SC Capital Partners Secures $1 Billion for Welcoming Fund
Singapore-based asset manager SC Capital Partners Group (“SCPG”) has made an initial commitment with two international institutional investors with its Japan Hospitality Fund (“JHF”) for $500 million, with an additional option to increase the total equity at $1 billion. The JHF was launched in mid-2021, with the aim of targeting hard-hit Japanese hotels and other hotel-related investments across the country. The JHF will continue to focus on acquiring, repositioning or operating hospitality-related assets, including real estate, interests of trust beneficiaries representing related companies and REITs, in the hope to capitalize on the recovery of the tourism market in the world’s third largest economy. . The JHF aims to generate annual returns for investors of 14-16%. Founded in 2014, SCPG has $7.3 billion in assets under management.
The Alivio Group acquires the Sunshine Tower Hotel in Cairns for 10.7 million Australian dollars
Australian group Alivio has acquired the Sunshine Tower Hotel in Cairns for 10.7 million Australian dollars. The 61-key Sunshine Tower Hotel which went up for sale after the 63 lots of the Body Scheme were merged and completely refurbished, with the building having been completely refurbished for the new owner. The hotel represents a strong key rate and performance in line with pre-COVID levels.
A$1.5bn Melbourne jam factory redevelopment receives approval
The city of Stonnington in Melbourne recently approved the redevelopment plan for the Chapel Street jam factory, led by Australian developer Gurner Group, Australian company Qualitas Limited and Australian company Newmark Capital Limited. The project includes a district of five towers composed of commercial, residential, hotel and commercial elements. A five-star hotel with 180 to 200 rooms, 18,500 square meters of commercial space, 20,000 square meters of commercial space and four residential towers with over 400 luxury residences are all included in the program. The whole project is expected to inject over AUD 800 million into the Victorian economy, with hotel guests bringing in over AUD 12 million each year. Upon completion of the redevelopment, the Jam Factory will become Melbourne’s flagship destination.
Accor will develop more than a thousand JO & JOE hotels in China
France’s Accor SA (“Accor”), together with Ennismore, has announced a long-term master franchise agreement with China-based Country Garden alliance lead company Funyard Hotels and Resort (“CG”) ). Working with Funyard, Accor and Ennismore will introduce the JO&JOE lifestyle brand to China with a commitment to open at least 1,300 JO&JOE hotels with over 100,000 rooms. JO&JOE is part of Ennismore, a global collective of lifestyle brands. Funyard will be the exclusive strategic partner of the JO&JOE brand in China. Accor Greater China recently surpassed the 500 hotel milestone, with a strong pipeline of new hotels opening in 2022 and beyond.
Ascott targets 150 lyf properties by 2030
The Ascott Limited (“Ascott”), Singapore-based CapitaLand Investment, has set a target to sign 150 properties with over 30,000 units under its lyf co-living brand by 2023. There are currently 17 lyf properties with more than 3,200 units in 14 cities and nine countries. Ascott also announced the launch of the lyf Innovation Lab during the official opening announcements of lyf one-north Singapore, the co-housing property of 324 keys. In 2022, five more lyf properties are set to open globally in cities including Bangkok, Cebu, Kuala Lumpur, Melbourne and Xi’an, and five more are set to open in Beijing, Danang, Ho Chi Minh City, Manila and Paris by 2025. .
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