The winners of the Reggie Shiu Development of the Year, Single Asset Transaction of the Year, and Merger and Acquisition of the Year Awards were announced today at the Hotel Investment Conference Asia Pacific (HICAP), being held at the InterContinental Hong Kong. HICAP is hosted by BHN, Horwath HTL, and Stiles Capital Events.
The winner of the Reggie Shiu Development of the Year Award was The Temple House in Chengdu, China. Comprising 100 guest rooms and 42 serviced residences, The Temple House is an integral part of the Chengdu Daci Temple Cultural and Commercial Complex that surrounds historic Daci Temple. Designed with respect for the site’s history and local culture and artistry, a number of traditional courtyard buildings have been restored and incorporated into the hotel’s design, including the hotel’s entrance set in a building first built in the Qing Dynasty. The three-dimensional woven façade combines modern design with traditional Chengdu architectural elements of timber, brick and step stones. The property was developed by Chengdu Qianhao RE Co. Ltd. (JV b/t Swire Properties and Sino Ocean Land) and is operated by Swire Hotels. The architecture is by Make (UK), in collaboration with Tsinghua University (heritage buildings restoration), and the interiors are by Make (rooms + public areas)/ AVROKO (F&B outlets). Finalists in this category also included Club Med Finolhu Villas in the Maldives and Rosewood Beijing, China.
The winner of the Single Asset Transaction of the Year Award was the Outrigger Konotta Maldives Resort. In September 2014, OKM Private Limited, a wholly-owned subsidiary of Outrigger Enterprises Group, purchased the partially completed Konotta Maldives Resort from Aima Construction and Platinum Capital Holdings. In just 10 months, the property underwent an aggressive completion programme that included the total redesign of all public areas and rooms product, opening on August 1 with 29 beach pool villas (4 newly constructed), 21 overwater pool villas and a new 509sqm three-bedroom overwater Presidential villa. The resort was acquired for around USD800,000 per key exclusive of the additional costs to expand villa inventory and finishing costs to complete the development. In the first three months of operation, rooms revenue has exceeded initial operating underwriting by 132%, with ADR up 11% over the original forecast. The transaction involved disposal of a non-performing loan and a complicated sale process requiring intense co-operation between the principals, lending consortium and creditors for a successful outcome, and the entire redevelopment was delivered on time and on budget. Finalists in this category also included the Hilton Sydney in Australia and the Sofitel Sydney Darling Harbour in Australia.
The winner of the Merger and Acquisition of the Year Award was the ADIA’s acquisition of stake in New World Development Hotels in Hong Kong. In what is the sovereign wealth fund’s largest Asian property investment to date, with a regional record of USD1.35 million per key, Abu Dhabi Investment Authority (ADIA) acquired a 50% interest in New World Development Co’s Grand Hyatt Hong Kong, Renaissance Harbour View and Hyatt Regency Tsim Sha Tsui for HKD18.5 billion (USD 2.4 billion). Proceeds from the joint venture are expected to be used by New World to fund its other development projects including the upcoming New World Centre Development in Tsim Sha Tsui. Finalists in this category also included AccorHotels’ and China Lodging Group’s alliance and Hoshino Resorts Inc.’s acquisition of 4 ANA Hotels from MSREF.
For additional information on HICAP visit www.HICAPconference.com.
HICAP is Asia’s largest and longest running hotel investment event, making it the most important gathering of hotel developers, investors, lenders, operators, and other industry executives for information exchange, trend spotting, and deal making. The 25th annual HICAP held in October 2014 in Hong Kong attracted 800 delegates from around the world.
BHN is the worldwide leader in developing and organizing conferences for the hotel and tourism investment community. With almost three decades of experience, nearly 130 events completed to-date, and almost 90,000 international delegates, BHN conferences have become “must attend” events for industry leaders who come together to network, conduct business and to learn about the latest trends. BHN events include: the Americas Lodging Investment Summit (ALIS) in Los Angeles; ALIS Law in Los Angeles; ALIS Summer Update; Alternative Ownership Conference Asia Pacific (AOCAP) in Singapore; Caribbean Hotel & Resort Investment Summit (CHRIS) in Miami; Hotel Investment Conference Asia Pacific (HICAP) in Hong Kong; HICAP UPDATE in Singapore; Hotel Investment Forum India (HIFI) in Gurgaon Delhi N.C.R.; Hotel Opportunities Latin America (HOLA) conference in Miami; and Hotel Investment Conference Europe (Hot.E) in London. The BHN website is the gateway for information about the conferences BHN produces, as well as a direct link to important players in the hospitality investment world.
About Horwath HTL
Horwath HTL is the world’s largest hotel industry specialized consulting organization, currently with 42 offices in 37 countries. Since the set-up of Asia Pacific operations in 1987, Horwath HTL – Asia Pacific has been involved with thousands of projects throughout the region in all phases of the property lifecycle for clients ranging from individually owned businesses to the world’s most prominent hotel companies, developers, lenders, investors, and industrial corporations. Horwath HTL currently operates out of regional offices in Tokyo, Beijing, Shanghai, Hong Kong, Bangkok (Health & Wellness), Singapore, Jakarta, Kuala Lumpur, Mumbai, Sydney, and Auckland.
About Stiles Capital Events LLC (SCE)
Stiles Capital Events LLC (SCE) has been involved in event management, communications and marketing in the publishing, entertainment and hospitality industries since 1989. SCE has been associated with the development and organization of the Hotel Investment Conference Asia Pacific (HICAP) since its inception and the subsequent launches of HICAP UPDATE in 2009 and AOCAP (Alternative Ownership Conference Asia Pacific) in 2014 together with partners BHN (Burba Hotel Network) and Horwath HTL. SCE is based in the San Francisco Bay Area.