Kasumigaseki Capital Transacted Two Japanese Hotel Development Sites

Kasumigaseki Capital, a Japan-based real estate consulting firm, has sold a land parcel of approximately 2,400 square metres along with a building intended for hotel development in Hatsukaichi City, Hiroshima Prefecture. The planned hotel will consist of five storeys and 34 guest rooms. In addition, the company is set to acquire a development site for another hotel in Ginza, Tokyo. The financial details for both transactions have not been disclosed. 

Osaka’s New Mixed-use Development Opens with Three New Hotels

Grand Green Osaka, the new mixed-use development in Osaka, is set to partially open within weeks. The development will house three hotels: the 252-key Waldorf Astoria Osaka, 482-key Hotel Hankyu Gran Respire Osaka, and 308-key Canopy Osaka Umeda. The project aims to transform the northern portion of Osaka into a contemporary district with 45,000 square metres of green space, and a variety of facilities such as shops, restaurants, a spa, a museum, sports and edutainment cubes, an information center, a train station with direct connection to Kansai International Airport and other parts of Japan, and a 120-metre-long canopy-covered event space. Full opening of Grand Green Osaka is targeted to be within fiscal year 2027. 

The Light City Mixed-Use Development in Penang is Set to Welcome Two New Hotels

The Light City Project, Penang, Malaysia will welcome JdV by Hyatt (“JBH”) and Galaxy Minyoun Penang The Light City Hotel (“GMPTLCH”) into the development. Developed by IJM Perennial Development, a joint venture between Malaysia-based IJM Corporation Berhad and Singapore-based Perennial Holdings Private Limited, the project is located on the eastern coastline of Penang Island. The development includes office spaces, meeting venues, restaurants, and leisure facilities. JBH will occupy six floors and feature 156 rooms, while GMPTLCH will occupy nine floors and feature 303 rooms.

 Malaysia Set to Enhance Cruise Tourism Infrastructure

The Malaysian government have announced on 29 July 2024 of their intention to enhance and develop the nation’s cruise tourism infrastructure, Port Klang Cruise Terminal and Swettenham Pier Cruise Terminal in particular, to make Malaysia a desirable port destination for cruises. Improvements in the works for Port Klang Cruise Terminal are focused on increasing the terminal’s capacity to accommodate more cruise ships. Swettenham Pier Cruise Terminal is undergoing works to beautify its surroundings. A technical committee for the purpose of improving the cruise industry in Malaysia was also established. Malaysia has seen a growth in its cruise sector, receiving 1,055 cruise ships in 2023, which represents an 85% increase compared to 2019.

Grand Fortune Hotel Bangkok to be Rebranded into a New Avani Hotel in Bangkok

Minor Hotels, a subsidiary of Thailand-based Minor International, will launch its third property, the 402-key Avani Ratchada Bangkok from the former Grand Fortune Hotel Bangkok on 1 September 2024. This project is in partnership with Thailand-based real estate developer, CP Land Public Company Limited (“CP Land”). The property is located at Ratchada area, and will feature five food and beverage outlets, 16 meeting venues, and a wellness centre that occupies a whole floor with a lap pool, fitness centre, and spa facilities, including a Japanese Onsen and sauna.

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