Ascott and Jin Jiang Form China-Focused Joint Venture

The China business segment of Ascott has entered into a joint venture with Jin Jiang Hotels to expand their respective apartment hotel brands in China. Ascott China will hold a 50% interest in the joint venture, with Jin Jiang Hotels (China) to hold the balance. Ascott, the lodging business unit of CapitaLand Investment, said the tie-up will boost the growth of its Quest brand and Jin Jiang’s Tulip LODJ to meet China’s demand for apartment hotels in the upscale and upper midscale segments. The JV company will manage about 600 units spread across two operating properties in Wuhan and one pipeline asset in Shenzhen franchised under Tulip LODJ. Ascott said plans are underway to broaden the footprint of Tulip LODJ and launch Quest in China by providing opportunities for franchised partnerships. Ascott also believes this will accelerate their asset-light expansion in China by leveraging Jin Jiang’s franchise-ready infrastructure.

CapitaLand Ascott Trust has entered into an agreement to divest Somerset Olympic Tower Tianjin in China to an unrelated third party. The 185-unit property will be divested at above book value, unlocking gains for CLAS’ Stapled Security holders. Somerset Olympic Tower Tianjin opened in 1998 in the Helping District. This transaction is expected to be completed in 2Q 2025. Prior to this transaction, CLAS has divested close to $400 million in assets so far this year. They previously announced the proceeds from the sale of Citadines Mount Sophia Singapore will be used for the acquisition of lyf Funan Singapore. Other acquisitions include a rental housing property in Fukuoka, Japan and the remaining 10% stake in Standard at Columbia, a student accommodation property in the US.

Heritage boutique hotel Duxton Reserve Singapore has been put up for sale with a reserve price exceeding S$90 million or S$1.8 million per key. The Garcha Group owns the hotel that is located within the Tanjong Pagar district and has a site area of 9,775 square feet. The property comprises eight three-story conservation shophouses with an approximate built-up area of 34,000 square feet. It features 49 guestrooms and suites ranging from 20 square meters to 51 square meters. Duxton Reserve Singapore is part of Marriott’s Autograph Collection. JLL was appointed exclusive advisor for the sale and they are overseeing an expression of interest campaign.

The Fusion Hotel Group unveiled its latest gem, GLOW Bangkok Riverside, offering guests a chic retreat with views of the Chaophraya River in the historic Dusit district of Thailand’s capital. The new hotel features a modern five-story design and includes 126 rooms and suites. The rooms range from the 19-22 square meter Superior Room to the spacious 40 square meter River Suite. Many rooms feature open-air balconies while the river-view suites are equipped with floor-to-ceiling windows. Amenities include a fitness center, laundry service, onsite parking, and an outdoor swimming pool. Dining options include Currents Café & Bar. This is the fourth GLOW property in the city and Fusion Hotel Group’s fifth hotel opening in Southeast Asia this year. Since its inception in Vietnam in 2008, Fusion Hotel Group has expanded to include 24 hotels and resorts across Vietnam and Thailand. Their goal is to have 50 properties by 2028.

If you thought legalizing integrated casino resorts in Thailand would be easy, you need a crash course in casino gaming legalization. Newin Chidchob, a prominent figure in Thai politics, has rejected Thaksin Shinawatra’s proposal to legalize casinos. While it was called a surprise, just look back at how long it took Japan to finally legalize casinos and how only one of three is even being built. Vietnam and South Korea’s casino foray has been a disaster. There was no way this was going to go forward in Thailand without opposition, delays, and a lot of changes. The news story on this said the opposition was disclosed in a private discussion between the two leaders. Chidchob’s primary concerns revolve around the potential social and economic risks such as increased debt and addiction among Thai citizens. His Bhumjaithai Party plays a crucial role within Thailand’s ruling coalition so his opposition is not something that can just be swept under the table. Chidchob is all for entertainment complexes just not with casinos. The problem is once opposition like this starts, the push comes to legalize at all costs and then you get lousy deals like Vietnam and South Korea instead of a success story like Singapore.

The Standard in Hong Kong reported that the Home and Youth Affairs Bureau approved the fifth project under the Subsidy Scheme for Using Hotels and Guesthouses as Youth Hostels, launched by Yan Oi Tong Limited. The Regal Oriental Hotel in Kowloon City is set to be converted into a youth hostel. The project is named YOT Hub and will be launched by Yan Oi Tong Home Limited and the Regal Hotels Group, providing up to 160 hostel places with a total of 80 rooms.

Indian Hotels Company announced the signing of its seventh Ginger hotel in the Mumbai Metropolitan Region in Bhiwandi, Maharashtra. The greenfield project includes Ginger’s lean luxe design philosophy and is in line with IHCL’s commitment to expanding their footprint in emerging micro-markets. IHCL is partnering with RNP Warehousing and Logistics Pvt. Ltd on this project. The 151-key Ginger Bhiwandi, MMR is located along the Mumbai-Nashik Highway and features the brand’s signature all-day diner Qmin. The hotel will also house a fitness center, a swimming pool, and versatile event spaces including a banquet hall spanning over 2,000 square feet with meeting rooms and pre-function area. With this hotel, IHCL will have 37 hotels in Maharashtra including 13 under development.

Personnel Move

Auro Hotels India announced the promotion of Amit Mehta to the position of Vice President of Operations. Mehta is based in Surat, Gujarat. He joined Auro Hotels India in 2019 as Area Director and General Manager of The Surat Marriott Hotel. Before that, he held positions with Taj Hotels before transitioning to Marriott. As VP Operations, Mehta will be responsible for managing all operations across Auro Hotels’ India portfolio including Surat Marriott Hotel, Courtyard by Marriott Surat, and future projects to expand the company’s footprint in the Indian hospitality market. Auro Hotels has developed, owned, and operated 110 hotels throughout its history. It currently owns 37 hotels and operates over 6,500 guest rooms located in the United States and India under brands from Marriott, Hilton, and Hyatt.