Star Asia Acquires Four Hotels in Japan for JPY34.6 Billion
Japan-based REIT Star Asia Investment Corporation (“Star Asia”) has acquired three hotels in Tokyo and one hotel in Osaka for a total sum of JPY 34.6 billion. The three Tokyo-based hotels that were acquired are the 188-key Koko Hotel Tsukiji Ginza that was bought for JPY 17 billion, the 42-key Koko Hotel Residence Asakusa Tawaramachi for JPY 8.9 billion, and the 47-key Koko Hotel Residence Asakusa Kappabashi for JPY 6.7 billion. The Osaka-based hotel is the 211-key Koko Hotel Osaka Shinsaibashi that was acquired for JPY 11.7 billion. These hotels are operated by Star Asia’s subsidiary Polaris Group.
Australia-based MA Financial Group has sold the 50-key Mantra Bathurst Hotel to a local owner-operator for AUD13 million. The Mantra Bathurst Hotel features an on-site restaurant, an indoor swimming pool, four multi-purpose meeting and event venues, and on-site laundry services. It is located a 20-minute drive from the airport and is near popular attractions and dining options in Bathurst. The sale represents a 34% increase over its acquisition price in 2021.
US-based Hyatt Hotels Corporation (“Hyatt”) is set to acquire US-based lifestyle company Standard International for up to USD335 million. Hyatt will pay a base price of USD150 million to acquire brands including The Standard, Bunkhouse Hotels, and Peri Hotels, along with management, franchise, and license contracts for 21 open hotels in New York, London, and Bangkok. Hyatt may also pay an additional USD185 million as more than 30 new projects in the pipeline enter its system.
Sri Lanka to Waive Tourist Visa Fee for 35 Countries
Starting 1 October 2024, Sri Lanka will waive the USD50 dollars fee for 30-day tourist visa for travelers from 35 countries, including the US, China and India. This six-month pilot program is designed to revitalise the country’s tourism industry. This initiative aligns with Sri Lanka’s peak tourist season, which runs from December to mid-April. Known for its UNESCO world heritage sites, tea plantations and the scenic Kandy to Ella train route, Sri Lanka hopes this government-led effort will attract more international visitors.
Direct Bangkok-Butterworth Train Service to be Reinstated
Thailand and Malaysia have reached an agreement in principle to reinstate the direct train service between Bangkok and Butterworth and to extend a Malaysian excursion train, currently running to Hat Yai, to include Surat Thani. The transnational service is intended to operate for six months as a test run. Butterworth is a coastal town located in Penang state, northern Malaysia.
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