Asset World Corporation Acquired dusitD2 Chiang Mai

Thailand-based Asset World Corp Public Company Limited (“AWC”) has acquired dusitD2 Chiang Mai from Thailand-based Dusit Thani Freehold and Leasehold Real Estate Investment Trust for THB435 Million. The 130-key property located in downtown Chiang Mai, features one restaurant and one bar, three meeting rooms which spans 349 square metres, a spa and fitness centre, and an outdoor swimming pool. It was reported that AWC has also take-over LHONG 1919 along the Chao Phraya River in Bangkok, to redevelop this former tourist attraction into a THB3.43 billion wellness resort managed by the Ritz Carlton Group. AWC will continue to expand their portfolio in Thailand, bringing more than 4,000 additional hotel rooms in Thailand.

Aju Hotels and Resorts Sold Westin San Jose to Khanna Enterprises

South Korea-based Aju Hotels & Resorts Co Ltd (“AHR”) has sold Westin San Jose to US-based Khanna Enterprises, Ltd. for USD62.3 million. Located in downtown San Jose, this 171-key freehold property is just next to the San Jose Convention Centre and San Jose State University. The property features a restaurant, a fitness centre, a business centre, and six meeting rooms that cover 1,140 square metres. The hotel was converted from the previous Sainte Claire hotel building and was designed in an Italian Renaissance Revival and Mediterranean Revival style of architecture. AHR currently owns the 272-key RYSE, Autograph Collection in South Korea and a few hotels in America such as the 182-key Ace Hotel Downtown Los Angeles and 234-key AC Hotel Seattle Bellevue.

Sri Lankan Government Announced Plans to Develop Galle Port into a Tourism Hub with a Budget of USD175 million

The government of Sri Lanka has announced the USD175 million development plan of turning Galle Port into a tourism hub. Galle Port is situated on the south-western coast of Sri Lanka. It is the only Sri Lankan port that provides facilities for leisure yachts. The international yacht societies have recognised Galle Port as one of the world's best attractions for yachting. Therefore, the Sri Lanka Ports Authority (“SLPA”) has planned to remodel the current port in Galle to a full-fledged tourist port that includes a 150-metre length cruise berth through a 40-hectare land reclamation project. The development aims to increase the annual tourist arrivals up to seven million, attracting hotels and other leisure-based activities investments to the city. The Environment Impact Assessment (“EIA”) will work closely with SLPA for the project to ensure the protection of valuable marine resources, especially during the land reclamation process.

Thailand Government is Expanding Bangkok Suvarnabhumi Airport for THB7.8 Billion

Thailand government has approved the THB7.8 billion East Expansion Project on Bangkok’s Suvarnabhumi Airport. The whole expansion project will span 66,000 square metres to accommodate 108 additional check-in counters, six sets of baggage conveyors and nine arrival security checkpoints. Upon completion by March 2025, the expanded airport will be able to accommodate 65 million passengers per year, from 45 million passengers per year currently. It is expected Thailand’s tourism will revive to pre-pandemic level in 2024 or 2025, and now will be the perfect time to start the expansion project as the airport is not busy with the global travel restriction imposed.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

Related