HVS Asia Pacific Hospitality Newsletter - Week Ending 09 May 2025
OUTRIGGER Acquires Zeavola Resort on Phi Phi Island, Thailand
US-based OUTRIGGER Hospitality Group ('OUTRIGGER') has officially acquired the beachfront Zeavola Resort on the northern tip of Thailand's renowned Phi Phi Island for an undisclosed sum. It is understood the property was previously held by Japan-based Wedge Holdings Co., Ltd. The 63-key property will undergo a comprehensive renovation and rebrand as OUTRIGGER Phi Phi Island Resort, with a scheduled reopening on 1 October 2025. The Zeavola Resort featured at least two food and beverage outlets, meeting facilities, a spa, a fitness centre, and a water sports centre with PADI training. Positioned along a pristine white-sand beach and backed by lush jungle, the refurbished resort will feature suites and villas designed to reflect OUTRIGGER's barefoot-luxury concept, while incorporating local cultural elements and marine sustainability practices. This acquisition marks OUTRIGGER's fourth operating property in Thailand, joining its existing resorts in Koh Samui, Khao Lak, and Surin Beach, Phuket.
Travel + Leisure Co. Acquires Castaways Resort & Spa in Mission Beach, Australia
US-based vacation ownership company, Travel + Leisure Co., has acquired the freehold going concern of Castaways Resort & Spa in Mission Beach, North Queensland, Australia, for an undisclosed sum. The 48-key property was listed for close to AUD8 million or approximately AUD167,000 per key. The resort will be rebranded and operated under the Club Wyndham portfolio, marking the 67th addition to the company's South Pacific network. Positioned between Townsville and Cairns, the property is set to appeal to both domestic and international travellers exploring Queensland's eastern coast. Located approximately a two-hour drive south of Cairns Airport, the resort enjoys over 100 metres of absolute beachfront with panoramic views of Dunk Island and the Family Islands. Other facilities include a lagoon-style swimming pool, an on-site restaurant and bar, spa services, and event spaces. It is understood that the property was listed with a development approval in place for an additional 44 keys that incorporates an expanded beachfront conference space.
Marriott Acquires citizenM Brand for USD355 Million
US-based Marriott International, Inc. ('Marriott') has acquired Netherlands-based lifestyle hotel brand citizenM for USD355 million, marking a significant expansion in the select-service and lifestyle segments. citizenM currently operates 36 hotels (8,544 keys) in key global cities, with a further three properties under development (over 600 keys). The transaction equates to approximately USD41,550 per key, or USD38,823 per key when including citizenM's pipeline. The transaction includes citizenM's brand and intellectual property, and Marriott will enter into new long-term franchise agreements for hotels that are owned and leased by the seller. Known for its tech-driven design, efficient use of space, and vibrant communal areas, citizenM aligns with Marriott's focus on delivering differentiated guest experiences. Stabilised franchise fees are projected at approximately USD30 million annually, with potential earn-out payments of up to USD110 million based on future growth performance.
Thailand Invests THB165 Million to Transform Northeastern Airports into Regional Tourism Gateways
Thailand's Ministry of Transport is investing close to THB165 million to upgrade regional airports in Nakhon Phanom, Sakon Nakhon, and Mukdahan, aiming to boost year-round tourism and economic growth in the northeastern provinces of Thailand. The initiative includes expanded flight schedules, upgraded passenger facilities, and the introduction of the 'Living Airport' concept to promote local culture and products. By late June 2025, both Thai AirAsia and Thai Lion Air will increase the number of daily flights to and from Nakhon Phanom, bringing the total to 12 per day. Sakon Nakhon Airport is also expected to see increased flight frequency in the future. The construction of Mukdahan Airport will proceed once the environmental impact assessment is completed. Highway 223, a proposed expressway connecting Mukdahan and Nakhon Phanom, is currently in the planning phase. In addition, a railway line between Ban Phai and Nakhon Phanom is under development. All projects are scheduled for completion by 2027.
HVS ANAROCK MONITOR, April 2025
By Dipti Mohan, Dhwani Gupta and Shivansh Agarwal
This is a monthly industry update that highlights the key trends in the Indian hospitality industry.
To view and download the full article, please click here.
About HVS
HVS, the world's leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, was established in 1980. The company performs 4,500+ assignments each year for hotel and real estate owners, operators, investors, banks and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of some 60 offices and more than 300 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. hvs.com.
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Asia Pacific Hospitality Newsletter - Week Ending 23 May 2025
US-based BlackRock and Hong Kong-based Weave Living are set to acquire the 78-key Momentus Serviced Residences Novena in Singapore from a joint venture comprising three Singapore-based companies: Roxy-Pacific Holdings Pte Ltd, MACLY Capital Pte Ltd, and LWH Holdings Pte Ltd. According to market sources, the transaction price is approximately SGD100 million, translating to around SGD1.28 million per key. The 15-storey freehold property, with a total gross floor area of approximately 6,322square metres, is currently operated by the Singapore-based Momentus Hospitality Pte Ltd, a hospitality operator under Singapore-based real estate developer SingHaiyi Group. This management arrangement is expected to conclude upon completion of the sale. The property features amenities including a swimming pool, rooftop garden with barbeque facilities, and a fitness room. It is situated 550 metres away from Novena MRT station, roughly a 13-minute walk. The property was previously acquired in 2022 from Singapore-based TA Corporation Ltd for SGD86.5 million, with the current sale representing a gain of SGD14.5 million. SCCP Acquires New Blanc Central Myeongdong in Seoul, South Korea Singapore-based real estate investment manager, SC Capital Partners Group ('SCCP'), has acquired the 181-key New Blanc Central Myeongdong in Seoul, South Korea. According to market sources, the transaction price is approximately KRW70 billion, translating to approximately KRW38.7 million per key. The property is currently managed by South Korea-based hospitality operator StayNeo, and offers a range of amenities, including two food and beverage outlets, a fitness centre, a laundrette, a communal kitchen, and a lounge. Ideally located within access to four subway lines, the hotel is just a five-minute walk from Euljiro 4-ga Station (Lines 2 and 5) and Chungmuro Station (Lines 3 and 4). 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