Grand Mercure Bangkok Windsor Acquired for THB3.2 Billion

Thailand-based Asset World Corporation has acquired Grand Mercure Bangkok Windsor for THB3.2 billion. Located along Sukhumvit’s Soi 20, the property can be reached within 9-minute walk from Asok BTS station. The property was rebranded from the former 456-key Windsor Suites Hotel, which featured six food and beverage outlets, a fitness centre, a spa centre, an executive lounge, and a helipad on its rooftop. This represents the largest hotel transaction recorded in Thailand in 2022. 

Mercure Pakenham Freehold Sold for almost AUD16 Million

The 64-key Mercure Pakenham Australia freehold interest has been sold to a Melbourne-based investor for AUD15.8 million, which represents a sharp passing yield of 5%. The property was sold on a leaseback for 20 years, with the three-storey building sitting on 3,500 square metres of land which is also connected to the popular Cardinia Club. The property which opened in September of 2022 is ideally located within the Pakenham Race Club Precinct and comprises of one restaurant & bar and two meeting rooms.

L Catterton to invest in Hulic Redevelopment Project in Osaka, Japan

US-based private equity firm L Catterton backed by France-based Fashion Conglomerate Moet Hennesy Louis Vuitton (“LVMH”) has taken a stake in an Osaka redevelopment project led by Japan-based property group Hulic Co., Ltd (“Hulic”). With a gross floor area totaling 46,241 square metres, the 28-storey building will offer a mix of retail, hospitality, and office spaces. The project-site is in the key commercial district Shinsaibashi and includes the redevelopment of the Shinsaibashi Plaza Building and the Shinsaibashi Fuji Building. Upon completion in 2026, the building will have direct access to Shinsaibashi station of the Osaka Metro. To date, the Shinsaibashi Redevelopment project is L Catterton’s second investument in a major Japanese project in less than a year. 

Bohol, Philippines Gets a New Mixed-Use Tourism Development

A 50-hectare mixed-use development which costs PHP25 billion that marks sustainability, community and local culture is taking shape in Panglao, Bohol. Named Panglao Shores, which will be Bohol’s first and biggest township will comprise of at least three hotels with 1,000 keys on a kilometre strip of white beach, 1,000 condominium and residential units, 37,000 square metres of indoor and outdoor retail and commercial areas, as well as medical and greenbelt facilities. Developed by the Philippines-based Alturas Group of Companies, the first phase of the 10-year project includes the commercial strip and the ongoing construction of a 188-key South Palms Resort. The resort will be managed by a foreign hotel management company which is slated to open by 2024. Panglao Shores is meant to be sustainable in all aspects, including water supply and electricity, coupled with a sense of place, connection to the surrounding land and Filipino heritage.

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