Acure Acquires Quest Dubbo Hotel for AUD17 Million in Australia

Australia-based Acure Funds Management Ltd (“Acure”) acquired the 65-key Quest Dubbo Hotel from Australia-based construction services company, Maas Group Holdings Pty Ltd (“Maas”), for AUD17 million or approximately AUD262,000 per key. The Quest Dubbo Hotel sits on a 2,029-square-metre land plot, and is operated under the Australia-based Quest Serviced Apartments Pty Ltd (“Quest”) which itself is under the Singapore-based The Ascott Limited umbrella. It has been sold with a long lease in place to the Quest chain until 2048. The property features a fitness centre, a conference room, an on-site food and beverage outlet, and a secured parking space for 45 vehicles. The acquisition is part of Acure’s multi-asset income fund, known as Acure Hospitality Trust No.1, an AUD83 million portfolio that also includes Western Australian properties – 84-key Sebel Mandurah, 122-key Quest Fremantle and 83-key Red Sands Hotel.

JPR Acquires The Royal Park Canvas Nagoya for JPY6.5 Billion in Japan

Japan-based Japan Prime Realty Investment Corporation (“JPR”) is acquiring 153-key The Royal Park Canvas Nagoya for JPY6.5 billion. This translates to JPY42.5 million per key. Opened in 2013, the 12-storey hotel comes with a public bath, an on-site restaurant and houses a convenience store at the first level. The property is located a five-minute walk from JR Nagoya Station and a three-minute walk from Nagoya Subway Station. It will continue to be operated by Japan-based Mitsubishi Estate Hotels & Resorts Co., Ltd.

TFE Hotels and Heritage Hotels Announce Strategic Partnership

Australia-based TFE Hotels have partnered with New Zealand-based Heritage Hotel Management Limited (“Heritage Hotels”) through the signing of a multi-property management agreement, where TFE Hotels will be refurbishing and managing five properties in Heritage Hotels’ portfolio while Heritage Hotels retain ownership. The partnership will allow TFE Hotels to manage more than 500 rooms across five properties, bringing in the Adina and Rendezvous brands. TFE Hotels have been active in the industry, having recently opened the 102-key The EVE Hotel in Sydney this summer with the AUD150 million, 188-key Hannah St. Hotel in Melbourne scheduled to open in the latter half of 2025. 

Hong Kong has Established New Routes to Sendai and Tokushima, Japan

Hong Kong-based HK Express Airways (“HK Express”) and Hong Kong-based Greater Bay Airlines Company Limited (“Greater Bay Airlines”) has announced its newest routes between Hong Kong and Japan, offering direct flights between Hong Kong – Sendai with four flights per week. Official flights for this route will begin on 17 January 2025 for HK Express and 7 December 2024 for Greater Bay Airlines. In addition, Greater Bay Airlines will also be launching a Hong Kong – Tokushima route starting from 16 November 2024, with three flights a week. Sendai serves as a hub for both cultural and natural exploration in the Tohoku region while Tokushima is the gateway to Shikoku Island.

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