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In Focus: Singapore
By Chee Hok Yean
In Focus: Singapore provides an overview of Singapore's tourism landscape and hotel market performance, infrastructure developments, hotel transactions and investments in 2024, an in-focus topic on MICE and the entertainment tourism industry, as well as an outlook.
To view our In Focus Singapore publication, please click here.
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Royal Group Developing New Hotel for GBP110 Million in London, United Kingdom
Singapore-based Royal Group Investments Pte Ltd (“Royal Group”) has acquired the former Westminster Bank building in Mayfair, London, United Kingdom for GBP65 million and plans to invest a further GBP45 million to redevelop it into a 50-key, all-suite luxury boutique hotel. This will bring Royal Group’s total investment to GBP110 million, translating to approximately GBP2.2 million per key. The hotel is scheduled for completion by the end of 2026 with an anticipated average daily rate of GBP1,000. This acquisition represents the latest addition to Royal Group’s growing portfolio of investments, which includes the recently opened 62-key Raffles Sentosa and the upcoming 165-key Casa Mett Hotel, both located in Singapore.
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Alivio Group Acquired The Sebel Margate Beach for AUD22 Million in Queensland, Australia
Australia-based Alivio Group has acquired The Sebel Brisbane Margate Beach for AUD22 million, marking the group’s second hotel in Queensland. The acquisition price equates to approximately AUD393,000 per key. This transaction represents a record per-key acquisition for an Accor-franchised hotel in the region. Located in Queensland’s rapidly growing Redcliffe Peninsula, the 56-key hotel features an outsourced food and beverage outlet, a rooftop pool, a fitness centre, and a meeting room. The hotel has consistently reached an occupancy of 75% or above. Opened in 2018, the hotel will continue to operate under the Sebel brand.
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Morgan Stanley Acquires Shilla Stay Seodaemun in Seoul, South Korea
US-based Morgan Stanley is set to acquire the 319-key Shilla Stay Seodaemun in South Korea from South-Korea based IGIS Asset Management Co. Limited (“IGIS”) for an undisclosed sum. IGIS originally acquired the property in 2015 for KRW110 billion. Operated and leased by South-Korea based Shilla HM Corporation, the existing lease is due to expire in 2035. The freehold hotel spans a total gross floor area of 13,529 square metres, spread over 25 floors, with guestrooms situated between 3rd to 25th floor. Facilities include a café, meeting room, business corner and fitness centre. Located directly above Seodaemun station, the property is also a 17-minute bus ride from the vibrant Myeongdong district, home to the renowned Myeongdong Shopping Street, a variety of retail outlets and dining options, making it a prime location for both business and leisure travellers.
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Quest Hotel Midland Franchise Sale Acquired By New Joint Venture in Midland, Western Australia
Singaporean-based The Ascott Limited successfully sold its Quest Midland franchise rights to a joint venture between experienced Quest franchisees, Sophie Sun and Yannick Kee Mew, and first-time operators, Sing Liu and Lisa Lam, for an undisclosed sum. With over 28 years left on the lease, the acquisition presents a strong opportunity for future growth in one of the region’s most popular tourist destinations. The 102-key, seven-storey serviced apartment hotel is located 15 kilometres northwest of Perth’s central business district and 10 kilometres from Perth Airport. Midland, situated at the gateway to the Swan Valley, offers a perfect blend of urban convenience, proximity to scenic attractions and key business districts. The property boasts modern amenities, featuring an outdoor swimming pool, a fitness centre, an alfresco BBQ area, and laundry facilities.
| | Absolute Share Price Performance, as of 28 March 2025 | | | Closing Share Price | 28 March 2025 | 21 March 2025 | % Change | | | | Australia Stock Exchange (ASX) | | | | Elanor Investors Group | 0.85 | 0.85 | 0.0%
| | Event Hospitality & Entertainment Ltd | 13.58 | 13.50 | 0.6%
| | General Property Group | 4.41 | 4.36 | 1.1%
| | Mirvac Group | 2.13 | 2.11 | 0.9%
| | | | Bangkok Stock Exchange (THB) | | | | Central Plaza Hotel Public Co Ltd | 28.50 | 30.75 | -7.3%
| | Dusit Thani Public Co Ltd | 8.60 | 8.75 | -1.7%
| | The Erawan Group Public Co Ltd | 2.66 | 2.94 | -9.5%
| | Grande Asset Hotels & Property Public Co Ltd | 0.04 | 0.05 | -20.0%
| | Laguna Resorts & Hotel Public Co Ltd | 38.50 | 38.25 | 0.7%
| | Minor International Public Co Ltd | 25.25 | 27.50 | -8.2%
| | S Hotels and Resorts Public Company Limited | 1.97 | 2.12 | -7.1%
| | | | China Shanghai Stock Exchange (RMB) | | | | Jinling Hotel Corporation Ltd | 6.85 | 6.94 | -1.3%
| | | | China Shenzhen Stock Exchange (RMB) | | | | Huatian Hotel Group Co.,Ltd. | 3.30 | 3.19 | 3.4%
| | Guangzhou Lingnan Group Holdings Company Limited | 10.60 | 10.25 | 3.4%
| | | | Huazhu Group Limited | 36.24 | 38.06 | -4.8%
| | | | Hong Kong Stock Exchange (HK$) | | | | Miramar Hotel & Investment Co Ltd | 8.88 | 9.04 | -1.8%
| | Regal Hotels International Holdings Ltd | 2.20 | 1.75 | 25.7%
| | Sino Hotels Holdings Ltd | 1.38 | 1.38 | 0.0%
| | The Hong Kong & Shanghai Hotels Ltd | 5.86 | 6.01 | -2.5%
| | Shangri-La Asia Limited | 4.68 | 4.72 | -0.8%
| | | | National Stock Exchange (INR) | | | | Chalet Hotels Ltd | 840.00 | 807.90 | 4.0%
| | IHCL (Taj Hotels, Resorts & Palaces) | 793.55 | 817.25 | -2.9%
| | EIH (Oberoi Hotels & Resorts) | 364.95 | 359.50 | 1.5%
| | Hotel Leela Ventures | 12.05 | 13.00 | -7.3%
| | Lemon Tree Hotels Ltd | 131.75 | 137.50 | -4.2%
| | Mahindra Holiday & Resorts | 294.20 | 319.40 | -7.9%
| | Royal Orchid Hotels | 384.00 | 417.40 | -8.0%
| | SAMHI Hotels Limited | 148.00 | 149.20 | -0.8%
| | | | The Shilla | 38600.00 | 40500.00 | -4.7%
| | | | Singapore Stock Exchange (S$) | | | | Amara Holdings Ltd | 0.60 | 0.60 | 0.0%
| | ARA Htrust (US$) | 0.21 | 0.21 | 0.0%
| | Ascott Residence Trust | 0.87 | 0.87 | 0.0%
| | Banyan Tree Holdings Limited | 0.37 | 0.36 | 2.8%
| | CDL Hospitality Trusts | 0.82 | 0.86 | -4.1%
| | Far East Hospitality Trust | 0.57 | 0.57 | -0.9%
| | Frasers Hospitality Trust | 0.60 | 0.58 | 4.3%
| | Hotel Grand Central Ltd | 0.71 | 0.70 | 2.2%
| | Hotel Properties Ltd | 3.58 | 3.54 | 1.1%
| | Mandarin Oriental International Ltd (US$) | 1.75 | 1.79 | -2.2%
| | Stamford Land Corporation Ltd | 0.36 | 0.37 | -1.4%
| | | | Taiwan Stock Exchange (NT$) | | | | Formosa International Hotels Corporation | 207.00 | 210.00 | -1.4%
| | The Ambassador Hotel, Ltd | 51.90 | 51.70 | 0.4%
| | | | Tokyo Stock Exchange (JPY) | | | | Japan Hotel REIT Investment Corp. | 73100.00 | 72800.00 | 0.4%
| | Imperial Hotel, Ltd | 891.00 | 916.00 | -2.7%
| | Red Planet Japan Inc | 411.00 | 5100.00 | -91.9%
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