Thai Boutique Corporation Public Company Limited to sell Oakwood Studios Sukhumvit, Bangkok
Thai-based Boutique Corporation Public Company Limited (“Boutique Corporation”) has agreed to sell its investment in Oakwood Studios Sukhumvit, Bangkok to Singapore-based Legend Land Bangkok Pte. Ltd for approximately THB 575,000,000 worth of shares. 177-Key Oakwood Studios is centrally located in Bangkok’s Klongton sub-district, within a 15-minute drive from Terminal 21 Shopping Mall and Soi Cowboy. Each of the 177 rooms comes with a fully equipped kitchen to cater for all lengths of stay. Additionally, Oakwood Studios Sukhumvit consists of an all-day dining restaurant, an outdoor pool with a bar, coworking spaces, and a fitness center.
Atlan to Acquire Hotel in UK for MYR 57.5 Million
Malaysian company Atlan Holdings Bnd (“AHB”) acquires The Cornwall Hotel Spa & Estate (“TCHSE”) for MYR 57.5 million and asset management company, Belle Isle Hotels (Cornwall) Management Ltd (“ BIHM”) for MYR 1.33 million. Located in St Austell, the 65-key property has been managed by BIHM since 2014. AHB will take over all of BIHM’s existing assets and liabilities to minimize disruption to hotel operations. The purchase of the property and the management company will be financed by internally generated funds and/or loans. AHB believes that the diversification in the UK and the generation of income from foreign assets will benefit the group in the long term.
Australian company La Vie Hotels and Resorts enters into a strategic partnership with Small Luxury Hotels of the World
Australian company La Vie Hotels and Resorts (“La Vie”) has signed a strategic brand and distribution partnership with Small Luxury Hotels of the World (“SLH”). The strategic partnership will see several upscale and independent La Vie hotels join the exclusive collection. The first of these, The Islington Hobart (“IHT”), one of Tasmania’s first luxury hotels. The 11-Key IHT will benefit from SLH’s global distribution network for high-end luxury vacation seekers who seek bespoke and highly curated travel experiences. In addition to the latter, a soon-to-be-announced hotel in the New South Wales town of Surry Hills is also set to join the network later this year. Shellia Chang, Director of Sales and Distribution for La Vie Group, believes that “this strategic partnership with SLH improves the distribution landscape by boosting the commercial performance of our expanding global portfolio of boutique hotels”. More of La Vie’s portfolio is expected to join the SLH network in the coming months.
Hong Kong 2022 Policy Speech Lays Out Plans and Funding to Increase the City’s Competitiveness
Hong Kong Chief Executive John Lee has announced a series of key plans to boost Hong Kong’s economic growth and development. Six major infrastructure projects, including three railway projects: Hong Kong-Shenzhen Western Rail Link, Central Rail Link and Tseung Kwan O Line Southern Extension will be implemented. HKD 600 million will be set aside by the government for a three-year incentive program for local visits to cultural and heritage sites, and a new series of “Spend-to-Redeem” programs that will subsidize local visits and the package stay will also be rearranged. A new work visa will also be introduced for high-income earners and HKD 30 billion would go into a “co-investment fund” to entice businesses to set up in Hong Kong.
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