Karim Family Acquires Harbour Rocks Hotel in Sydney for AUD40 Million

Mr Robert Magid has sold his Harbour Rocks Hotel MGallery (“HRHM”) to the Indonesian Karim Family for approximately AUD40 million. Located in the central business district of Sydney, the 59-key HRHM is currently operated by Accor’s MGallery Collection brand. The hotel features three food and beverage outlets, a boardroom, a workout room, and a garden terrace. Earlier this year, Mr Robert Magid had also sold the 59-key Hotel Lindrum MGallery in Melbourne for AUD50 million. The Karim Family runs the Singapore-based Musim Mas Holdings Pte Ltd (“MM”), one of the world’s leading palm oil conglomerates. It is understood that Mr. Bachtiar Karim, the executive chairman of MM, had also purchased the 75-key serviced apartment Royal Darby Park Executive Suites in Singapore for AUD117 million in 2019.

Hanwha Group Sold Saipan World Resort for KRW90 Billion

Hanwha Hotels and Resorts, a subsidiary of the Korea-based Hanwha Group (“Hanwha”) has signed a deal with Korea-based Pactum Private Equity to sell Saipan World Resort (“SWP”) for KRW90 billion (approximately USD63 million). Located 10 minutes away from the Saipan International Airport, the 259-key all-inclusive SWP features six food and beverage outlets, Saipan’s largest waterpark, a library, and a kid’s playground. It was reported that Hanwha has previously acquired SWP for KRW30 billion in 2019. This disposal will allow Hanwha to dispose unessential assets and focus on its core business as part of the restructuring efforts.

EBC Hotel & Leisure Fund Sold Their Tasmanian Portfolio for AUD30 Million

Australia-based EBC Hotel & Leisure Fund have sold its Tasmanian portfolio for AUD30 million to Australia-based boutique investment house Pentagon Group. The portfolio consisted of three hotels, the Old Tudor Hotel in Launceston, The Bayside Inn in St Helens and the Foreshore Tavern on the outskirts of Hobart. Together, the portfolio comprises of 4.58 hectares of land, 132-guest rooms, 90 casino gaming machines, three restaurant & bars and an estimated generated revenue of around AUD17 million. This sale is the first major hotel portfolio sale in Tasmania since 2011.

China has Approved Macau International Airport’s Land Reclamation Expansion Plan

Civil Aviation Authority (Macau) has announced that the government has received approval from China to proceed with the land reclamation project of Macau International Airport (“MIA”). The completed reclamation project will see an additional 130 hectares of reclaimed land for expanding the capacity of the apron in order to build more aircraft stands and construct fast lanes for taxiing. While no concrete timeline has been provided for the project, when complete it will allow MIA to handle 15 million passengers per year, which the airport has handled 9.6 million passengers in 2019. This expansion project will consolidate Macau’s position as a world tourism and leisure hub, and increase MIA’s competitiveness in the Pearl River Delta Region.

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