Pro-invest Group Acquired Larmont Sydney by Lancemore for AUD46.3 Million

Australia-based Pro-invest Group (“PIG”) has acquired the 103-key Larmont Sydney by Lancemore Hotel (“Larmont Sydney”) for AUD46.3 million. The Larmont Sydney comprises of one breakfast restaurant and an option of complimentary 24-hour gym access to the on-site Anytime Fitness. The Larmont Sydney is strategically located within a mixed-use commercial building and is within walking distance to Sydney’s Central Business District and Kings Cross railway station. The property was last traded in 2014, when Singapore-based TEE Land, Singapore-based KENMOORELAND Pte. Ltd, and Australia-based The Lancemore Group has acquired the former 76-key Diament Hotel for AUD23.2 million. The investors have then acquired apartments on levels 11 and 12 of the building for AUD12 million and turned the 24 units into more hotel rooms.

Atami's Hotel Acao and Hotel Acao Annex Sold to Fortress Investment Group

Shinrakami, an affiliated company of US-based Fortress Investment Group, has recently acquired the former Hotel New Akao, former Royal Wing Hotel and 7% of the landholdings from Japan-based Acao Spa & Resort at an undisclosed sum. Situated in Atami, a famous resort town in Shizuoka Prefecture, the two properties were built into the cliffside below Atami Castle. The 20-storey Hotel New Akao was opened in 1973 and featured a dining hall on the second floor, a karaoke, dance hall, onsen facility, and an ocean facing pool on the first floor. The nearby Royal Wing Hotel also featured onsen, spa facilities and a swimming pool. Together they comprise of 350 guest rooms. Japan-based Mystays Hotel Management Co., Ltd. will be the new management of the two properties.

BeOnd, New Premium Airline Set-Up in Maldives

Maldives-based SIMDI Group and UAE-based ARABESQUE Investment Firm is setting-up a new premium airline BeOnd in Maldives. Set to launch in early 2023, BeOnd’s airlines’ vision is to take people on their journey to the best places on Earth. The Airline will provide non-stop flights from Maldives to up to 60 destinations around the globe including Europe, Asia, Africa and Australia. Initial destinations will comprise of key global destinations such as Dubai, Hong Kong, Milan, Munich, Paris and Singapore. BeOnd airlines will fly the customed Airbus A321neos with a capacity of 68 passengers in fully flat business class seats with a two-by-two seating configuration. The airline will offer premium services such as baggage check-in at home, premium transfers, dedicated lounge, and inflight cuisine. 

NH Hospitality Brand to Debut in Asia

NH Hospitality (“NH”) brand owned by Thailand-based Minor International is set to debut its first ever hotel in Asia by partnering with Thailand-based Boat Lagoon Co.Ltd. The first NH property will be located at the soon to be rebranded Boat Lagoon Resort. Located on the east coast of the island of Phuket, the 271-key property is slated to open by the first quarter of 2023 and will be rebranded to “NH Boat Lagoon Phuket Resort”. With the re-branding, the property will include a mix of guest rooms and serviced apartments, an all-day-dining restaurant, lobby café, swimming pool with a bar, a gym, tennis courts and a kids club. Furthermore, the property will include a marquee of 1,000 square meters, a business centre and on-site parking. The NH brand currently has 330 hotels in 30 countries across Europe and the Americas.

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