Australian Hotel Sector

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Chinese tycoon Xu Jiayin’s Evergrande group eyes hotel sites
THE AUSTRALIAN OCTOBER 09, 2014 12:00AM

Chinese tycoon eyes top hotel sites
Security around the airport was tight as China’s fifth richest man Xu Jiayin arrived on the Coast on his private jet. Picture: Glenn Hampson Source: News Corp Australia

ONE of China’s richest men is scoping real estate opportunities across the Gold Coast, Sydney and Melbourne as his giant development company seeks to expand into one of the world’s top 500 companies.

The Australian understands the head of Guangzhou-based Hong Kong-listed Evergrande Real Estate Group, Xu Jiayin also known as Hui Ka Yan, was yesterday on Queensland’s Gold Coast after viewing high-end hotel and residential sites this week.

Evergrande is also expanding into dairy and agriculture amid a slowdown in Chinese property and has publicly announced its desire to become one of the top 500 global companies next year.

It is believed this is the first time Mr Xu has visited Australia to scope in-depth investment opportunities. He came with an ­entourage of Evergrande representatives.

Gold Coast-based agent ­Roland Evans, of Canford Property Group, said he had worked with Mr Xu, but declined to comment on any specific properties sought by the billionaire.

“They are actively looking at opportunities at this moment,” Mr Evans said.

China’s state-sanctioned English language newspaper China Daily reported Mr Xu’s had fallen out of the top 10 rich list this year to become the 15th-richest man in the country, despite a 12 per cent jump in his personal fortune to 42 billion yuan ($7.8bn).

The company’s half-year report said Evergrande had 303 projects across 147 Chinese cities but was facing increased debt ­ratios. In April Standard & Poor’s downgraded the Evergrande Real Estate Group to BB-.

Evergrande shot to international prominence after its purchase of Chinese football team, Guangzhou Evergrande FC, that lured Argentine star player Dario Conca for a reported $US12.5 million annual salary.

Confidence is increasing on the Gold Coast with the return of private investment over the last year.

Construction is scheduled to start next year on the $900m triple-tower Jewel project after Chinese developers the Dalian Wanda Group entered into a joint venture with Ridong. The Australian last week reported Wanda had committed to underwrite construction and had received Foreign Investment Review Board approval.

Work is under way at Surfers Paradise on Ho Bee’s $120m Rhapsody tower as Banyan Tree is planning for its 40-level $100m hotel and serviced apartment block.

Listed company Sunland announced it will redevelop a caravan park at Palm Beach into medium-rise residential.

AMP Capital has started a $670m redevelopment of shopping centre Pacific Fair. Echo Entertainment is also upgrading its Jupiters Casino in an overhaul worth $350m that will include a new hotel.

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China’s Sunshine Insurance Groupeyes Sheraton hotel
BEN WILMOT THE AUSTRALIAN OCTOBER 14, 2014 12:00AM

Chinese close in on Sheraton
Sheraton On The Park hotel in Sydney. Source: Supplied

CHINA’S Sunshine Insurance Group is edging closer to the purchase of Sydney’s Sheraton on the Park for a record price of about $465 million.

Sunshine Insurance, one of China’s top 500 companies, is reported to have agreed to terms on a deal to buy the landmark property on Friday night.

On some accounts, contracts have been exchanged on the trophy property, but some executives involved said the deal was not yet finalised.

A purchase of the hotel overlooking Hyde Park from the US hospitality group Starwood would be a major marker in the march of Chinese insurers in buying global property assets.

Last week, Hilton announced it had sold its New York luxury flagship hotel the Waldorf Astoria to China’s Anbang Insurance Group for a massive $US1.95 billion ($2.23bn).

Chinese insurers Ping An and state-owned China Life have also been splashing out on property in the US and Britain.

Buying the 557-room Elizabeth Street hotel, which has benefited from an upsurge in international leisure and business tourists, would be a big step for Sunshine.

The group is yet to secure a property in Australia though it missed out on buying the Sofitel Sydney Wentworth, which was purchased in May by Frasers Centrepoint for $202m.

Starwood said this year it would exit hotel ownership in Australia, though it has also flagged aggressive plans to increase its management of hotels in the country.

The company said in a statement yesterday: “We do not comment on any market rumours and will not announce any transaction until it is complete. What we can say is that we seek long-term partners who share our vision for our hotels to be brand enhancing properties, and that we remain highly committed to the Australian hotel market.”

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Strong demand for rooms in Sydney

Larry Schlesinger
304 words
14 Oct 2014
The Australian Financial Review
AFNR
English
Copyright 2014. Fairfax Media Management Pty Limited.

Sydney hotels performed strongly over September due to a higher number of corporate and leisure visitors, ­according to STR Global.

The hotel research house reported a 3 per cent rise in Sydney's average daily rate to $186 , with occupancies up 1.7 per cent to 83.1 per cent over September.

This translated into a healthy 4.8 per cent increase in revenue per available room (revPAR) – the key industry metric, which rose to $154.50 for the month.

An imbalance between demand and supply of new hotel rooms continued to drive the growth in the Sydney market.

STR Global reported a 0.5 per cent rise in Sydney hotel room supply in ­September (about 39,500 rooms) ­compared with a 2.2 per cent rise in demand for hotel accommodation.

Elizabeth Winkle, managing ­director of STR Global, said the results were in line with expectations.

"Sydney grew all the key ­performance indicators for the month of September," Ms Winkle said.­ ­"Occupancy has rarely dropped below 75 per cent in the last three years."

The strongest nights of the week were Saturday (revPAR of 8 per cent), followed by Tuesday and Friday (7 per cent).

Australia's biggest hotel operator, Accor, said previously Sydney would outperform other capital city hotel ­markets in 2014, with room rates rising between 7 and 10 per cent this year.

STR Global forecasts Sydney hotel revPAR growth of 3.1 per cent over 2014, with growth slowing in the final quarter.

It has forecast lower revPAR growth of 1.6 per cent in 2105.

STR Global figures show the relative affordability of Sydney hotels compared with those in Singapore and Dubai.

The average room rate in Singapore is $S268 ($241) and in Dubai it is 672 Emirati dirham ($209).


Fairfax Media Management Pty Limited

Document AFNR000020141013eaae0003z

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Former Ascott Family

SilverNeedle opens its Next big thing
ROSANNE BARRETT THE AUSTRALIAN OCTOBER 15, 2014 12:00AM

Next Hotel CEO Iqbal Jumabhoy in the new Brisbane Hotel. Picture: Peter Wallis Source: News Corp Australia

SINGAPORE-based SilverNeedle is looking to expand further into Australia after launching its first Next-branded hotel in Brisbane.

The hospitality chain has two memorandums of understanding for additional sites as it continues to scope properties in Sydney and Melbourne.

This follows yesterday’s opening of the 304-room Next hotel on the Brisbane Mall and the planned Sage-branded accommodation in Brisbane’s Fortitude Valley and West Perth. An upgrade of Adelaide’s Chifley Hotel is also underway.

SilverNeedle Hospitality chief executive Iqbal Jumabhoy said he was scouring the market for long-term investments.

“We are constantly looking for sites in the major markets, basically all markets in Australia,” he said. “I always look at it as finding the right site, the right operating arrangement at the right price.”

The company entered the local market through its 2011 acquisition of Constellations Hotels and manages 5000 rooms across the Chifley, Country Comfort and Sundowner brands. It has 63 hotels worldwide.

SilverNeedle spent almost $120 million overhauling Brisbane’s historic Lennons hotel on the Queen Street Mall. It was purchased for $57m in 2012. It has doubled the rooms from 150 to 304 and installed business-friendly, tech-savvy features including free Wifi and external check-in and room-control options through a smartphone device.

Mr Jumabhoy said there was space in Australia for “the right product in the right market” despite downturns in the mining-construction booms affecting Brisbane and Perth and high site prices in Sydney.

“A lot of people look for the here and now,” he said. “The hotel business is one with a long lead time, so when we look at doing an investment we don’t look at today’s climate because it takes time.”

SilverNeedle had investigated a location in Sydney, but “someone bought it”.

Brisbane’s Next Hotel has opened ahead of the G20 leaders’ summit, when it will have full occupancy during the lead-up and the event.

A dozen new hotels have been planned in Brisbane since the council offered a moratorium on some charges to entice accommodation providers.

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Hotel markets set for record year as Hilton eyes $500m windfall
BEN WILMOT THE AUSTRALIAN OCTOBER 21, 2014 12:00AM


AUSTRALIAN hotel markets appear set for another record year and 2015 is also shaping up well, with US listed company Hilton Worldwide calling in real estate agency JLL to advise on the sale of its flagship Sydney property.

The freehold of the five-star hotel on George Street could ­attract offers of $450 million-$500m when it comes to market early next year.

Industry experts suggested Hilton was awaiting the sale of the Sydney’s Sheraton on the Park before launching the listing.

China’s Sunshine Insurance Group is edging closer to buying that hotel for a record price of about $465m, with the deal tipped to show a yield of about 6 per cent.

Hilton has been cashing in on Chinese interest on global real estate. Earlier this month, a Chinese insurance company bought Hilton’s New York luxury flagship hotel the Waldorf Astoria for $US1.95 billion ($2.2bn).

The Hilton is not the only major offering in Sydney.

The marketing campaign for two historic sandstone government buildings near Circular Quay that could be converted into hotels kicked off yesterday. The NSW government is accepting bids for the redevelopment of the Education building and former Lands Department buildings on Bridge Street. The properties are being offered in one line on a 99-year lease through Macquarie Capital.

These major hospitality offerings come on the back of robust Australian hotel transaction volumes. In the first half of 2014 sales jumped 28.8 per cent on the same period in 2013 to hit $571m.

Sixteen accommodation assets sold during the first six months of the year. But with a further $1bn of hotels and development sites — by completed value — recently exchanged, in due diligence or being marketed for sale, forecasts are rising.

JLL has lifted its full-year forecast of hotel sales from $900m to $1.6bn. “The current, and arguably unprecedented, strength of the Australian hotel investment market is motivating more owners to sell as they look to monetise assets amid a flood of offshore capital,” JLL said. “Chinese investors are increasingly the driving force with acquisitions now being targeted across the full spectrum of deals, markets and price points. Investors are attracted to Australia’s sound fundamentals as one of the world’s most transparent real estate markets,” the firm said.

Colliers International managing director, hotels, Stephen Burt, said Singapore REITs were also becoming more active in Australia. Private players are also buying.

The Australian reported last week that a fund controlled by Singaporean private equity firm SC Capital was in due diligence to buy the Rydges Darwin Airport Hotel and Resort for about $80m in a deal handled by CBRE Hotels’ Wayne Bunz. Dransfield Hotels & Resorts managing director Dean Dransfield presented to a Hong Kong forum for hotel investors last week. He said in addition to targeting existing assets, offshore groups had broadened to focus on “greenfields sites”, where they could build hotels, or “brownfields redevelopments”, where they turn existing buildings or precincts into hotels.

“We seem to be attracting Asian partners and others who have an appropriate mix of courage and capital,” Mr Dransfield said. “A number of these funds see Australia as a proxy for China.”

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US hotel giant holds Olympic Park site Aloft for development
THE AUSTRALIAN OCTOBER 27, 2014 12:00AM

Lisa Allen

Property & Tourism Reporter
Sydney
US hotel giant holds Olympic Park
Andrew Taylor, Starwood’s director of acquisitions, says the Sydney hotel market needs several Aloft hotels. Source: News Corp Australia
AMERICAN hotel giant Starwood is close to signing deals to develop Aloft and W Hotels in Sydney, after scouring the CBD, airport precinct and even Sydney Olympic Park for suitable sites.

While the new four-star Aloft brand, which is billed as a cheaper but funkier version of Starwood’s more glamorous five-star W brand, has opened in Melbourne and Perth, Starwood’s director of acquisitions and development, Andrew Taylor, is yet to secure a foothold in Sydney.

Starwood no longer owns the bricks and mortar assets of hotels but instead strikes deals with private developers to build its hotels, while typically signing a 20-year hotel management agreement.

Under this arrangement, Starwood hopes to develop an Aloft Hotel at Sydney Olympic Park Authority’s development site at Homebush where the NSW government is offering a 99-year lease on a site near the railway station.

Starwood thinks there will be good demand from corporate clientele for hotels at Olympic Park.

“A few more hotels would go down well out there,” said Mr Taylor, who, if his tender is successful, plans a 180-room hotel at Olympic Park and has a developer in tow. “We have a private developer also looking to do a W Hotel in Sydney. We are looking at three sites for a W Hotel in the CBD. At least one of them is outstanding; it ticks the boxes of an iconic hotel.”

Starwood also believes the Sydney hotel market needs several Aloft hotels. “The Aloft Hotel is a hipper, younger version of the W — Alofts are more affordable.

“We know we can get rates of $250 a night with Alofts. The beauty of the Aloft is we can drive a high room rate, without the standard operating costs of a full-service hotel. We have a bar but no restaurants.”

Starwood is in negotiations with a large private investor who wants to roll out up to 10 Aloft Hotels across Australia within the next two years. “Sydney can support three Aloft hotels, Melbourne three, there could be one in Brisbane, one in Adelaide, Canberra and Darwin,” he said.

However, Mr Taylor said the rollout was taking a bit longer than anticipated. “We are very close to signing a site in Sydney’s CBD for a 150-room $55 million to $60m Aloft hotel. Construction would start next year. ’’

Starwood is also keen on acquiring the two heritage-listed sandstone buildings the NSW government is proposing to sell in the heart of Sydney’s financial district. The government has been mulling the sale of the Lands Building and the Education Building, both in Bridge Street, for the past couple of years.

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Tourism Australia campaign appeals to China’s good taste
THE AUSTRALIAN OCTOBER 30, 2014 12:00AM

Scott Murdoch

China Correspondent
Beijing
John O'Sullivan Tourism Australia
Tourism Australia managing director John O’Sullivan will launch a campaign to draw Chinese tourists to Australia. Picture: Marissa Wang Source: News Corp Australia

THE white sands of Queensland, Sydney Harbour and Melbourne’s laneways are brightening up dreary subway stations across major Chinese cities as part of Tourism Australia’s largest ever campaign in the country.

The Restaurant Australia campaign, aimed at highlighting Australia’s fresh produce, food and wine, will be launched in Shanghai today as part of a new pitch to grow the number of Chinese tourists visiting Australia.

China is now Australia’s fastest-growing source of tourists with about 785,000 visitors over the past year, to August, who spent $5.3 billion a year, up 15 per cent.

However, a new pitch is targeting wealthy, independent travellers by featuring restaurants and wineries in a bid to increase the number of China’s emerging middle class visiting Australia.

The campaign was a collaboration with state and territory governments which each contributed a major tourist attraction to feature in print and digital advertisements.

Queensland chose Whitehaven Beach, NSW picked Sydney Harbour while Melbourne tourism authorities selected the city’s emerging laneway and rooftop cinema culture.

In Beijing, Tourism Australia managing director John O’Sullivan said food and wine were among the major reasons Chinese tourists cited for visiting Australia.

“Our target market is really that 30 to 49 year-old traveller who is independent, affluent and really into food and wine,” he said.

“We really have pitched it so it appeals to the middle-class traveller, through that we really have focused our efforts in nine cities ... we are not targeting the whole country.

“Produce in China of the quality that we have in Australia is not readily available and for people being able to go down and sit in a winery and pick the grapes, they find that amazing.” The ad campaign cost $10 million. Mr O’Sullivan said while Chinese tourist numbers were growing strongly, more independent travellers were starting to visit Australia.

“We are starting to see a shift in the types of visas that are being issued for travel out of China,” he said.

“There are more independent travellers out of China, compared to the tours. The tours are still there and they will always remain but we are seeing a shift in the mix.

“As the market matures and as the Chinese travel market becomes more focused on travel out of the region we are seeing a more sophisticated traveller.”

Mr O’Sullivan said the next step in growing the Chinese tourism market is drawing visitors to places off the eastern seaboard.

The visit by Chinese President Xi Jinping to Hobart is expected to lead to a greater number of Chinese tourists heading to Tasmania. “I think, as we saw with the UK royal family and the Modern Family visit to Australia with the US visitors, that events like that have a real impact on the knowledge of places that people gain,” he said.

Scott Murdoch will be a guest of Tourism Australia in Shanghai at the official launch today.

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Hotel room rates on the move as demand outstrips supply
PUBLISHED: 03 NOV 2014 01:03:48 | UPDATED: 03 NOV 2014 06:33:56

Hotel room rates on the move as demand outstrips supply
Accor Hotels’ Simon McGrath . . . hotels still offer good value. Photo: Dominic Lorrimer
CHRIS TOLHURST

Hotels and serviced apartments in most capital cities are generating higher occupancies and revenues, a growth trajectory that has stayed remarkably constant over the past three years.

Room rates are increasing in Sydney and Melbourne, while Adelaide and Hobart have surprised corporate travel buyers this year by attracting higher occupancies and room prices.

Some travel agents believe the hotel investment pipeline is not keeping pace with the growth in demand for rooms being generated by big international conferences, major events and rising international tourism.

This constrained supply is upping costs for companies negotiating hotel room procurement deals for their travelling executives.

As a result, corporate buyers have moved away from buying rooms at fixed prices that are guaranteed for 12 months. Instead, they are embracing dynamic pricing models offered by hotel chains that combine an ongoing bulk-buying discount with the capacity to buy online at highly flexible prices, based on current market demand.

The Association of Travel Management Companies’ chairman Craig Smith says securing hotel rooms at competitive rates is a key area of focus in business travel procurement.

“The hotel sector in Australia has enjoyed several years of solid revenue growth,” he says.

“The key corporate travel forecasters are pretty consistent in their predictions that rates will continue to increase across nearly every capital city.”

‘STELLAR PERFORMANCE’ ACROSS MARKET
Deloitte Access Economics certainly sees rate hikes.

Its latest biannual report on the Australian tourism and hotel sectors says the 2013-14 financial year – and especially January to June this year – saw “stellar performance across Australia’s hotel accommodation market, as room rates and revenue per available room accelerated, outpacing their respective decade averages”.

Deloitte says strengthening demand and a steady national hotel supply pipeline continue to push up occupancies.

“Sydney and Melbourne continued to break new ground, in terms of both occupancy levels and room rate growth, with both closing in on 90 per cent occupancy,” the report says.

It’s different in Perth and Brisbane, where declining resources investment activity has caused room rates to soften, although occupancies remain quite high, according to Deloitte.

The chief executive of the Australian Federation of Travel Agents, Jayson Westbury, says the federal and state governments need to cut red tape affecting accommodation projects to allow travel industry investors to build more hotels.

Governments are not giving a high enough priority to tourism policy, he says, even though tourism’s ­im­portance to the economy is growing as investment in the resources sector declines. “You can’t just catch up and build a hotel in two months,” Westbury notes.

STATES ON SIDE
Not everyone agrees governments are behind the eight ball. Accor Hotels chief operating officer Simon McGrath says governments are now firmly entrenched in tourism and understand the economic growth and employment opportunities flowing from the sector.

“That is not just in Australia; that’s worldwide,” he says. “State governments in the past three years in their election campaigns have all identified tourism as an economic driver, and that’s never been seen before.”

He says the states and territories provide hard and soft support to tourism. “The soft is event marketing: attracting events to the city,” McGrath says. “The hard infrastructure is stadiums, convention centres, roads and airports.”

He says this support has encouraged Accor to become involved in several new hotel projects. These include a just-opened Ibis hotel in Adelaide, another Ibis property in East Perth and a multiple hotel development at Brisbane ­Airport, spearheaded by a five-star Pullman hotel.

McGrath says while hotel occupancies are on the rise, they have always been fairly high in Australia. Regular travellers are well versed in booking rooms on long lead times for in-demand cities such as Perth and Brisbane, and in working around peak travel times, he adds.

“Rates are still offering good value for money,” he notes. “[The high level of demand] is not a surprise to corporate travellers and they underpin a very strong tourism sector.”

Smith says more corporate travellers are trading down in hotel choices, ­particularly for long-stay accommodation. “People have moved away from five-star to more apartment-style accommodation because of the convenience aspect and the price differential,” he says.

But in the age of social media and instant online consumer reviews, service standards are assuming a new importance.

McGrath says there has been a large-scale return to service and individualised service.

“The functional aspects of the hotel are always the same, but if you don’t have an obsessive focus on service, you will be exposed on TripAdvisor and in social media,” he says.

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Australian hotel projects attract interest from Asian developers
THE AUSTRALIAN NOVEMBER 06, 2014 12:00AM

Lisa Allen

Property & Tourism Reporter
Sydney
John O'Sullivan Tourism Australia

Tourism Australia MD John O’Sullivan says there is ‘a lot of interest’ in the sandstone buildings in Sydney’s CBD. Picture: Marissa Wang Source: News Corp Australia

CASHED-UP investors and hoteliers including Hong Kong’s Far East Consortium, Ovolo, and Chow Tai Fook, controller of the opulent Rosewood hotel brand which is yet to hit Australia, are keen to develop and further invest in hotel projects, particularly in Queensland and Western Australia.

Tourism Australia and Austrade recently led an investment mission to Hong Kong to attend the annual Hotel Investment Conference Asia Pacific. The government authorities spruiked projects including the two sandstone heritage-listed buildings in the core of Sydney’s CBD which are on offer for hotel conversion by the NSW government to hospitality groups.

Tourism Australia managing director John O’Sullivan said investors expressed enthusiasm in the sandstone buildings with the sale of the 99-year leasehold interest in the adjoining buildings led by Macquarie Capital.

Mr O’Sullivan told potential investors, including Dubai’s Pro-invest Hotels Group, IHG and Accor, that globally Australia ranked 43rd for tourism arrivals attracting 6.6 million international visitors annually but ranked first for spend per visitor.

“There was a lot of interest in the sandstones,” Mr O’Sullivan said. “We met with (Hong Kong billionaire) Tony Fung of ASF who is looking at big greenfields sites in Queensland,” he said.

Hotel consultant Dean Dransfield of Dransfield Hotels and Resorts said the seminars attracted hotel and resort operators, investment banks, investment funds and wealthy individuals.

“The difference between this year and last year was there was more seniority in the room. The question has moved from whether to invest in Australian tourism assets to how to invest,” Mr Dransfield said.

“International investors are more interested in hotel development rather than purchasing existing assets. The dial has moved. The desirability of investment here has improved relative to alternative countries.”

Mr Dransfield said most of the Hong Kong investors were interested in either Australia or Japan: “Australia is a low-risk medium return location. People are confident it’s a safe place to put their money — most of the new Asian investors were represented.”

Meanwhile, Tourism Australia said capital city hotels continued to deliver high occupancies and revenue per available room — among the highest in the OECD — and that three capital cities enjoyed hotel occupancy rates above 80 per cent.

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Kerzner ready to snap up more Aussie resorts under One & Only banner
THE AUSTRALIAN NOVEMBER 10, 2014 12:00AM

Lisa Allen

Property & Tourism Reporter
Sydney
140801 WISH EMBARGO FOR WISH AUGUST 2014 NO REUSE WITHOUT PERMISSION ALAN LEIBMAN ONE & ONLY HAYMAN ISLAND & QAN...
Kerzner CEO Alan Liebman, at One & Only Hayman Island Resort. Picture: Belinda Rolland Source: Supplied

THE ink is barely dry on Dubai-controlled Kerzner International’s plans to take over Emirates Wolgan Valley Resort near Sydney’s Blue Mountains, but the company is already flagging its plans to take over more Australian resorts.

Kerzner International’s One & Only brand operates Mulpha’s Hayman Island resort on the Great Barrier Reef and last week it was revealed it would take over the opulent Wolgan Valley Resort and Spa on behalf of Emirates from early next year.

The deal to bring the 40-suite Emirates Wolgan Valley Resort and Spa under the One & Only banner was always on the cards given Kerzner International is 46 per cent-owned by the Investment Corporation of Dubai, which has owned the Middle Eastern carrier since April.

Kerzner International chief executive Alan Leibman said he had started talking to Emirates about taking over the Emirates Wolgan Valley Resort, north of Lithgow, 18 months ago. “We could not be prouder to be handed something like this,” Mr Leibman said. “I think what we are going to do is enhance it, for both international guests and the Australian market.”

Mr Leibman said he had held meetings with Australian government officials, who had been “very supportive for the new things we are trying to set up in this country”.

One & Only president and chief operating officer Mark DeCocinis added that the group was “totally committed to growing One & Only (resorts) here in Australia”.

Kerzner International oversaw an $80 million facelift of Hayman Island, which is trading strongly.

The company is yet to reveal its plans for Emirates Wolgan Valley, located on a former 2800ha dairy farm about 150km from Sydney and developed by Emirates at a cost of $125m. Wolgan Valley opened in 2009.