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Asia-Pacific

Oyo Said to Seek $400 Million Fundraise

Alan Woinski
January 25th, 2024 at 8:39 AM EST

Skift Take

Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round for OYO Hotels & Homes Pvt.

STR reported China hotel data for the week ended January 20th. STR said China hotel RevPAR was up 56.6% year over year. The RevPAR was up against a 28.2% year-over-year comp.

Aman Nai Lert Bangkok, the forthcoming hotel and branded residences from hospitality and lifestyle brand Aman, announced its opening is scheduled for the third quarter of 2024. Nestled in Nai Lert Park’s expansive tropical gardens Aman Nai Lert Bangkok comprises a 52 suite Aman hotel, inclusive of an expansive Aman Wellness, an Omakase restaurant, Teppanyaki restaurant and Jazz bar, plus Arva Italian dining concept, as well as 39 Aman branded residences situated on floors 11 to 36.

Saraca Hotels & Resorts has severed their tie-up with Thailand-based Lebua Hotels. As of January 1, 2024, both Lucknow and Corbett hotels have started operations as independent brands under Saraca Hotels. Lebua Hotels has now lost its footprint in India completely. Saraca is now looking for new brand tie-ups and said they are in talks with potential partners for their properties. The company is in the process of setting up two luxury properties, a second property in Corbett and one in Sri Lanka, both expected to be operational by the end of this year. The Sri Lanka property will be a 70-room resort property on Mirissa Beach, a surfers paradise, near Colombo; and the Corbett property will be a 180-room luxury resort property.

Pride Hotels Group announced the addition of ‘Biznotel by Pride Gangtok’ to its growing portfolio, marking the group’s second venture in Gangtok, India. The hotel is set to open in March 2024. The Biznotel by Pride Gangtok will feature 60 rooms with views of the Gangtok valley, a multi-cuisine restaurant, a conference hall and various amenities. Pride Hotel Group currently operates 56 locations nationwide.

Mohegan Gaming’s new INSPIRE Resort in Incheon, South Korea received 5-star status. That was a requirement to be able to get a casino license and Korea’s Ministry of Culture, Sports and Tourism did just that, approving Mohegan’s foreigner-only casino operation under the country’s Special Act on Designation and Management of Free Economic Zones. That makes the US company the first foreign investor to benefit from the law enforced in 2021. The opening date of the casino is expected to be announced Monday. Mohegan had previously said they were targeting opening right before Chinese New Year.

New World Development Co and Abu Dhabi’s sovereign wealth fund are planning to refinance a HK$9.25 billion syndicated loan that is related to the acquisition of three luxury hotels in Hong Kong. Renaissance Harbour View Hotel, Hyatt Regency Hong Kong, Tsim Sha Tsui, and Grand Hyatt Hong Kong are the loan’s underlying assets. The loan was extended by one year in 2023 and is now due in June.

Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, is in discussions to lead a $400 million funding round for OYO Hotels & Homes Pvt. Bloomberg said OYO is seeking to raise funds for expansion and cutting debt. Avendus Capital Pvt is advising the company on the fundraise. OYO continues to try to launch an IPO, filing for a second time in March but they continue to encounter obstacles even after slashing the target amount to be raised by two-thirds. Besides Khazana, OYO is holding talks with other investors for the fundraise.

SJM Resorts unveiled new non-gaming amenities at its Grand Lisboa Palace Resort in Macau. The fledgling property, operating well below expectations since opening its doors, launched the “Martial Arts Arena”, a high-tech game zone where guests can undergo martial arts training using virtual reality and LiDAR technology. “AI Wonderland” offers interactive AI games and entertaining classes utilizing advanced AI technology. As part of their new gaming concessions, SJM agreed to invest US$1.74 billion with US$1.5 billion of it going to non-gaming spending. While this is part of satisfying their commitment, it is doubtful it will help with the property’s underperformance.

Sands China increased its budget for the Londoner Phase II renovation on Cotai in Macau to $1.2 billion, up $200 million. The Phase II renovation will reposition the Conrad and Sheraton hotels, which total 4,500 rooms. The Pacifica gaming floor will also be renovated. The work on the project began last November with a completion expected by Chinese New Year 2025.

Personnel Moves

Grant Chum has been named as Sands China’s new CEO and President. Chum had been COO and takes on the leadership role in conjunction with his position as EVP – Asia Operations at parent company Las Vegas SandsRobert Goldstein, Chairman and CEO of Las Vegas Sands, will relinquish his role as Sands China CEO but will remain as Chairman. Dr. Wilfred Wong will relinquish his role as President and instead would become Executive Vice Chairman. Dave Sun MinQi is becoming EVP and CFO and Dylan Williams will become EVP, General Counsel and Company Secretary.

Marriott International has appointed Krister Svensson as General Manager at W Melbourne & Multi-Property Vice President, Luxury Hotels Australia. The newly created dual role will have Svensson overseeing operations at W Melbourne while leading all luxury GMs in Australia. Svensson will have oversight of luxury properties in Australia, including The Ritz-Carlton and W Hotel brands. Most recently, Svensson was overseeing all operations at Sheraton Grand Sydney Hyde Park, since 2019. Marriott currently operates nine luxury properties in Australia with the most recent opening being the W Sydney in October. They plan to expand with the opening of The Ritz-Carlton, Gold Coast and the St. Regis Gold Coast in 2026 and 2027, respectively.

Alan Woinski
January 25th, 2024 at 8:39 AM EST

Companies: OYO Hotels, Aman Group, Conrad Hotels & Resorts, Grand Hyatt, Hilton Hotels & Resorts, Hyatt Hotels Corporation, Hyatt Regency, Las Vegas Sands, Lebua Hotels and Resorts, Marina Bay Sands, Marriott International, New World Development, Pride Group of Hotels, Renaissance Hotels, Ritz-Carlton, Saraca Hotels and Resorts, Sheraton Hotels & Resorts, SJM Holdings Ltd, The Mohegan Tribal Gaming Authority, W Hotels

Locations: Bangkok, Colombo, Gangtok, Hong Kong, Incheon, Macau, Sri Lanka

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