Star Hotel Group Acquired Rydges Gold Coast Airport Hotel for AUD60 Million in Australia

Australia-based independent hospitality group, Star Management Group Pty Ltd (“Star Hotel Group”), has acquired the 192-key Rydges Gold Coast Airport Hotel for AUD60 million. This translates to approximately AUD312,500 per key. Opened in October 2020, the seven-storey hotel comes with an outdoor swimming pool, a rooftop bar, gym and conference facilities with a capacity of up to 200 guests. The property is Gold Coast’s only airport hotel and is located just a three-minute walk from the international terminal and a five-minute drive to Coolangatta.

 

Page Family Acquired Quest Macquarie Park in NSW, Australia

The Australia-based Page Family has acquired Quest Macquarie Park (“QMP”), located in the suburbs of New South Wales (“NSW”), for an undisclosed sum. The 106-key apartment is a 22-minute drive from Sydney’s central business district and features one-to-three-bedroom serviced apartments, a gym, and conference facilities. Singapore-based Ascott Residence Trust has acquired QMP in 2020 for AUD46 million. This is the second Quest property acquired by the Page Family in a year; they previously acquired the franchise of the 59-key Quest Cronulla Beach in November 2023.

 

NMF to Acquire hotel androoms Shin-Osaka Hotel for JPY4.23 Billion in Japan

Japan-based Nomura Real Estate Master Fund, Inc. (“NMF”) is acquiring 120-key hotel androoms Shin-Osaka hotel for JPY4.23 billion from Japan-based Daiban Hotel One Godo Kaisha. Opened in July 2018, the nine-storey hotel is located in Yodogawa ward, Osaka City and is a six-minute walk from the Shin-Osaka metro station. The property features a large public bath, an on-site restaurant, and offers its guests free late-night snacks. It is currently operated by Japan-based Solare Hotels and Resorts Co., Ltd. Upon completion of the acquisition, the Fund will hold 7 properties in the hotel sector.

 

US-based Fortress Investment Group LLC (“Fortress”) have agreed to acquire Japan-based Joban Kosan Co.,Ltd. (“Joban Kosan”), the operator of the Spa Resort Hawaiians located in Fukushima, Japan for USD100 million. The Spa Resort Hawaiians consists of five key spa-related theme parks, a golf course, 24 food and beverage options throughout the property, and three hotels: the 120-key Monolith Tower hotel, the 291-key Hotel Hawaiians, and the 50-key ViR Port hotel. Fortress’ bid comes with plans to further invest USD70 million to expand and upgrade the resort.

 

Kasumigaseki Capital Acquires 100% Shares of Mid In Hotel and Pantheon Real Estate in Japan

fav hospitality group, subsidiary of Japan-based Kasumigaseki Capital Co., Ltd. (“Kasumigaseki Capital”) has announced on 2 September 2024 regarding its 100% shares acquisition of Japan-based Mid In Hotel and Japan-based Pantheon Real Estate. These two companies currently hold and operate three hotels and this acquisition will contribute to the expansion of Kasumigaseki Capital group. Renovation and rebranding will be conducted to further enhance the hotels’ value.