CapitaLand Ascott Trust to Divest Citadines Mount Sophia Singapore for SGD148 Million

CapitaLand Ascott Trust (CLAS), a Singapore-based lodging trust, has announced the sale of Citadines Mount Sophia Singapore (“The property”) for SGD148 million, to a joint venture between Hong Kong-based Weave Living and US-based asset manager, BlackRock. This transaction is expected to be completed in 1Q 2024. Located at 8 Wilkie Road in Singapore, the 154-key serviced residence forms the residential component of a mixed-use development called Wilkie Edge. Weave Living, an accommodation company, announced that the property will be renovated and re-launched under Weave Living’s contemporary serviced accommodation brand – Weave Suites (“Weave”). The renovated property will be Weave’s second property in Singapore and is expected to open around early-2025 featuring, fully self-contained studios, one-bedroom apartments, and amenity-rich resident spaces. 

IOI Properties Acquires MYR165 Million Penang Marriott Hotel in Malaysia

Malaysia-based IOI Properties Group has announced the acquisition of the Courtyard by Marriott Penang (“The hotel”), in Malaysia, from Malaysia-based Tropicana Corp, for MYR165 million. The 199-key hotel first opened in 2020 and was Malaysia’s first Courtyard-branded hotel. Located in George Town, Penang, Malaysia, the 22-storey hotel towers over the Straits of Malacca and the city.

Choice Hotels APAC Acquires City Edge Apartment Hotels Franchise

Choice Hotels Asia-Pacific (APAC) (“Choice Hotels”), one of the largest hotel franchise groups in APAC and an owned subsidiary of US-based Choice Hotels International, has acquired the City Edge Apartment Hotels franchise (“City Edge”). This acquisition would enable Choice Hotels to expand their footprint in Australia, by doubling their presence in inner Melbourne. Choice Hotels will thus have an addition of 271 apartment-style rooms across five prime locations, near key business hubs – South Melbourne, North Melbourne, Melbourne CBD, East Melbourne, and Box Hill. The acquisition deal also includes City Edge’s active franchise agreements, the brand, and associated intellectual property. 

Singapore’s Marina Bay Sands Gets Authority Approval for their Fourth Tower Construction

Singapore’s Marina Bay Sands (MBS) has received development approval from the Urban Redevelopment Authority, to construct a fourth tower. The new tower is expected to have 153,100 square metres of hotel space and 12,185 square metres of retail space. MBS’s parent company, US-based Las Vegas Sands, mentioned that the new tower will be developed with a focus on enhancing the leisure and business tourism appeal of Singapore. Construction is expected to be completed by 8 April 2028, with the tower comprising 587 all-suite rooms, a live performance arena with a minimum seated capacity of 15,000 spectators, additional meetings, incentives, conventions, and exhibitions (MICE) facilities, and luxury retail shops. Furthermore, the tower’s top floor will house a sky roof with a swimming pool, and additional tourist attractions that will be announced at a later date.

Vietjet to Expand Its Flight Network to Vietnam, China, and Taiwan

Vietjet has announced the launch of new flight routes to Vietnam, China, and Taiwan. Within Vietnam, from 1 March 2024, there will be a new non-stop service between Hanoi and Dien Bien, operating initially for three times a week. Regarding international routes, Vietjet had recently launched their daily, non-stop, Phu Quoc, Vietnam, and Taiwan route. Furthermore, on 10 February 2024, Vietjet will begin their daily, non-stop, Ho Chi Minh, Vietnam, and Chengdu, China, flight service. To accommodate the growing demand for their services and enhance operational reliability, Vietjet has recently received four wet-leased Airbus A320-200s. The airline has also recently won the International Finance Award, which is awarded to those with global business excellence, leadership skills and capabilities in finance, aviation, banking, energy, services, and more.

About HVS

HVS is the world's leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.

Related