Hyatt Has a New Joint Venture to Help Boost China Presence

Singapore recorded 1.27 million visitor arrivals in September, up 12.3% year on year. Overnight visitors, however, were down -34.7% from last year at only 540,790. The Singapore Tourism Board said the average length of stay for inbound visitors was down -9.9% in September to 3.29 days. The top three feeder markets were China with 217,170 arrivals followed by Indonesia and Malaysia with 173,550 and 112,110 respectively. The Chinese had the longest average stay at 3.57 days. For the first nine months of the year, arrivals have totaled 12.59 million, up 24.1% year on year. That is also 87.9% of the 2019 total.

A recent American Express Trendex study showed Singapore travelers are expected to be the highest spenders on travel in the upcoming holiday season among 13 surveyed regions. The survey showed 85% of Singaporean residents intend to travel during the holiday season. 88% expressed interest in exploring new destinations while 73% prioritized travel more than in previous years. 65% of respondents intend to travel with family. 49% of those surveyed said they prefer short-term rentals while 33% are choosing to stay with their hosts.

Sunset Hospitality Group, through its hotels and resorts unit, is taking over the lease on Hotel Fort Canning Singapore as part of its global expansion strategy. The group is said to be leasing the space from Legends Fort Canning, an entity linked to Eng Wah Global, among other shareholders. As part of the deal, the hotel will be rebranded as Mett Singapore by the third quarter of 2025. The hotel is located in a restored military building on the grounds of Fort Canning Park. It will undergo a full transformation under the Mett Hotels & Resorts umbrella and when completed, will provide guests with a selection of venues, ranging from restaurants to nightlife. The Hotel Fort Canning transaction, which included the food and beverage restaurant units, was brokered by JLL.

Capitaland Ascott Trust has proposed acquiring Victory SR Trust, which directly holds a 100% interest in lyf Funan Singapore. The purchase consideration is estimated at S$146.4 million. When including the repayment of an existing facility taken out by VSRT’s trustee amounting to S$113 million, along with the purchase consideration and other acquisition-related fees, the REIT foresees an acquisition outlay of around S$265.1 million and is expected to be funded by the process of Clas’ sale of Citadines Mount Sophia Singapore which was completed this past March.

Hyatt Hotels Corporation announced affiliates of Hyatt and China Resources Land entered a joint venture and signed a strategic collaboration agreement to expand Hyatt’s brand presence across China. Hyatt said this is part of their asset-light expansion in Hyatt’s second largest market. The joint venture, Yuen Kai Holdings Limited, will develop and manage hotels including six existing Mumian hotels in Beijing, Shenzhen, Chengdu, Hangzhou and Rizhao as well as two new Mumian hotels in Shaoxing and Shanghai. The properties are expected to become part of The Unbound Collection by Hyatt and JdV by Hyatt brands. Hyatt and CR Land also announced a strategic agreement for the development of more Hyatt-branded hotels and have signed agreements for key projects such as Park Hyatt Xi’an and Andaz Dongguan. Hyatt’s portfolio in the Greater China market currently includes more than 170 properties across 62 markets currently in the portfolio. The new joint venture intends to increase Hyatt’s portfolio in Greater China. Hyatt and CR Land first began working together in 2009 on the opening of Grand Hyatt Shenzhen. CR Land continues to own Hyatt-managed properties across Greater China. Richard Li is the new CEO of the joint venture.

The DoubleTree by Hilton Hobart celebrated its grand opening. The 206-room hotel is expected to provide a boost to Tasmania’s tourism sector. The hotel showcases views of Kunanyi/Mount Wellington and the Derwent River. The hotel includes 125 king rooms, over 80 twin rooms, and is Hilton’s first Tasmania hotel. The hotel is owned by Fragrance Group. Amenities include the Leatherwood Restaurant, a bar, meeting facilities, conference spaces, a heated indoor pool, gym, and a sauna.

Accor announced the signing of Mercure Nha Trang, strengthening their footprint in Vietnam. This is the group’s ninth signing in the country this year and will bring the Mercure brand to the coastal city of Nha Trang. The beachfront hotel is scheduled to open in late 2025 with 124 guestrooms, all offering ocean views. Amenities will appeal to both business and leisure travelers with an all-day dining restaurant, a bar lounge, fitness center, spa, and versatile meeting spaces. Accor currently operates 43 hotels in Vietnam, featuring 10,662 keys. Their robust pipeline includes over 65 hotels in the country which will add more than 24,000 keys.

The Soul Boutique Hotel in Phu Quoc officially announced its upcoming grand opening. The hotel is within the Marina Phu Quoc complex on the scenic coast of Phu Quoc Island, a 15-minute drive from Phu Quoc International Airport. Soul Boutique Hotel includes 58 beachfront rooms and will open in the final quarter of the year. The hotel will collaborate with Sailing Club Phu Quoc to provide shared access to a range of premier amenities.

Sarovar Hotels announced the grand opening of Golden Tulip Vagator, a retreat located in the heart of North Goa. Golden Tulip Vagator offers 30 rooms across two categories – Superior and Deluxe – with modern amenities including an outdoor swimming pool, fitness center, and two dining options which are an all-day dining restaurant and tropical bar and lounge.

Personnel Move

Minor Hotels announced the appointment of Rohit Chopra as Area Commercial Director, India. Chopra will spearhead commercial activities across the group in India as Minor Hotels intends to increase its presence in the country. He comes to Minor from Accor where he spent over a decade rising through the ranks, most recently holding the position of Director of National Sales for India & South Asia.