first, major new-built 5-star hotel in more than 15 years.

The hotel, purchased for an estimated A$360 million, is scheduled to be completed in Q3 of 2017. At 590 rooms, the hotel will be the largest luxury hotel in Sydney by number of rooms, and will anchor the new circa A$3.4billion Darling Harbour Live international convention, exhibition and entertainment center precinct.

The transaction also has the distinction of being the first pre-sale/turnkey hotel sale in Sydney in at least a generation, and arguably the only one of its kind in Australia.

Finalists for the Merger and Acquisition of the Year Award

AccorHotels and China Lodging Group Alliance

In an alliance between AccorHotels and China Lodging Group (CLG) signed in December 2014, AccorHotels became CLG's second largest shareholder, and CLG in turn became the exclusive master franchisee for AccorHotels' economy and midscale brands in Mainland China, Mongolia and Taiwan.

The alliance creates one of the most prominent and diversified hotel companies in China with more than 2,500 hotels and a very robust pipeline, and should accelerate both groups' expansion in what is one of the world's largest and fastest-growing domestic and outbound travel markets.

ADIA Acquisition of Stake in New World Development Hotels in Hong Kong

In what is the sovereign wealth fund's largest Asian property investment to date, with a regional record of US$1.35 million per key, Abu Dhabi Investment Authority (ADIA) acquired a 50% interest in New World Development Co's Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency Tsim Sha Tsui for HK$18.5 billion (US$ 2.4 billion).

Proceeds from the joint venture are expected to be used by New World to fund its other development projects including the upcoming New World Centre Development in Tsim Sha Tsui.

Hoshino Resorts Inc. Acquisition of 4 ANA Hotels from MSREF

In August 2015, Hoshino Resorts Inc. acquired four large-scale, full-service ANA Crowne Plaza hotels in key suburban markets in Japan from Morgan Stanley's MSREF portfolio, totaling 1,229 rooms for nearly JPY 40 billion (US$333 million) in one of the largest hotel investments in Japan in recent years.

Marketed through a ferocious closed bidding process that involved Japanese and foreign investors, this was a complex transaction featuring complicated property structure and cash flow, for an unusually high number of rooms in a single deal for a recognized brand name.

HICAP is hosted by BHN, Horwath HTL, and Stiles Capital Events.

HICAP, Hong Kong, Deal of the Year

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