W Kuala Lumpur Hotel to be Acquired by IOI for MYR 270 Million

Malaysia-based IOI Properties Group Berhad (“IOI”) has entered into a sale and purchase agreement (“SPA”) to acquire the 150-key W Kuala Lumpur Hotel from Malaysia-based Tropicana Residences Sdn. Bhd. for MYR 270 million through its 99.9% owned indirect subsidiaries. The deal amounts to a transaction of MYR 1.8 million per key for the W Kuala Lumpur, a hotel that features four on-site food and beverage options, a swimming pool, a spa, a fitness center, and various meeting and event spaces. IOI has also entered into a SPA with Malaysia-based Pantai Kok Resort Development Sdn Bhd to acquire the 3.99 hectares of freehold land in Pantai Kok, Teluk Burau in Langkawi for MYR 90.1 million.

Tsim Sha Tsui Popway Hotel Acquired for HKD 180 Million

An entity linked to Shih Wing-ching, the founder of Hong Kong-based Centaline Property Agency, has acquired the 63-key Popway Hotel in Tsim Sha Tsui for HKD 180 million from Hong Kong-based hotelier David Lau Ka-wai, representing approximately HKD 2.9 million per key. The property’s proximity to Hong Kong Polytechnic University and other educational institutes makes it a prime candidate for conversion to student housing, a trend among investors in Hong Kong’s hospitality assets. A conversion of the Popway Hotel to student housing could result in the project offering between 130 to 150 beds. 

First Sponsor Led Consortium Acquired Sydney Building to Redevelop into Mixed-use Project

Singapore-based First Sponsor Group Limited led a consortium to acquire the 3,200-square-metre City Tattersalls Club building in Sydney for AUD 24.7 million. Plans are in place to redevelop the property into a 50-story residential and hotel project, consisting of 241 apartments, an upscale hotel, and event spaces. First Sponsor partnered with Australia-based ICD Property to transform the site at 194-204 Pitt Street after reaching an agreement with City Tattersalls Club to move to a new venue on nearby Castlereagh Street.

AB Capital Acquires Apartment Hotels in Osaka and Kyoto

Hong Kong-based AB Capital Investment Limited (“AB Capital”) has announced its acquisition of the Randor Hotel Osaka Namba Suites in Osaka (“Randor Osaka”), and the Randor Residential Hotel Kyoto Suites in Kyoto (“Randor Kyoto”), for an undisclosed sum. The properties mark the first and second hotel acquisitions of AB Capital Japan Hospitality Fund II, respectively. The Randor Osaka is a 1,912-square-metre, 21-key property in the center of Osaka City, located within a two-minute walk from the Osaka Metro Ebisucho station, with an average room size of 73 square metres. The Randor Kyoto is a 3,730-square-metre, 60-key property located in the Kyoto Station area, in close proximity to major tourist attractions like Gion and Higashiyama, with rooms averaging 49 square metres in size.

Kimlun Corporation and Astaka Holdings Form Joint Venture to Build Serviced Apartments in Johor Bahru

Malaysia-based Kimlun Corp., Bhd (“Kimlun”) is forming a joint venture company with Singapore-based Astaka Holdings Ltd’s indirectly-owned unit Astaka Capital Sdn Bhd (“ACSB”) to develop a serviced residence project in Johor Bahru, Malaysia. Kimlun’s subsidiary Kii Amber Sdn Bhd (“Kii Amber”) and ACSB form the joint venture company on a ratio of 51:49 respectively. The project, which is related to phase three of Arden @ One Bukit Senyum, is expected to launch in Q4 2024, with an estimated construction time of less than 48 months. The land plot acquired by the joint venture measures 1.662 acres. ACSB will oversee the day-to-day operations and handle legal obligations for the project, while Kii Amber will oversee construction and assist with project development.

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