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Briefing Hotel Sales & Investment Savills World Research Asia Pacific Briefing Hotel sales & investment April 2014 Image: Phuket, Thailand SUMMARY Strong demand for real estate investments sustained the momentum of transactions going into 2014, with investors competing for quality assets. The total value of hotel investment increased, with transaction volumes Tokyo (4.5%), Seoul (5.0%), Bangkok, sales increased by 49.8%, from surging 613.3% and 117.1% Kuala Lumpur and Shanghai (all 7.5%). US$1.49 billion in Q1/2013 to US$2.23 respectively year-on-year (YoY). billion in Q1/2014. Investment sales in Japan declined “We have seen a significant The China hotel market the most, with transaction volumes contributed US$612 million or 27.4% falling 27.1% YoY. increase in transaction activity of all investment sales in the reviewed by high net worth individuals and quarter. Investors will push more hotels onto the market in 1H/2014, looking the smaller private groups. There Singapore investors invested to capitalise on improved market is a large pool of funds available nearly US$798 million or 35.7% of all sentiment. Regional cap rates continue investment sales in Q1/2014. to soften, with yield expectations for for assets in good condition in prime assets ranging between 3.5% in affluent locations, particularly Hotel investment sales in Hong Hong Kong and 9.0% in Ho Chi Minh freehold stock.” Savills Research Kong and Australia/New Zealand City. These include Singapore (4.0%), savills.com.sg/research 01 Briefing |Asia Pacific hotel sales & investment April 2014 Market overview for core assets in Tokyo remains at significantly boosted investment The first quarter of the year registered an all-time time high. The second sentiment in the first quarter approximately US$2.23 billion transaction was for Sutera Harbour of 2014. The recorded hotel worth of investment transactions, Resort in Kota Kinabalu by Singapore investment volume was US$439 representing a 49.8% increase over Exchange-listed property developer million in Q1/2014, and there is a Q1/2013 (US$1.49 billion). GSH Corp Ltd, which acquired a strong appetite from investors for 77.5% stake from Sutera Harbour well positioned assets due to the Two major transactions which Resort Group, owned by Datuk improved long-term outlook for hotel occurred in Q1/2014 provide good Edward Ong Han Nam. investment. examples of investment market 1 trends. The sale of Ginza I Tower, Northern Asia Benchmark transactions were including Hotel Mercure Ginza, in Japan’s brighter economic outlook, completed by several overseas Japan with a transaction volume of combined with signs of a cyclical groups, including the acquisition circa JPY12 billion (US$118.8 million) recovery in property fundamentals, of the 14-storey Hotel Alpha-One to Hulic Co, Ltd showed that demand in Yokohama by Germany-based 1 South Korea and Japan. SEB Asset Management for a total GRAPH 1 of JPY4.6 billion (US$44.9 million). Asia Pacific hotel investment sales transaction values, Q1/2010–Q1/2014 Hong Kong-based Gaw Capital has recently acquired the 480-room Hyatt 3.5 Regency Osaka from Obayashi as its first hotel asset in Japan. However, 3.0 the value of the transaction has not been disclosed. 2.5 A portfolio of nine Comfort Hotels 2.0 was acquired by Anabuki Kosan from Taisei-Yuraku Real Estate Co, 1.5 Ltd in the first quarter with a total US$ billion transaction volume of approximately 1.0 JPY6 billion (US$58.4 million). The properties acquired are Comfort 0.5 Yokohama, Comfort Niigata, Comfort Otemae, Comfort Okayama, Comfort 0.0 Takamatsu, Comfort Hakata, Comfort Annex Fukuoka Nishijin, Comfort Kumamoto and Comfort Kagoshima. Q1/2010 Q2/2010 Q3/2010 Q4/2010 Q1/2011 Q2/2011 Q3/2011 Q4/2011 Q1/2012 Q2/2012 Q3/2012 Q4/2012 Q1/2013 Q2/2013 Q3/2013 Q4/2013 Q1/2014 Red Planet Japan will make an Source: Savills Research & Consultancy initial JPY10 billion (US$100 million) investment over the next six years to GRAPH 2 open 20 hotels by 2020, for which a Asia Pacific hotel investment sales transaction volumes by location, Q1/2014 number of sites have already been confirmed in and around Tokyo and Others* other major Japanese cites. 4% The Singapore-based Ascendas Japan 20% Hospitality Trust (AH-Trust) has recently entered a conditional sale Southeast Asia** 23% and purchase agreement with Ainodake Godo Kaisha to acquire Singapore Namba Washington Hotel Plaza 7% in Osaka, Japan for JPY8.9 billion (US$87 million). The hotel would be Hong Kong AH-Trust’s second acquisition since 6% Australia and New Zealand its initial public offering in July 2012 13% and the second Japanese asset in China AH-Trust’s portfolio. The transaction 27% is expected to be closed by April. In South Korea, there are a number of properties on the market or currently Source: Savills Research & Consultancy *Others includes South Korea, Sri Lanka, India. being negotiated for sale, with **Southeast Asia includes Indonesia, Malaysia, Thailand, Viet Nam, Philippines, Bhutan, Laos and Cambodia. transactions involving securitisation, savills.com.sg/research 02 Briefing |Asia Pacific hotel sales & investment April 2014 and sale and leasebacks being billion (US$208.7 million). Portfolio the property sectors involved are vigorously executed. At the beginning transactions are proliferating, with proof that these experienced market of this year, it was announced that a total volume of RMB215.6 million players still see value in the local Genting Singapore Plc, Southeast (US$35.6 million) for the sale of property market, albeit in the medium Asia’s largest casino operator by Amanfayun and Aman Hotel at to long term. market value, will develop a casino Summer Palace from DLF to Adrian resort on South Korea’s Jeju Island Zecha JV Peak Hotels & Resorts Southeast Asia3 with a total investment of US$2.2 Group. Hotel investment activity in billion jointly built with Hong Kong- Southeast Asia, excluding Singapore, listed Chinese property company, Rebounding interest in limited started to pick up in Q1 in terms of Landing International Development service properties was witnessed, total transaction volumes, up 22.9% Ltd, which will initially target visitors with transactions totalling from the same period of 2013. from eastern and northern China. RMB108.6 million (US$17.7 million) The total transaction volume was in Q1, including the sale of U Inns US$511.7 million, mainly due to the A consortium including Las Vegas- Jinggangshan in Jian, Jiangxi contribution of the sale of the Aman based Caesars, Lippo Ltd from Hong province and the sale of 3961 Caoan Resort portfolio to the hotel chain’s Kong and Singapore’s OUE Ltd is Road in Shanghai. An increase in founder, Adrian Zecha JV Peak investing in the development of an hotel acquisitions by private buyers Hotels & Resorts Group, by DLF, integrated resort complex in Incheon, and overseas investors was a one of the largest Indian developers. South Korea for an estimated cost of noteworthy trend in Q1/2014. The portfolio includes a total of US$ 2.2 billion, which would include ten properties in Indonesia, Laos, a casino for overseas visitors only. Despite Hong Kong witnessing an Bhutan, the Philippines, Thailand and The complex will be built in several obvious downturn in investment Cambodia, with a total transaction phases, and the hope is that it will sentiment in the general property volume of US$150 million, be open in time for the 2018 Winter market, there was a total of three representing approximately 44% of Olympics in Pyeongchang, South major transactions over HK$1.07 total transactions in Southeast Asia. Korea. billion (US$138 million) recorded in Q1, up 276.4% from the same period The property market cycle in Viet Eastern Asia2 of last year. The most significant deal Nam is believed to have bottomed China hotel transactions reached was the sale of the 55-room Mercer out, whereas many other regional RMB3.7 billion (US$612.1 million) in by Kosmopolito by Norwood Asia markets remain near the top of Q1, up 75.7% from the same period Ltd to Ascott Limited for HK$10.54 their cycles. The acquisition of the last year. A notable transaction million (US$1.36 million) per room. 278-room Movenpick Saigon by a during the reviewed quarter was Demand for limited service hotels Hong Kong-based company from the acquisition of the 666-room with a small number of rooms VinaCapital represents an example Galaxy Hotel in Shanghai by currently dominates the Hong Kong of overseas investors’ increasing Yangguangxinye from Shanghai hotel transaction market, while interest in Viet Nam, due to attractive Jinjiang International Hotels for a veteran local investors were once interest rates and stable exchange total transaction volume of RMB1.2 again active in the hotel sector. The 3 Thailand, Viet Nam, Malaysia, Singapore, Indone- 2 China, Macau, Hong Kong and Taiwan. variety in both buyer profiles and sia and Philippines. TABLE 1 Selected Asia Pacific hotel investment transactions, Q1/2014 Approximate sale price Approximate price Hotel Location (US$ million) per room (US$) Buyer Mercer by Kosmopolito Hong Kong 75.0 1,359,767 Ascott Limited Shanghai JC Mandarin Hotel Shanghai, China 350.1 681,119 Confidential Park Hyatt Melbourne, Australia 120.5 502,232 Fu Wah International Group Adrian Zecha JV Peak Hotels & Aman portfolio Various cities 226.0 368,082 Resorts Group A portfolio of Comfort Hotels Various cities, Japan 57.5 75,946 Anabuki Kosan Source: Savills Research & Consultancy JPY/US$ = 103.1; A$/US$ = 1.11; HK$/US$ = 7.75; RMB/US$ = 6.08 savills.com.sg/research 03 Briefing |Asia Pacific hotel sales & investment April 2014 rates.
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