H World Group, formerly known as China Lodging, has sold one-fifth of its holdings in Indian hospitality company OYO to a United Arab Emirates-based buyer. The transactions were done over the course of 2022 in multiple tranches with about US$9 million going to H World. The return on H World’s investment is 500% and that also values the rest of their stake at $36 million, a valuation of $6.6 billion for OYO, which has been trying for months to launch an IPO. H World acquired its entire stake in 2017 for $10 million.
Dalian Wanda Group is looking to offload some shopping mall and hotel assets, trying to increase liquidity amid fading prospects of a Hong Kong share sale by one of its units. The Standard reported that Dalian Wanda Commercial Management is looking to sell a hotel in Shanghai to Fosun International. Wanda is planning to sell the Wanda Reign Hotel in Shanghai apart from selling several shopping malls. That was reported by Caixin over the weekend. Bloomberg previously reported that Wanda is in discussions with lenders to refinance a US$275 million private debt facility that matures in June. Credit Suisse is the facility’s arranger and they are reported to have been organizing calls with lenders for at least a month about refinancing the deal. Wanda faces US$1.18 billion of bond obligations for the rest of 2023.
IHG Hotels & Resorts announced the opening of its latest Australian Holiday Inn property in Melbourne’s southeast. The 124-room Holiday Inn Dandenong is located in the heart of Dandenong’s business and entertainment district. The hotel is owned by Pelligra Group, who invested A$12 million to create the next-generation Holiday Inn hotel featuring the brand’s modern Open Lobby concept, conference rooms and Dandelion Lounge + Eatery. All the rooms have been fully transformed alongside 16 newbuild rooms with configurations ranging from King Suites to Double Premium and Queen Standard rooms, suitable for corporate and leisure travelers as well as families. There is a 24-hour fitness center, a restaurant with 24/7 in-room dining, and 154 square meters of function spaces.
The eight-story Ramada by Wyndham Bangkok Ten Ekamai Residences is nestled in the residential areas of Soi Ekamai 10, situated nearby to a cluster of famed restaurants, a 45-minute drive from Suvarnabhumi International Airport. The property has 91 rooms and recreational facilities such as a fitness center, outdoor lap pool and a rooftop garden.
ASAI Bangkok Sathorn, the second ASAI-branded hotel in Bangkok, celebrated its arrival on the hotel scene with a two-day art, music and dining festival – The Hamlet Block Party: ASAI x Aperol Neighbour-Fest. ASAI Hotels is a brand created by Dusit International. The new ASAI Bangkok Sathorn has 106 thoughtfully compact rooms that focus on just the essentials. The new property has a welcoming communal space that features a neighborhood bar, co-working area and ERR Rustic Thai Dining. The hotel follows the ASAI Bangkok Chinatown which was the first ASAI-branded property, opened in September 2020 in the heart of the city’s Chinatown district.
BWH Hotels announced the opening of KAYA Kyoto Nijo Castle, BW Signature Collection by Best Western. The new boutique hotel puts guests in the heart of Japan’s ancient Imperial capital, nestled in a quiet residential street in Kyoto’s Nakagyo Ward. The hotel has 57 guestrooms designed in a contemporary Japanese style with organic amenities, innovative technology and complimentary Wi-Fi. KAYA Kyoto Nijo Castle is a 15-minute drive from Kyoto Station, accessible from several airports in Osaka and Nagoya. The opening of the hotel reaffirmed BWH Hotels’position as one of the leading major hospitality companies in Japan as the company now offers 14 hotels and resorts across the country including locations in destinations such as Tokyo, Yokohama, Osaka, Okinawa, Sapporo, Fukuoka and Kyoto.
In Ranchi in India, the district administration is planning to build a new resort complex in Rukka dam on the outskirts of the state capital in a bid to promote tourism, the Times of India reported. A land parcel of five acres around Rukka dam will be used to build a resort which could promote tourism and generate new sources of income for local residents. Located just over 20 km from Ranchi, Rukka dam is a prominent picnic spot during the winter and attracts tourists year round for its greenery. The district administration will send a proposal to the building construction department for the resort complex once the land parcel is finalized
Sayaji Hotels has expanded its hotel portfolio with Effotel Sarola in Pune in the Indian state of Maharashra. Effotel Sarola is located on the Pune-Bangalore highway, linked to key commercial and industrial zones including Shiwal, Khandala, Sarola and Faltan MIDC and Pune IT Park. This is the sixth property in the state for Sayaji Hotels. They currently operate 22 hotels across India and plan to expand its footprint in Gir, Panchgini, Udaipur, Lonavala, Khandala, Harda and Satara in the years to come. They plan to have 50 operational hotels across the country in the next two years. Effotel Sarola features 54 guest rooms with amenities including 24-hour room service, two conference rooms, a specialty restaurant, board room, banquet hall, gym and a huge lawn.
Apeejay Surendra Park Hotels announced the launch of its fifth and newest hotel – Zone Connect Saket, New Delhi. Located in South Delhi’s shopping and entertainment hub, the hotel in district center Saket is at the heart of the corporate park with heritage attractions for leisure travelers. The hotel has 57 contemporary rooms and features all-day dining at Café C; Co-Bar; Terrace Lounge; and Town Hall, a space for social and business gatherings of up to 50 guests. The hotel is located just 20 km from Indira Gandhi International Airport. Zone Connect is described as being for price-conscious travelers, part of Zone by The Park brand from Appeejay Surendra Park Hotels. The sub-brand has three hotels operational in Coimbatore and Goa with upcoming hotels planned in New Delhi, Patna, Alibaug, Darjeeling, and Manali, slated to open in the next few months.
Megaworld Corp said it is building a 12-story Kingsford Hotel inside the 34-hectare The Upper East township in Bacolod City in the Philippines. The new hotel will be located between the four residential condominium towers of One Regis, Two Regis, One Manhattan and Herald Parksuites. The new hotel will offer almost 300 room keys with varied room categories ranging from twin or queen deluxe rooms of 25 square meters, junior suites and specially-abled suites of 32 square meters, executive suites with sizes from 50 square meters to 72 square meters and a curated presidential suite of more than 100 square meters. Kingsford Hotel Bacolod is not expected to open until 2028. This will be the second Kingsford Hotel branded hotel next to Manila. The new property will have four food and beverage venues, its own gift shop in the mail lobby area and a two-level retail arcade outside the hotel lobby fronting the plaza. The hotel will have a high ceiling, pillarless grand ballroom with a banquet-style seating capacity of 400 persons and smaller function rooms. The third level will include an adult swimming pool and kiddie pool with pool deck, outdoor lounge areas, fitness and contemplation deck, fitness center, sauna and steam rooms and a kid’s club with activity areas.