Grand Nikko Tokyo Daiba Sold for $691 Million

STR reported on China hotel data for the week ended October 26th. China Hotel RevPAR was down -2.7% for the week on a year-over-year basis. It was up against a tough +88.7% comp in 2023. Occupancy was up 1.1% for the week year over year, while ADR fell -3.8%.

Mandarin Oriental Hotel Group has confirmed plans to increase its portfolio in China over the next ten years as part of an accelerated growth strategy. Mandarin Oriental already operates 10 hotels across Greater China, the last of which is the Mandarin Oriental Qianmen Beijing, which opened on October 12th. Their pipeline of Chinese hotels includes Tianfu in Chengdu, Hangzhou, and Nanjing. Mandarin Oriental's investment in Greater China is part of the Group's new global strategy to double its portfolio over the next 10 years by pursuing opportunities in growing luxury travel markets. The Asia region continues to be a strong source of growth for the company.

MGallery Residences MontAzure, a freehold lakeside condominium and Thailand's first MGallery branded residence managed by Accor, recently celebrated its topping off of the project's structural framework. MGallery Residences MontAzure is situated within the MontAzure masterplan at Phuket's Kamala Beach. About 65% of the units are sold, and the project is on track to be handed over in the first quarter of 2025. Primarily developed as a resort, MGallery Residences MontAzure comprises suites and one-bedroom apartments totaling 227 units. Buyers have the option to combine units to create two- or three-bedroom configurations. The project spans 178 acres, stretching from the 250-meter beachfront up to the Kamala mountainside. Owners will receive Accor Live Limitless Diamond Status, the highest tier of the ALL loyalty program.

DCF Property Group celebrated the groundbreaking for the $180 million First Light development in South Melbourne, Australia's Domain Precinct. The project will be developed for $75 million. There will be 30 luxury apartments in the building as well as the Nu By YOO luxury hotel. YOO was founded by designer Philippe Starck and John Hitchcox in 1999. First Light will also introduce world-class amenities, including a wellness sanctuary and premier dining experiences designed by restaurateurs Scott Pickett and Jason Lau. Residents will also enjoy exclusive services through partnerships with luxury brands such as Space Furniture, which has curated the development's interior furnishings. First Light is due for completion in October 2026, and the hotel will begin operating shortly thereafter.

Quest South Brisbane, a fully leased hotel, is now for sale. CBRE Hotels is handling the sale via an Expressions of Interest campaign. It stands on a 1,147 square meter freehold site with 64 rooms, each packed with modern amenities, including an outdoor pool, a gym, and a rooftop terrace offering 360-degree views of the Brisbane skyline and river. The Expressions of Interest campaign closes on November 28.

Plans for a 27-meter-high boutique resort complex have been revealed for a site in Caloundra, Australia, with interest reported from an international brand to manage the hotel. Project Urban has lodged a development application with the Sunshine Coast Council on behalf of 5ive Co to build a resort complex at 31 Esplanade Bulcock Beach in Caloundra. The site is currently occupied by a two-story house in a tourist accommodation zone with various apartment and resort-style developments in proximity. Application documents show a boutique hotel with 77 rooms and a rooftop reception and communal area. The documents include a letter of interest from Marriott International to operate a first-class hotel with a 25-year agreement. It also expresses interest in a second hotel offering in Mooloolaba that will provide between 75 and 150 rooms.

TPG Angelo Gordon is set to purchase the Grand Nikko Tokyo Daiba from Hulic Co. for 106 billion yen, around US$691 million. TPG is teaming up with Japanese real estate management company Kenedix to acquire the hotel located on Odiaba. The hotel comprises 882 rooms, six dining venues, a fitness center and spa, shopping facilities and event spaces across 29 stories. TPG raised US$2.5 billion in May to invest in Asian real estate, noting it was seeking attractive, opportunistic real estate investments with a focus on sourcing off-market transactions in the Japan, Korea, China, Hong Kong, and Singapore markets with its Japan Realty Value Fund targeting value-add real estate opportunities in Japan.

SeaHorse Hospitality Consulting announced the successful facilitation of a key strategic partnership between Cygnett Hotels & Resorts and a premium property located in the city of Gurugram. Cygnett Collection Guragram will open in India's Millennium City, one of India's fastest-growing. The hotel will have 45 rooms, an all-day dining restaurant, a lively bar, modern social spaces, and a rejuvenating spa. The Cygnett Collection Guragram will be located at the Mall FiftyOne. SeaHorse said they worked with Cygnett and offered services such as identifying the property and conducting feasibility studies to facilitate the brand partnership with Cygnett Hotels. The Cygnett Collection Guragram is expected to open in 2025.

Personnel Move

Minor Hotels has named industry veteran Omar Romero its Chief Development and Luxury Officer, a newly created position as Minor continues its global expansion. Romero will be tasked with driving the global development strategy of Minor Hotels, identifying new business opportunities, overseeing the planning and execution of projects and managing relationships with key stakeholders. Romero most recently was Chief Development Officer at Six Senses, leading the global development team there for over half of his more than two decades of experience. Romero will be based in the Bangkok office of Minor Hotels and Minor International. Minor targets more than 200 new hotel openings by the end of 2026, a 40% increase from its property count at the start of 2024.