Miramar Group Acquires Hong Kong’s Champagne Court for Hotel Redevelopment

Mira HK Holdings Limited, a wholly-owned subsidiary of Hong Kong-based Miramar Hotel and Investment Company Limited (“Miramar Group”) has acquired Solution Right Limited including the ten-storey Champagne Court in Kowloon for HKD3.12 billion from Kinsford International Limited, an indirect wholly-owned subsidiary of Hong Kong-based Henderson Land Development Company Limited. The group plans to redevelop the site into a 23-storey hotel and commercial complex with a total gross floor area of approximately 12,809 square metres. Located next to the 492-key The Mira Hong Kong, the new hotel will feature 99 rooms, along with shops, restaurants, and banquet halls. Miramar Group anticipates that the new development will align with the Mira Moon standard - the group’s 89-key high-end hotel, attracting luxury clientele and helping to ease demand for guestrooms at The Mira Hong Kong. 

Billbergia and MCP to Develop Mixed-Use Development at Sydney, Australia

Australia-based property developer Billbergia Group (“Billbergia”) is collaborating with Australia-based non-bank leader, Metrics Credit Partners (“MCP”) to acquire 338 Pitt Street in Sydney from China-based private developer, Han's Holdings Group Ltd., for approximately AUD500 million. The site will be transformed into a mixed-use development featuring luxury apartments, a hotel and retail spaces, with an estimated end value of around AUD3 billion. Overlooking Hyde Park and sitting adjacent across World Square shopping mall, the location is just a two-minute walk from Museum Station and Gadigal Metro Station.

Star Hotel Group Acquired Rydges Mackay Suites in Queensland, Australia

Australia-based independent hospitality group Star Management Group Pty Ltd (“Star Hotel Group”) has acquired the 90-key Rydges Mackay Suites, along with the adjoining Mackay Central Retail Centre. The two properties span a total of 2,148 square metres. While the purchase price has not been officially disclosed, sources suggest the deal is valued at AUD30 million for both properties. Completed in 2007, the hotel features two bars, a restaurant, a gaming room, an indoor swimming pool, and three conference and meeting spaces. This acquisition expands Star Hotel Group’s portfolio to eight accommodation venues, following its purchase of the 192-key Rydges Gold Coast Airport Hotel last year. 

Hoshino Acquiring Kai Poroto for JPY3.06 Billion in Hokkaido, Japan

Japan-based Hoshino Resorts REIT, Inc. (“Hoshino”) is set to acquire the 42-key KAI Poroto in Hokkaido, Japan, from Japan-based K.K. Shiraoi Hotel Management (“KKSHM”) for JPY3.06 billion, translating to approximately JPY72.8 million per key. The four-storey hotel, with a total floor area of 4,920 square metres, is situated on the shores of Lake Poroto and offers convenient access—a 40-minute drive from New Chitose Airport or a 10-minute walk from JR Shiraoi Station. The property achieved an occupancy rate of over 90% from May 2024 to October 2024. A 20-year lease agreement will be signed between Hoshino and KKSHM, with an annual fixed rent of JPY 72,055,200, along with a floating rent component.

 Singapore has Established New Route to Labuan Bajo, Indonesia

Singapore-based carrier Jetstar Asia, a subsidiary of Australia-based Jetstar Airways Pty Ltd., will launch direct flights between Singapore and Labuan Bajo, Indonesia, starting 20 March 2025. With two flights a week, this new route marks the first direct connection between Singapore and Labuan Bajo. Currently, travellers must fly to Ngurah Rai International Airport in Bali and then take a 1.5-hour domestic flight to reach Labuan Bajo. The city is renowned as the gateway to the UNESCO-listed Komodo National Park, home to the iconic Komodo dragons.

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