Read the latest news from around the Asia-Pacific region.

The acquisition of the 587-room Hilton Sydney for 530 million Australian dollars ($343.9 million) by Baring Private Equity Asia’s affiliated real estate fund set the record for the largest single-asset transaction in Australia’s hospitality sector, reports HNN contributor Tamara Thiessen from the Hotel Investment Conference Asia-Pacific conference’s Australia and New Zealand edition.

During the panel “The Capital Stack,” Paul Gately, managing director of Baring Private Equity Asia, said the Hilton Sydney was “a hell of an asset,” adding that the property was a perfect fit for the firm’s “opportunistic” buying streak.

“We did some homework. It was all waiting for the right deal. There’s always an upside if something is occupied at 1%," he said. "It’s a [central business district] asset, and we have confidence in the Sydney market that it will pay off."

Hyatt Hotels Corp. and Japanese hotel operator Kiraku have formed a joint venture to develop ryokan-style hotels in Japan, reports HNN’s Terence Baker. The brand, Atona, will target domestic Japanese travelers and international spa afficionados. 

Kou Sundberg, president and CEO of Kiraku, said he has been impressed by Hyatt’s properties in the country and believes the brand’s trusted guest experience will make the ryokan-style hotels more accessible to international travelers.

“The ryokan sector is an incredibly difficult niche for an international chain to go into,” he said.

Singapore sovereign wealth fund GIC has acquired a majority share in the Sani Resort and Ikos Group, a Thessaloniki, Greece-based company valued at approximately 2.3 billion euros ($2.27 billion), reports HNN’s Terence Baker. The deal is scheduled to close by the end of the year.

Sani/Ikos Group's former investors Florac, Goldman Sachs Asset Management, Hermes GPE, Moonstone and Oaktree Capital Management will each sell their shares to GIC as part of the deal. The Sani/Ikos Group's management team will continue to hold minority shares in the company.

French hotel brand company Accor has opened its 400th hotel in the Pacific region with the 122-room Porter house Hotel Sydney, part of Accor’s MGallery Hotel Collection, reports HNN’s Terence Baker. The company’s recent growth in Australia specifically is the result of Accor’s 2017 acquisition of the Mantra brand and its 127 hotels.

“Sydney is experiencing its fastest growth since March 2020, with recovery in corporate, conference and events business and continued strength in the domestic leisure market. We are seeing similar revivals in other key cities around the Pacific,” Sarah Derry, Accor’s CEO for the Pacific region, said in the release.

Hoteliers in India are reporting that business travel has been returning over the summer and into its traditional high season between October and March, writes HNN contributor Chitra Balasubramaniam.

“Traditionally, India used to see a dip in occupancy and average daily rate until the end of summer," said Samir MC, managing director of Fortune Hotels. "However, this year is all about making up for the lost time. Despite the increase in room rates, consumer views regarding tourism remain positive.”

With Singapore-based Capella Hotel Group’s announcement of the 92-room luxury Capella Kyoto hotel, the company has hotels or plans for hotels across nine markets in the Asia-Pacific region, reports HNN’s Sean McCracken in an interview with Capella President Cristiano Rinaldi.

“Japan has always been on our radar. Their focus on hospitality, omotenashi — which means to wholeheartedly care for your guests — has been an inspiration for Capella Hotel Group’s service philosophy — excellence in the craft of hospitality with the highest level of personalized service,” Rinaldi said.

“Capella Kyoto will be a stepping stone to roll out our brand across Japan, a market of strategic importance for Capella Hotel Group.”

• Coliwoo, a subsidiary of Singapore-based LHN Limited, will acquire the 54-room Pasir Panjang Inn for 30 million Singapore dollars ($20.8 million) and rebrand it into a co-living concept.
• Japan’s Ichigo Hotel REIT Investment Corp. has acquired the 160-room Hotel Sunshine Utsunomiya from Takara Leben Real Estate Investment Corp. for 2.2 billion Japanese yen ($15.1 million).
• Australia-based TFE Hotels has partnered with developer and hotel owner Capital Alliance to build a 340-million Australian dollar ($214.4 million) two-tower, mixed-use development project that will feature two hotel brands in the Melbourne Docklands.
• Singapore-based Steadfast Capital will develop a dual-branded hotel project totaling 450 rooms at Melbourne, Australia’s Bourke Street mall shopping precinct for 200 million Australian dollars. The hotels will operate under the Hotel Indigo and Holiday Inn brands.
• Hong Kong’s Weave Living acquired two hotels from the Tang Shing Bor family for 3.2 billion Hong Kong dollars ($407.6 million). The two hotels are the 598-room Hotel COZi Harbour View and the 199-room Hotel Ease Mong Kok.
• Singapore’s Pollux Properties will acquire three hotels in Bekasi, Indonesia, for 217 billion Indonesian rupiah ($14.1 million). The hotels are expected to begin operating in the first quarter of 2023.

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