Cork’s Castlemartyr Resort was sold to Singapore-based hospitality operators

Cork’s Castlemartyr Resort was sold to Singapore-based hospitality operators, the owners of the five-star Sheen Falls Lodge in Kenmare, Co Kerry.

Set on 220-acres in East Cork and centred on a historic 17th-century manor house, Castlemartyr Resort consists of 38 self-catering cottages and lodges, a mix of two and three-bedroom properties which are popular with families and golfers.

Developed by the Supple family, Castlemartyr opened in 2007/08 as a luxury 109-bedroom property. It currently employs 250 full and part-time staff in high season. High profile guests have included former US president Bill Clinton, rocker Bruce Springsteen and celebrity couple Kanye West and Kim Kardashian, who stayed there on the Irish leg of their honeymoon.

British businessman and hotelier Martin Shaw acquired the property close to €14m in 2015.

Castlemartyr Resort is the third Irish hotel acquired by Singaporeans Dr Stanley Quek and Loh Lik Peng. The undisclosed purchase price was understood to be in the region of €20m.

“We are very excited to be the new owners of Castlemartyr Resort. This is a very significant purchase for us and demonstrates our commitment and confidence in the Irish hospitality market,” Dr Stanley Quek said.
“It is a beautiful country property, rich in history, and is an important employer and amenity in the local area.”

Mr Loh said they have been actively seeking opportunities to add Irish hotels to their portfolio over the past five years.
“Castlemartyr is a wonderful addition. It is an easily accessible hotel for the domestic and international market, with much charm and many attractions. We look forward to ensuring the continued success of the hotel.”

Visit https://www.facebook.com/AsiaPacificHotels for more hotels news.

#AsiaPacificHotels #Irelandhotels #Castlemartyr

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YOTEL London Clerkenwell was sold for GBP 70 million

Central London hotel YOTEL London Clerkenwell was sold to Legal & General Investment Management (LGIM) Real Assets for GBP 70 million.

YOTEL London Clerkenwell, owned by 100 Clerkenwell (in administration) and run by United Kingdom hotel company Yotel, is Yotel’s first Central London-located hotel, and its construction was completed only in May last year. Trading began in August of the same year.Since the beginning of the Covid-19 pandemic, this transaction is one of the first Central London hotel sales. Yotel, which has shareholders including the Al-Bahar Group and Starwood Capital Group, will be able to add to its hotel portfolio, which currently includes 15 hotels across New York, Singapore, Istanbul Airport, San Francisco, Edinburgh and Amsterdam. Knight Frank acted for the administrators on the sale.



LGIM Real Assets senior fund manager Rob Codling noted: “This is the fund’s first operational hotel acquisition seizing a rare opportunity to acquire the hotel out of administration. The asset is located in a prime area of London, a short walk from Farringdon Station which with the opening of the Elizabeth Line (Crossrail) will make it one of the busiest stations in the UK, providing a fantastic opportunity to capitalise on the recovery of the London hotel market following the Covid pandemic.”

#knightfrank#londonhotels#yotel

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Sands to Sell Las Vegas Properties for $6.25 Billion

Las Vegas Sands Corp. agreed to sell its Las Vegas properties to Apollo Global Management Inc. and a real-estate investment trust for about $6.25 billion as the casino operator exits the gambling hub to focus on its core Asia operations.

After the death of founder Sheldon Adelson in January, Sands executives said the company would continue to invest in its Singapore and Macau casinos, which generate most of the company’s revenue.



“As we announce the sale of the Venetian Resort, we pay tribute to Mr. Adelson’s legacy while starting a new chapter in this company’s history,” Chief Executive Officer Robert Goldstein said Wednesday. “Asia remains the backbone of this company, and our developments in Macau and Singapore are the center of our attention.”

Source: https://www.wsj.com/articles/sands-to-sell-las-vegas-properties-for-6-25-billion-as-it-focuses-on-asia-11614776358

LasVegasSands #Sands #Adelson #singapore #VenetianResort #ApolloGlobal

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Park Hotel Kyoto opening in early 2021. First virtual transaction in Asia.

Park Hotel Group has joined hands with Apricot Capital in a join venture to acquire a newly built hotel in Kyoto. The 114 room property will be branded as Park Hotel Kyoto, Park Hotel’s second hotel in Japan. The first was Grand Park Otaru in Hokkaido.



This is likely the first hotel transaction in Asia where the deal was signed with key inspections completed virtually. The freehold property has a gross leasable area of 3,276 sq m (35,263 sq ft) with a ground floor bar and restaurant that receive high footfall.

Located on the famous street of Oike Dori, guests to Park Hotel Kyoto can expect a comfortable stay in this beautiful hotel that elegantly combines sleek contemporary design with traditional Japanese touches. They can also enjoy great accessibility to visit numerous attractions within Kyoto city.



Kyoto is home to 17 UNESCO World Heritage locations and gifted with a vibrant gastronomic scene, Kyoto today is considered the cultural capital of Japan. In 2019, the city of Kyoto received about 53.25 million visitors. Park Hotel Kyoto is ideally located near the world famous Nijō Castle, and gastronomic centres Nishiki Market and Pontocho. The hotel is set to open in early 2021.
#ParkHotelKyoto #ParkHotelGroup ##asiapacifichotels

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[Singapore] Fortuna Hotel, a 106-key hotel for sale

[Singapore] Fortuna Hotel, a 106-key hotel at 2 Owen Road, is for sale at a guide price of $98.8 million, or $2,060 psf on gross floor area (GFA).

The property spans seven storeys with an estimated GFA of 47,990 sq ft, offering 106 rooms with sizes of 17 to 49 sq m (183 to 527.4 sq ft). The hotel occupies a freehold site of 8,332 sq ft. It is located at a junction along Owen Road and Serangoon Road, and next to Farrer Park MRT Station. Based on URA’s Master Plan 2019, the site is zoned “Hotel” with a gross plot ratio of 3.0.

Comparable freehold hotel transactions include The Claremont Hotel (next-door) sold in Q1 2019 at S$68 million, which translates to S$755,000 per key or S$2,222 psf on GFA, CBRE noted. Meanwhile, Wangz Hotel was sold in Q4 2018 at S$60 million (nearly S$1.5 million per key, or S$2,424 psf on GFA).

Foreigners are eligible to purchase the subject property and there will be no imposition of additional buyer’s stamp duty or seller’s stamp duty.

Meanwhile, we are marketing two 4 stars hotels on 99 leasehold land. Pricing in the range of S$360 to 450 million or ~$900k per key. Contact +65 96855070 for more details.

#AsiaPacificHotels #Singaporehotel

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Park Hotels selling Grand Park Orchard

Park Hotel Group has entered into an agreement to sell its Grand Park Orchard hotel and adjoining Knightsbridge retail mall.

Singapore-based Park purchased the property, then known as the Crown Prince Hotel, for SG$300 million (US$238m) in 2005, and has since undertaken a major SG$80m refurbishment and rebranding. The revamped 308-room hotel reopened in 2010. It has now been sold to Glory Property Investment Singapore, although the financial details of the sale were not revealed.

This deal follows the recent sale of another of Park’s Singapore properties, the Park Hotel Clarke Quay, as the company shifts its business model towards that of a hotel management company. The Clarke Quay property was sold to Ascendas Hospitality Trust for SG$300m in April 2013.

 

“There is a high scarcity value for such a prime freehold asset located along Orchard Road. The demand and appeal for quality assets with strong stabilised cash flow remains overwhelming,” said Park’s CEO, Allen Law. “The group has aggressive plans to grow and we continue to do so through acquisition and management contracts.”

Park continues to own and operate six hotels in Singapore, China, Hong Kong and Japan, while two more Singapore properties – Park Hotel Alexandra and Park Hotel Farrer Park – are due to join in 2015, both on management contracts.

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New Zealand: $225 million surge in hotel sales

A group of New Zealand hotels sold for $225.6 million last year.

Dean Humphries, national director of Jones Lang LaSalle Hotels in Auckland, said the flurry of investment activity meant 2010 was the second-highest year for transaction volumes since the firm began keeping records in 1990.

The value of last year’s deals was eclipsed only in 2006 when hotels sold for $378.3 million and Humphries thinks the sales will continue to flow this year.

“On the back of this activity, we expect more hotels to come to the market this year. Hotel trading across New Zealand started to stabilise during 2010, providing a platform for owners and operators to counterbalance discounting that occurred throughout the global financial crisis.

“We expect that trading conditions will continue to improve in 2011 and that the Rugby World Cup in September/October [will] act as a further catalyst for trading growth,” he said.

“The surge in New Zealand hotel sales included one of Auckland’s premier CBD hotels, the 267-room Hyatt Regency Auckland which sold for just under $60 million. The hotel was purchased by Charles Pandy’s CP Group. On January 20, the Hyatt was rebranded as a five star Pullman under the Accor Asia Pacific brand.

“The 283-room Hotel So in Christchurch sold for about $19 million to a private offshore investor who has also purchased a number of other hotel assets in Australia and Singapore over the past couple of years. The hotel has now been rebranded as an All Seasons under management by Accor Asia Pacific,” Humphries said.

“New Zealand has also recorded its largest hotel portfolio transaction at approximately $150 million with the sale of six hotels owned by Australian private company Tourism Asset Holdings. The hotels included Novotel and Ibis Ellerslie in Auckland, Novotel and Ibis Wellington, Ibis Christchurch and Novotel Queenstown.

“The purchaser of this portfolio was American-based real estate investment trust Host Hotels & Resorts, the largest lodging real estate investment trust in the world. A seventh hotel, the Novotel Christchurch, was also sold to the same purchasers directly by Accor for an undisclosed price,” he said.

Looking at hotel performance this year, he expected the Rugby World Cup to produce a spike in revenues during the six-week event with matches in 12 cities.

“For the cities hosting the quarter-finals, semifinals and finals, room rates could be up to four to five times the normal room rate.”

RISING FAST

Five big new hotels under construction:

Kawarau Falls, Queenstown:
5-star 178-room Hilton Queenstown
4-star 98-room Kawarau Hotel

Auckland International Airport & precincts:
4-star 260-room Novotel
4-star 150-room Sudima
2-star 125-room Formula One

Source: NZ Herald

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