Hilton GV Acquires Citadines Kyoto Karasuma-Gojo in Japan for JPY6.18 Billion

US-based Hilton Grand Vacations Inc. (“Hilton GV”) has acquired the 124-key Citadines Karasuma-Gojo Kyoto in Japan from Singapore-based CapitaLand Ascott Trust (“CLAS”) for JPY6.18 billion, translating to approximately JPY49.8 million per key. Following the acquisition, Hilton GV plans to fully renovate the property, transforming it into 63 one-bedroom timeshare units, each featuring kitchens. Renovation is expected to commence in the second quarter of 2025 and be completed by the first quarter of 2026. This acquisition represents Hilton GV’s first property in Kyoto and third in Japan. CLAS has recognised a net gain of JPY0.9 billion from this divestment.

 

AB Capital Acquires Vessel Inn Asakusa Tsukuba Express in Tokyo, Japan

Hong Kong-based AB Capital Investment Limited (“AB Capital”) has announced its acquisition of the 175-key Vessel Inn Asakusa Tsukuba Express in Tokyo, Japan. The seller and financial details of the transaction were not disclosed. Located in Asakusa District, the hotel features an on-site restaurant, a coin-operated laundromat, and kitchen facilities. It underwent a comprehensive renovation in 2023, with an average room size of 13.9 square meters. The hotel is operated by Japan-based Vessel Hotel Development Co. Ltd. which runs 34 hotels across Japan under five brands. This acquisition marks the third by the AB Capital Japan Hospitality Fund II and the seventh hospitality asset acquired by AB Capital.

 

Australia-based alternative investment firm, Salter Brothers Asset Management Pty Limited (“Salter Brothers”), is set to acquire three hotels from Australia-based Bannisters Hotels Group (“Bannister Hotels”), a boutique hotel group in New South Wales, for over AUD100 million. The acquisition includes the Bannisters Hotels’ collection of three boutique resorts: the 34-key Bannisters by the Sea, 33-key Bannisters Pavilion, in Mollymook, approximately a three-hour drive south of Sydney, as well as 78-key Bannisters Port Stephens, approximately a two-hour drive north of Sydney. As part of the deal, Salter Brothers will also take over the management of these properties. Salter Brothers will add the three Bannister Hotels to the unlisted Hospitality Retreat Fund, which currently includes 13 properties and 407 rooms.

 

NWD Holdings to Develop a MYR1 Billion Hospitality Project in Penang, Malaysia

Singapore-based New Wealth Development (“NWD Holdings”) is embarking on a hospitality project at Batu Ferringhi Beach, Penang. The freehold site, acquired by NWD Holdings in 2018 has since seen an investment of MYR130 million for the development of a mixed-use project. The development will feature a 243-key, eight-story hotel and a 475-key, 13-story serviced apartment, along with a commercial podium. Spanning a total gross floor area of 663,754 square feet, the project is expected to be completed in the third quarter of 2028 and will have an estimated gross development value of MYR1 billion upon completion. Belgium-based Radisson Hotel Group (“Radisson”) has been appointed to manage both the hotel and serviced apartment under its luxury brand, Radisson Blu. This also represents Radisson’s first foray into Malaysia.

 

Sunway Acquires 7.1-hectare Land for MYR320 Million for Proposed Mixed-Use Development in Kuala Lumpur, Malaysia

Sunway Melawatti Sdn. Bhd. (“Sunway”), a wholly owned subsidiary of Malaysia-based Sunway Bhd., has announced the acquisition of a 7.1-hectare plot of freehold land from Malaysia-based Viva Impian Sdn. Bhd. in the Taman Taynton neighborhood in Cheras, Kuala Lumpur for MYR320 million. Sunway has stated its plans to develop the parcel into a mixed-use development featuring serviced apartments and a wellness-focused retail podium, with an estimated gross development value of MYR3.2 billion. The site is strategically located adjacent to Sunway’s Alishan residential development, 500 meters from the Ekocheras bus stop and taxi stand, and 800 meters from the Taman Mutiara Mass Rapid Transit Station.