The organizers of the annual Hotel Investment Conference Asia Pacific (HICAP) are pleased to announce the finalists for the HICAP Reggie Shiu Development of the Year, HICAP Single Asset Transaction of the Year, and the HICAP Merger & Acquisition of the
Year Awards. The HICAP Deal of the Year Awards highlight the most dynamic deals and developments and honor the ongoing achievements of our industry’s leaders. The awards will be presented at the 33rd annual HICAP on 23-25 October 2023 at the Fairmont
Singapore & Swissotel The Stamford.
Finalists for the HICAP Reggie Shiu Development of the Year Award are:
Capella Sydney – Sydney, Australia
Capella Sydney, developed by Pontiac Land Group opened on 15th March 2023. The project, developed at a cost of over AUD $300
Million is an exemplar of adaptive re-use, converting an historic government building in an exceptional hospitality destination, demonstrating how civic buildings can be honored while also being repurposed for future generations, contributing to the
heritage fabric of the city. The refurbishment and creation of new hospitality venues opens a previously inaccessible building to the public. The reinvention engages guests in the narrative of the historic building and integrates carefully crafted
heritage elements to provide a luxurious hotel environment.
Pan Pacific Orchard – Singapore
Developed by UOL Group Limited at an estimated cost of SGD $204 Million, and opened on 1 June 2023, the 347-key Pan Pacific Orchard is
a verdant sanctuary blending authentic Asian hospitality with exemplary architectural design that draws nature inwards, epitomising Singapore's unique position as a City in Nature. Envisioned by WOHA as a new prototype for high-rise tropical hospitality,
it is one of Singapore’s only luxury hotels designed with the environment in mind. The property's bold architectural approach integrates design with nature seamlessly, underpinned by conscious practices employed throughout the hotel, embodying the
vision of sustainable hospitality and graceful luxury.
Pullman Singapore Orchard – Singapore
Developed by New Park Property Pte Ltd and managed by Accor, the groundbreaking Pullman Singapore Orchard opened on 1st December 2022,
with a dedicated investment of SGD $30 Million for its renovation alone. It represents a substantial investment in redefining hospitality along Orchard Road. Inspired by its surroundings, the hotel’s spaces are designed to celebrate the fashion powerhouses
that surround it. As the first Pullman hotel in Singapore, it introduces a new era of progressive, intuitive, and seamless hospitality to the market. Your vote will celebrate this achievement and recognize it as a game-changing deal in Singapore's
dynamic hotel landscape.
Finalists for the HICAP Single Asset Transaction of the Year Award are:
Harbour Rocks Hotel – The Rocks, Australia
On 1 December 2022, real estate investment company Invictus Developments acquired the 59-room Harbour Rocks Hotel
from Robert Magid/TMG for about AUD $40 Million (circa AUD $678,000 per room). The Harbour Rocks Hotel dates from 1887. It is a heritage asset with unique character and asset enhancement potential in the heart of Sydney’s historic Rocks / Circular
Quay precinct. Acquisitoin of Harbour Rocks Hotels outlines the vision for Invictus Developments to build a hotel portfolio of bespoke accommodation assets across the high performing markets and gateway cities in Singapore, Australia and Japan.
Havodda Maldives Resort – Maldives
The acquisition of Havodda Maldives Resort by Minor Hotel Group and its joint venture partner Dana Hospitality, an affiliate of Abu Dhabi Fund for Development (ADFD), from Crystal Plaza Resorts closed on 11 July 2023 for an undisclosed sum. This transaction
marks the first hotel sale in the Maldives for 2023, reinforcing investors’ long-term confidence in the Maldives hotels space, as well as the island nation’s position as a major capital destination for the world’s most active institutional investors.
With an enviable natural house reef, architectural detailing and interiors by French designer Isabelle Miaja as well as one of the largest infinity pools in the Maldives, the resort had strong and steady financial performance under its belt.
The RIHGA Royal Hotel Osaka – Osaka, Japan
On March 31, 2023, BentallGreenOak (BGO) acquired a 1,039 room Osaka landmark, The RIHGA Royal Hotel Osaka, from Royal Hotel KK. The transaction was privately negotiated and the price was undisclosed. This iconic center-city full-service hotel features
1,039 rooms and suites, 18 restaurants and bars, and Osaka’s largest banquet and conference facilities (nearly 8,000 square meters). Simultaneously with the acquisition, BGO entered into a capital alliance with Royal Hotel KK and became a 33% shareholder
(and the largest shareholder) of the Tokyo Stock Exchange-listed hotel management company. As new owner of The RIHGA Royal Hotel Osaka, BGO has already begun a transformational JPY 13.5 Billion renovation of the hotel, and upon completion will rebrand
it as The RIHGA Royal Hotel Osaka, Vignette Collection. The RIHGA Royal Osaka will be IHG’s first Vignette Collection hotel in Japan and IHG’s largest hotel in the country.
Finalists for the HICAP Merger & Acquisition of the Year Award are:
Daiwa Resort Portfolio – Japan
On 19 July 2023, Japan Hotel REIT Advisors (JHRA) led and closed a transaction on behalf of a joint venture formed by SC Capital
Partners, a wholly-owned subsidiary of the Abu Dhabi Investment Authority and Goldman Sachs Asset Management (“JV”) to acquire all shares in Daiwa Resort and one hotel from Daiwa House Industry for JPY 55.6 Billion. The portfolio consists of 27 self-managed
hotels with 7,124 guest rooms located at popular tourist destinations across Japan. JHRA, as the asset manager, developed and will execute the business plan, which includes major refurbishment and rebranding of 23 hotels as Grand Mercure and Mercure
managed by the Accor Group. The JV expects to invest USD $900 Million in the largest hotel portfolio rebranding project in Japan.
Seibu Portfolio – Japan
In September 2022, GIC completed the acquisition of a portfolio of hospitality
assets, comprising 26 hotels, golf courses and ski resorts across Japan from Seibu Realty Solutions. The acquisition followed a competitive bidding process, aiming to identify a new owner for the properties on a manage-back to Seibu Prince Hotels
Worldwide. The total acquisition price was JPY 123.7 Billion (c.USD $870 Million), representing the largest hotel portfolio transaction in Japan since 2007.
Spicers Retreats Portfolio – Australia
On 18 April 2023, Salter Brothers
settled on the Spicers Retreats portfolio, previously owned by the Turner Family. The transaction included acquiring 6 luxury retreats (110 Keys), the management of 3 third party owned retreats (79 Keys), management of the Scenic Rim Walk (38 Keys),
the Spicers management company and all associated brands for AUD $127 Million. The acquisition also required the rehiring of some 360 staff across the portfolio.
The Sustainable Hotel Awards are also presented at HICAP, recognizing hotels in the Asia Pacific region demonstrating exemplary sustainable best practices.