Fri, 22 Sept 2017

Finalists of 2017 HICAP Hotel Deals of the Year

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

The awards will be presented at the 28th annual HICAP, scheduled for 18-20 October 2017 at the InterContinental Hong Kong.

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


Adopting adaptive reuse for the rehabilitation of this 18th century fort, has created a unique 59 suite hotel offering an architecturally and historically rich experience for guests, encompassing fun, indulgence, discovery, and respect for the past. The design direction is decidedly stark and spartan, marked by clean and uncluttered interiors judiciously woven with Rajput/Mughal elements. Without any typical floor plans, the architects took some 1,800 hours to draw up 23 different room configurations to fit around the original 2-3m wide walls, ensuring picture windows for all guest rooms. F&B options are a veritable treasure hunt where turrets, cellars and secret passages have been turned into bars, lounges and creative spaces for dining and meetings.

Owner: Knights & Kings
Operator: Two Roads Hospitality
Architecture and Interiors: STHAPATYA Architects
Development Cost: USD15 million (approx.)

BAWAH PRIVATE ISLAND (Anambas Archipelago, Indonesia)

6 islands, 3 lagoons and l3 white beaches. 39 beautiful beach and water villas and public areas (with original vegetation around) are made with sustainable materials (no heavy machinery was used construction). Located only 2 hours by seaplane from Singapore, development of this luxury eco-friendly resort was an incredible challenge, but a worthwhile one. The resort will be supporting a foundation protecting oceans and flora with the objective of turning Bawah Island into a UNESCO Biosphere Reserve. Bawah will also be a pilot site for The Renewable Energy Integration Demonstrator Singapore (REIDS). Bawah is a conception of luxury focusing on simplicity in the sense of purity, rare natural experience and simplification of choices for guests.

Owner: Private Consortium led by Tim Hartnoll
Architecture and Interiors:
Development Cost: USD30 million (approx.)


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.

Owner: Berjaya Corporation
Operator: Four Seasons Hotels & Resorts
Architect: Kume Sekki, Jun Mitsui Associates (Porte Cochre), Yamamoto Atlir (Tea House)
Interiors: Hirsh Bedner & Associates, Kokai Studio (Main Restaurant), Strick Land (Sushi Restaurant)
Development Cost: JPY40 billion (USD368 million)

Finalists for the Single Asset Transaction of the Year Award are:


Part of the Melbourne Convention Centre, the 396-room hotel was acquired for AUD230 million (USD184.4 million) in July 2017 by UOL Group Limited from Host Hotels & Resorts. The transaction met Singapore-based UOL Groups desire to expand its Pan Pacific Hotel Group (PPHG) portfolio and hotel management businesses in the Oceania region the hotel was rebranded as the Pan Pacific Melbourne and adds to existing PPHG properties in Perth, Darling Harbour, Parramatta and Melbourne Airport. The deal also enabled seller Host Hotels & Resorts to achieve an attractive sale price for its sole remaining asset in Australia.

Advisors (Seller): Baker McKenzie, JLL Hotels & Hospitality Group.


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 Japans fastest growing markets.

Advisors (Buyer): Savills


The acquisition of Novotel Melbourne on Collins by Frasers Hospitality Trust (FHT) in October 2016 was the most significant hotel transaction in Melbourne, Australia at that time. FHT, a global hotel and serviced residence trust listed on the Singapore Exchange, acquired the hotel for AUD237 million from LaSalle Opportunity Fund. The acquisition adds income contribution from Melbourne which is a healthy, growing market, and further diversifies FHTs earnings base. With the addition of Novotel Melbourne on Collins, FHT now has a portfolio of 15 quality assets located across Asia, Australia and Europe. Its portfolio value has increased from SGD2.1 billion as at 30 September 2016 to SGD2.3 billion as at 30 June 2017, with its Australia properties (which comprise Sofitel Sydney Wentworth, Novotel Rockford Darling Harbour, Fraser Suites Sydney and Novotel Melbourne on Collins) accounting for nearly one-third of its portfolio value. LaSalle Opportunity Fund purchased Novotel Melbourne on Collins and the adjoining Collins Street mall in 2012.

Advisors (Seller): King & Wood Mallesons; JLL Hotels & Hospitality Group
Advisors (Buyer): Baker McKenzie

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


China-based multi-brand hotel company China Lodging Groups 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 Oranges positioning and style will complement Shanghai-based China Lodgings coverage and development capability in China, as well as its corporate philosophy and brand portfolio as one of Chinas largest hotel groups. China Lodging Group has approximately 620 leased hotels 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.

Advisors (Seller): Morgan Stanley, Latham & Watkins and Han Yi Law
Advisors (Buyer): Fangda Partners, Davis Polk & Wardwell


The acquisition represents Singapore-based V Hotel Managements first hotel investment in Thailand in line with their strategy to expand their offering of affordable midscale accommodation in the region, and seller WHRIs 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 Thailands 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.

Advisors (Seller): JLL Hotels & Hospitality Group

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