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Asia-Pacific

Fosun Explores Selling a Stake in Club Med

Alan Woinski
February 5th, 2024 at 7:42 AM EST

Skift Take

Fosun International was reported by Reuters to be exploring the sale of a minority stake in Club Med, targeting a valuation of US$800 million for the whole business. Reuters said Fosun has been in discussions informally with potential buyers and advisors about the sale but no firm bid has emerged.

GGRAsia said a number of Macau’s luxury hotels in casino resorts are already sold out for some of the Lunar New Year week. It begins February 10 and runs through February 17. GGRAsia said their survey showed 15 of the 31 luxury hotel towers, most of them on Cotai, have seen almost all nights fully booked for the period.

SJM’s Grand LisboaMGM MacauMGM CotaiRitz Carlton, and Raffles at Galaxy MacauThe LondonerFour Seasons, and Grand Suites at Four Seasons from Sands China topped the list of full hotels for the entire period.

Fosun International was reported by Reuters to be exploring the sale of a minority stake in Club Med, targeting a valuation of US$800 million for the whole business. Reuters said Fosun has been in discussions informally with potential buyers and advisors about the sale but no firm bid has emerged. One of the sources said Fosun could sell as much as a 30% stake in Club Med. In November 2022, Bloomberg reported Fosun was fielding interest in Club Med but at a valuation of US$1.5 billion but had no intentions of selling. Fosun has been working on selling assets as China property companies have been taken out to the woodshed by investors over debt levels. Fosun bought Club Med in 2015 at a 939 million euros valuation.

Hangzhou Trade and Tourism GroupZhejiang Dragon Hotel Management Group Co., Ltd., and Hyatt Hotels Corporation announced affiliates of the three parties entered into a strategic cooperation agreement which aims to drive the expansion of hotels under Hyatt’s Independent Collection and select service brands in China while fostering the development of The Dragon Group and its hotel brands. The Dragon Group was also acknowledged by Hyatt as a third-party management company for franchised hotels across Hyatt’s portfolio under Independent Collection and select service brands within the territory of China. Under the strategic cooperation agreement, Hyatt and The Dragon Group intend to develop more than 60 hotels over the coming decade, the first of which will be a Hyatt Place hotel in Hangzhou.

Accor announced a new partnership with Huayu Group to bring two of its popular and family-friendly brands to one of Hainan Island’s vacation spots. Swissotel Sanya Yalong Bay and Grand Mercure Sanya Yalong Bay will comprise a resort community. Refurbishments on the existing site are now underway with the official opening of the two hotels on the property expected by the end of 2024. The Swissotel Yalong Bay will include 460 Swissotel guestrooms and suites, a 1,300 square meter ballroom, executive lounge, meeting and event space, along with multiple restaurants, bars, wellness facilities, and a kids’ club. Grand Mercure Sanya Yalong Bay will provide 124 rooms and suites and many amenities.

Wyndham Hotels & Resorts announced the grand opening of Wyndham Jomtien Pattaya, the newest addition to the Wyndham portfolio in Thailand. This marks Wyndham’s debut in Pattaya and is the brand’s largest property in the Kingdom. In 2024, Wyndham is set to introduce three more hotels in Pattaya – Trademark Collection by WyndhamRamada Plaza by Wyndham, and a second Wyndhambranded hotel. Pattaya is expecting 27 million tourists this year. The new hotel is located 32 kilometers from U-Tapao-Rayong-Pattaya International Airport and 125 kilometers from Suvarnabhumi Airport, located just moments from Jomtien Beach.

Barcelo Hotel Group has expanded its international presence in Asia with the opening of Barcelo Coconut Island hotel. The recently refurbished five-star resort is on Coconut Island, known as Koh Maprao, 500 meters off the east coast of PhuketBarcelo Coconut Island hotel is situated in an exclusive beachfront location overlooking Phang Nga Bay. The resort has 274 rooms, including 120 two-to-five-bedroom villas. The property features three swimming pools and vast tropical gardens. It has an impressive spa with a Turkish bath, sauna, a wide variety of massages and treatment offers, and a fitness area including two tennis courts and a range of facilities for water sports. Rounding out the amenities are four restaurants and several fully equipped meeting rooms.

The Ascott Limited announced the opening of Citadines Science Park Singapore. This is the group’s 8th Citadines property in Singapore, nestled in the heart of Singapore Science Park. The property draws inspiration from the elements of a greenhouse, creating a tranquil and rejuvenating sanctuary amidst the bustling cityscape. Nestled within the Geneo complexCitadines Science Park offers 250 rooms spanning levels 10 to 15. The property is surrounded by five buildings housing knowledge-based industries and 3,600 square meters of retail and food and beverage outlets. The hotel is just a 25-minute drive from Changi Airport.

Resorts World Sentosa announced Hard Rock Hotel Singapore will no longer operate under the Hard Rock brand name as of March 2nd. Genting Singapore said the Hard Rock Hotel will undergo a complete makeover as part of Resorts World Sentosa’s expansion plans. The Hard Rock hotel has about 360 rooms and debuted in late January 2010. RWS 2.0, as Genting Singapore calls the expansion of Resorts World Sentosa, started in 2Q22 with the first phase which includes the expansion of Universal Studios Singapore and the S.E.A. Aquarium which will become the Singapore Oceanarium. In November they announced the board approved a comprehensive investment of S$6.8 billion to enhance and expand RWSThe Hard Rock Hotel will be replaced by a new luxury hotel as part of the upgrade and expansion of RWS.

Megaworld is set to construct its second hotel in the urban area of Pasig CityMetro Manila in the PhilippinesThe Arcovia Hotel is projected to be the tallest hotel development in the company’s portfolio. It will be strategically located within the 12.3-hectare city Arcovia City township development along the C-5 road. The 31-story development will offer 339 hotel suites, slated for a grand opening in 2029. Megaworld Hotels & Resorts will manage the hotel. Amenities will include swimming pools, a spa, a business center, and a ballroom Arcovia City, where the hotel will be located, is a mixed-use development that houses residential condominiums, office towers, and a retail hub.

Radisson Hotel Group announced plans to open a new beachfront Radisson Resort in the coastal town of Anyer, IndonesiaThe 150-key Radisson Resort Anyer is expected to open in 2027. This is the first Radisson brand resort that is launching with a glamping concept integration. It will have 120 guestrooms and 30 tent villas, featuring a combination of modern, clean Nordic style and guest-oriented practicality. The hotel will offer private beach access, a beach club and swimming pool, an all-day dining restaurant, a bar, a gym, a kids club, meeting rooms, and a spa and wellness center. The hotel is being developed by PT Usaha Jayamas Realty.

Alan Woinski
February 5th, 2024 at 7:42 AM EST

Companies: Accor, Barcelo Hotel Group, Citadines, Club Med, Fosun International, Four Seasons, Grand Mercure Hotels and Resorts, Hard Rock International, Hyatt, Hyatt Place, Marina Bay Sands, MGM Resorts, Radisson, Resorts World Sentosa, Swissotel, The Ascott Limited, The Dragon Group, Trademark Collection, Wyndham

Locations: Hangzhou, Indonesia, Macau, Manila, Pattaya, Philippines, Phuket, Singapore

Photo credit: A patio at Club Med Sandpiper Bay. Club Med

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