Upload
letu
View
215
Download
0
Embed Size (px)
Citation preview
Newton Place Hotel Kwun TongHong Kong, China
Midscale HKD $2.3 billion $299 millionSale Price
USD
597 HKD $3.9 million $500,838Rooms
Price per key
LocaL cUrrency
Midscale HKD $1.7 billion $218.5 millionSale Price
USD
438 HKD $3.9 million $498,927Rooms
Price per key
The Bay Bridge HotelHong Kong, China
LocaL cUrrency
Hilton South WharfMelbourne, Australia
Upscale AUD $230 million $171 millionSale Price
USD
396 AUD 580,808 $431,818Rooms
Price per key
LocaL cUrrency
Newton Inn North PointHong Kong, China
Midscale HKD $1.1 billion $143 millionSale Price
USD
317 HKD $3.5 million $451,104Rooms
Price per key
LocaL cUrrency
Four Points by Sheraton Central ParkSydney, Australia
Upscale circa. AUD $190 million circa. $142.2 millionSale Price
USD
297 circa. AUD $639,731 circa. $478,902Rooms
Price per key
LocaL cUrrency
Top 10Single Asset Transactions
H1 2017
Nine Tree Premier Hotel Myeongdong IISeoul, South Korea
Midscale KRW $132.6 billion $118 millionSale Price
USD
408 KRW $324.9 million $289,189Rooms
Price per key
LocaL cUrrency
Swissotel Nai Lert ParkBangkok, Thailand
Upscale THB $4.1 billion $114.4 millionSale Price
USD
336 THB $12.1 million $340,508Rooms
Price per key
LocaL cUrrency
InterContinental Double BaySydney, Australia
Luxury circa. AUD $140 million circa. $104 millionSale Price
USD
140 circa. AUD $1 million circa. $742,857Rooms
Price per key
LocaL cUrrency
Grace Land InternationalShanghai, China
Midscale CNY $610 million $91.5 millionSale Price
USD
138 CNY $4.4 million $633,043Rooms
Price per key
LocaL cUrrency
Sukhumvit 27Bangkok, Thailand
Unfinished THB $2.4 billion $70.3 millionSale Price
USD
342 THB $7 million $204,474Rooms
Price per key
LocaL cUrrency
ASIA PACIFIC
$2.9 billion
ASIA PACIFIC
$486,600
ASIA
$2.5 billion
ASIA
$490,600
AUSTRALASIA
$0.4billion
AUSTRALASIA
$464,200
Total Investment Volume
Average Price per Key
Note: All currencies are USD.
Hotel Investment Highlights H1 2017Asia Pacific investment volume into hotels during H1 2017 totalled just above USD 2.9 billion. Buying opportunities have been limited with a dearth of investment grade hotels on the market.
Several hotels have transacted in Hong Kong and Bangkok which have been acquired by developers for future alternative uses, such as residential conversion.
Asian buyers in particular are focusing on Australia, New Zealand, Japan and Singapore. These markets are highlighted amongst others for their long term positive tourism fundamentals.
Hotel owners remain typically unmotivated to dispose strong performing assets. A dilemma for many vendors is what to do with their capital returns after they sell.
Hotel investors continue to seek opportunist ic investments in key emerging tourism markets such as Vietnam. However, disconnect between buyer and seller expectations is limiting deal flow.
The introduction of outbound capital restrictions within China in late 2016 has impacted the hotel investment market within Asia Pacific and globally during the first half of 2017.
Hong Kong and Australia have been the stronger performers within the region in terms of inbound
Asia Pacific Total Transaction Volume By Quarter (2007 – 2017)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Q1
2007
Q
2 20
07
Q3
2007
Q
4 20
07
Q1
2008
Q
2 20
08
Q3
2008
Q
4 20
08
Q1
2009
Q
2 20
09
Q3
2009
Q
4 20
09
Q1
2010
Q
2 20
10
Q3
2010
Q
4 20
10
Q1
2011
Q
2 20
11
Q3
2011
Q
4 20
11
Q1
2012
Q
2 20
12
Q3
2012
Q
4 20
12
Q1
2013
Q
2 20
13
Q3
2013
Q
4 20
13
Q1
2014
Q
2 20
14
Q3
2014
Q
4 20
14
Q1
2015
Q
2 20
15
Q3
2015
Q
4 20
15
Q1
2016
Q
2 20
16
Q3
2016
Q
4 20
16
Q1
2017
Q
2 20
17
Mill
ions
(USD
)
Asia Australasia
investment with robust tourism growth and solid trading performance driving the focus for Australia.
In Hong Kong, there were eight individual deals amounting to almost 2,000 rooms that sold for a combined total of HKD 8.6 billion.
Australia was again active with a number of key transactions across Sydney and Melbourne. After a strong 2016, New Zealand investment activity was limited with just a couple of smaller transactions in locations outside of the major cities.
With the exception of the InterContinental Sydney Double Bay selling for circa. AUD $140 million (the highest value recorded for a suburban hotel in Sydney), the majority of deals in Australia have transpired in Melbourne.
The recently opened International Convention Centre will provide a further boost to Sydney’s hotel trading performance and MICE industry. The limited new room supply entering the market over the coming years is welcome as citywide occupancy is running at close to 90%.
Given the low interest rate environment, sound economic growth outlook and weaker Australian dollar, transaction activity is expected to continue throughout the year.
Source: JLL
The InterContinental Sydney Double Bay was acquired by Zobon Real Estate and Shanghai United making it the first five-star Sydney deal since the sale of the Westin Sydney hotel in 2015. Both deals were brokered by JLL.
InterContinental Sydney Double Bay
In Thailand, the Swissotel Nai Lert Park was sold for circa. THB 4 billion and will be redeveloped as a holistic service medical centre. JLL acted as exclusive advisor to Principal Capital PLC for the transaction of an unfinished hotel development project known as “S27” in Bangkok to Carlton Hotel Bangkok Co., Ltd. for THB 2.4 billion. Located in the exclusive Asoke / Phrom Phong precinct, the 34-storey hotel structure with 342 keys included a BOI incentive for 100% foreign ownership.
There are typically only a couple of arms-length transactions per year in South Korea, particularly as many hotels are owned and operated by local Korean conglomerates. However, going against the trend was the late - 2016 deal of the Conrad Seoul Hotel, part of the IFC complex deal by AIG Global Real Estate to a joint venture between Brookfield Asset Management and China Investment Corp.
The rapid expansion of limited service hotels across Seoul, driven by Chinese inbound tourism growth over recent years, has also helped generate deals of midscale category properties. A recent transaction includes the Nine Tree Premier Hotel Myeongdong II that was sold for KRW 132.5 billion.
Cap rates in Japan are at their lowest in almost a decade reflecting strong investor demand and the nation's zero interest rate policy. Tourism fundamentals remain strong although trading performance is flat given the yen appreciation against other currencies.
A i r b n b a n d o t h e r a l t e r n a t i v e a c c o m m o d a t i o n operators are impacting larger cities. A positive for the accommodation industry is the legislative bill passed by the National Diet of Japan in June 2017. This now outlaws illegal operators from 2018.
For the first time since 2013, no Japanese transactions have factored in the “Top 10” although JLL still recorded just above JPY 26 billion in deals during H1 2017. One of the largest was Ken Real Estate Lease Ltd acquisition of the Rihga Royal Gran Okinawa from Morgan Stanley.
Overall, hotel investors remain committed to identifying emerging tourism markets (given the lack of opportunities in gateway cities) where the long term fundamentals for arrivals growth are strong and the demand - supply balance is not heavily outweighed by new hotels.
0
2
4
6
8
10
12
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 YTD 2017
FORE
CAST
2017F
Billi
ons (
USD
)
AP Forecast Balance Singapore Indonesia New Zealand India Hong Kong Taiwan Vietnam Maldives Thailand Malaysia South Korea China Australia Japan
Asia Pacific Total Transaction Volume By Country (2007 – 2017)
Hotel Investment Highlights H1 2017
Source: JLL
Hotel Investment Highlights H1 2017
Asia Pacific Price Per Key (2000 – 2017)
0
100,000
200,000
300,000
400,000
500,000
600,000
0
2,000
4,000
6,000
8,000
10,000
12,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
H1
2016
H1
2017
Pric
e pe
r Key
(USD
)
Mill
ions
(USD
)
Australasia Asia
Price per Key Asia Price per Key Australasia
Source: JLL
Sukhumvit 27 in Bangkok sold to Carlton Hotel Bangkok Co., Ltd. for THB 2.4 billion. JLL acted as sole broker.
S27
Properties for Sale
Mike Batchelor+66 81 984 8970
Thailand Hotel Portfolio Phuket, Khao Lak & Koh Samui, Thailand
Karan Khanijou+66 81 497 7566
Apple A Day ResortKrabi, Thailand
Adam BuryCEA Registration: R055761J
+65 6494 [email protected]
Swiss-Inn Johor Bahru Johor Bahru, Malaysia
Adam BuryCEA Registration: R055761J
+65 6494 [email protected]
Swiss-Garden Beach ResortKuantan, Malaysia
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Luxury Resort Republic of Seychelles
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Banyan Tree Seychelles Mahé Island, Republic of Seychelles
Jones Lang LaSalle Property Consultants Pte Ltd CEA License No.L3007326E
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Luxury Bali Resort Bali, Indonesia
Peter Harper +61 412 560 246
Travelodge Hobart Hobart, TAS
Paul Chakkrit+66 89 815 2272
17.8-hectare Beachfront Site on Kood Island Trat, Thailand
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Freehold Hotel in Osaka Osaka, Japan
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Marriott Weligama Bay Resort & SpaWeligama, Sri Lanka
Peter Harper +61 412 560 246
Adina Grand West MelbourneMelbourne, VIC
Nihat ErcanCEA Registration: R021965J
+65 6494 [email protected]
Lagoon in the MaldivesMalé Atoll, Republic of Maldives
Peter Harper +61 412 560 246
131-133 Murray Street, PyrmontSydney, NSW
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totalling more than $68 billion worldwide. Between negotiating the world’s most extraordinary, enticing, and profitable property deals, the group’s 350-strong global team also closed more than 4,400 advisory, valuation and asset management assignments. Investors worldwide turn to JLL to shape their strategies, tailor their portfolios and maximise the value of their assets. We are recognised as the global leader in real estate services across hospitality properties of all shapes and sizes. Our expert advice is backed by industry-leading research. We apply our broad spectrum of hotel valuation, brokerage, asset management and consultancyservices through every phase of the hotel lifecycle. We have helped more hotel investors, owners and operators achieve high returns on their assets than anyother real estate advisor in the world. Whether you are looking for a hotel or you’re ready to sell, we’ll use our capital markets expertise, hospitality industryknowledge and global relationships to put the right parties together and execute a bespoke deal that exceeds your objectives. For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad. Jones Lang LaSalle’s Hotels & Hospitality Group Singapore CEA Licence: L3007326E Note: All currencies are USD unless otherwise mentioned. Exchange rate correct as at date of sale.
www.jll.com/hospitality
Key ContactsCraig CollinsChief Executive Officer Australasia
Mark DurranManaging Director Investment Sales Australasia
Troy CraigManaging Director Strategic Advisory Asia Pacific
Nihat ErcanManaging Director Investment Sales Asia
Frank SorgiovanniHead of Research Asia Pacific
Scott HetheringtonChief Executive Officer Asia
Cover photo: Felicite Island, Republic of Seychelles
Mike BatchelorInternational Director Head of HHG Investment Sales Asia
Tom SawayanagiInternational Director Head of HHG Japan