Carter Group to Invest in Pro-invest APAC Value-add Hotels Fund

New Zealand-based investment firm Carter Group Limited (“CG”) has become a significant stakeholder in Australia-based Pro-Invest Group (“PG”)’s AUD500 million Asia Pacific Hotel Fund. CG has sold the vacant 209-key Holiday Inn at Flinders Lane to the Pro-Invest Fund III, with plans to spend AUD20 million to renovate the hotel and rebrand it as Hotel Indigo Melbourne. Pro-Invest will operate the newly renovated 216-key Hotel Indigo Melbourne under a franchise agreement with UK-based IHG Hotels & Resorts. The 103-key Larmont Sydney, which was acquired by PG for AUD46 million in December 2022, will also be rebranded as a Hotel Indigo. The Pro-Invest Fund III aims on acquiring distressed assets that can be purchased at low prices and revamp them in return.

Keppel Land Sells Sedona Hotel Yangon for USD57.4 Million

Singapore-based Keppel Land Limited (“Keppel Land”) and its subsidiary Double Peak Holdings are divesting the 100 percent stake in Greenfield Development (“GD”) to Spring Blossom Ventures for USD57.4 million. GD wholly owns Straits Greenfield, which has the right to construct hotels in Myanmar and currently operating the Sedona Hotel Yangon. Located in front of Inya Lake, the 749-key property is just 20-minute away from Yangon International Airport. The property features five food and beverage outlets, a fitness centre, a spa centre, two tennis courts, a club lounge, and nine function rooms. The consideration of USD57.4 million exceeds GD’s net asset value of USD43.9 million as at February 2023, and the entire divestment is expected to be completed by the first half of 2023.

Loadstar Capital Acquired Akasaka’s Hotel Rex

Japan-based Loadstar Capital K.K. acquired Akasaka’s Hotel Rex at an undisclosed sum in January 2023. Situated at the centre of Akasaka area, the 52-key property is just 1-minute away from the Akasaka Station, 5-minute away from the Kokkai-gijidomae Station, and 6-minute away from the Tameike-sanno Station. The property was built in 1977 and has a total gross floor area of 3,117 square metres.

Kasumigaseki Capital to Launch Private Fund for Hotel Development

Japan-based Real Estate Company Kasumigaseki Capital Co., Ltd. (“Kasumigaseki Capital”) has established a private investment fund “FAV PRF No. 1” (“FAV PRF”) to invest in ten apartment hotels under the newly developed “FAV HOTEL” brand. The target asset scale for FAV PRF is approximately JPY13.5 billion and consists of multiple fund investors including Japan-based Kasumigaseki Capital, who will not only remain a silent partner but also responsible for the management of the assets. The FAV HOTEL brand developed by Kasumigaseki Capital, places emphasis on convenience and comfort for its guests.

Weave Living has Opened its First Location in Singapore

Hong Kong-based Weave Living has opened its first location in Singapore. Located in Kampong Glam, the 65-key Weave Suites - Midtown is within walking distance to the Bugis and Nicoll Highway MRT station. The 3,252 square metres property, located at 33 Jalan Sultan was formerly a row of shophouses which was known as Hotel Clover. The property was acquired through a joint venture with Singapore-based SLB Development Ltd. for SGD75 million. Each unit is fitted with ample amenity spaces, with most units having their own private terraces and kitchenettes. The property’s ground floor consists of a large gourmet kitchen, a gym, meeting rooms and workspaces.

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