Weave Living and its Partner Jointly Acquire Rosedale Hotel, Kowloon for HKD1.37 Billion

Hong Kong-based Weave Living (“WL”) and US-based PGIM Real Estate (“PGIM”) are acquiring Rosedale Hotel in Kowloon, Hong Kong, for HKD1.37 billion from Hong Kong-based ITC Properties Group Limited and Hong Kong-based Shaw Trustee (Private) Limited . The USD200 million joint venture between WL and PGIM will see that the 435-key Rosedale Hotel features 15,000 square feet of shared spaces, 4,000 square feet of rooftop terraces and a restaurant after renovation. The built up of the property will be 111,000 square feet. WL will act as the asset manager, development manager and operations manager for the joint venture as well as retaining 10 percent stake in the joint venture. The renovation will be completed mid-2023, marking WL’s fourth hotel conversion and expanding their room count by 40%.

The Assembly Place to Acquire Co-living Peer Operator Commontown Singapore

Singapore-based co-living start-up company The Assembly Place ("TAP") is set to an agreement with Singapore-based Liberto Pte Ltd, the operator of Commontown Singapore’s co-living spaces, to acquire all company assets through a share swap agreement at an undisclosed sum. The deal includes acquiring all Commontown Singapore’s assets of 120 rooms across ten locations as well as head leases and subleases. The brand's co-living space is currently fully leased out throughout the country. TAP plans to launch a 181-key co-living hostel and a four-storey residential block in April. The serviced apartment assets are currently in the planning and construction phase across three locations. TAP was founded in 2019, and since, the company has amassed more than SGD250 million in asset under management.

Vietnamese Co-living Start-up Secures USD1.7 Million Venture Capital Funding

Vietnam-based Mvillage Joint Stock Company ("MV"), an accommodation start-up in co-living spaces, has received funding of USD1.7 million led by Vietnam-based venture fund Simple Tech Investment. The fund will expand the number of rooms MV has in Ho Chi Minh City (“HCMC”) from the current 300 to 1,000 this year. MV was founded in October 2020 and operates five locations in HCMC, with their occupancy rates exceeding 90 percent. The founder, Nguyen Hai Ninh, is also the founder and ex chief executive officer of The Coffee House, a HCMC-based coffee chain with more than 140 stores across Vietnam. MV has also received funding from Singapore-based Vulpes Venture, Japan-based Genesia Ventures, Inc., and some other angel investors.

Joint Hospitality Group Vista launched in a partnership between Pro-invest and Next Story

Australia-based Pro-invest Group (“PI”) and Singapore-based Next Story Group (“NSG”) have come together to establish a new management company, Vista Hospitality Group Australasia (“Vista”). Vista will offer a one stop shop combining the expertise and capabilities of each company and will include everything from development planning, asset management to tailored hotel operations. Vista will have a dynamic range of brands from mid-market to luxury segments. The new group is currently launching with 1,500 rooms and plans to expand this to 5,000 rooms across Australia and New Zealand over the next five years.

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