IHG Acquires a New Urban Lifestyle Hotel Brand – Ruby for EUR110.5 Million

UK-based InterContinental Hotels Group PLC (“IHG”) has acquired the premium European urban lifestyle hotel brand Ruby and its related intellectual property for EUR110.5 million. Ruby currently operates 20 hotels (3,483 keys) across major European cities and has 10 additional hotels in the pipeline (2,235 keys). The brand’s ‘Lean Luxury’ concept focuses on space-efficient design, high operational standards, and a flexible, cost-effective hotel model. The initial franchise fees are anticipated to be approximately USD8 million in 2028. IHG plans to expand Ruby globally, targeting over 120 hotels within the next decade and more than 250 hotels within the next 20 years.

Hon Kwok Acquires Ave Tennoji Osaka Hotel for JPY1.22 Billion in Japan

Hong Kong-based Hon Kwok Land Investment Company, Limited (“Hon Kwok”) acquired a hotel property in Osaka for JPY1.22 billion through its joint venture entity, The Bauhinia Hotels Group Japan 5, from Japan-based T&M Company Limited. The property, identified as the 101-key Ave Tennoji Osaka, comprises 59 rooms and 42 capsule units. The acquisition price translates to approximately JPY12.08 million per key. The ten-storey hotel, with a total gross floor area of approximately 1,569 square metres, is strategically located adjacent to Tennoji Station. The property features a communal area, a laundrette, a public bathhouse, and a sauna. Upon completion of the acquisition, the property will be delivered in vacant possession, undergo renovations and upgrades to reposition it as a premium boutique hotel, after which it will be leased to an independent hotel operator in Japan.

Quest Yelverton Kalgoorlie, Sold to a Joint Venture in Australia

A joint venture between Sam Alshandoghly, an existing Quest franchisee, and first-time owner Gaurav Raheja has recently acquired the Quest Yelverton Kalgoorlie franchise, a 50-key apartment hotel in Australia at an undisclosed sum. Situated on a 4,500 square metres site in the centre of Kalgoorlie’s main business district, the property is currently under a long-term lease with expiry in 2046, with options to extend. Facilities include an outdoor swimming pool, kitchen and laundry. Quest Yelverton Kalgoorlie has achieved a three-year average of 83% occupancy, with a high corporate client ratio of 75%.

Johor Bahru Eyes a MYR2.6 Billion Integrated Development at the Future Bukit Chagar RTS Link station

Malaysia-based conglomerate Sunway Berhad has partnered with public-entity Malaysia’s Mass Rapid Transit Corporation Sdn. Bhd. in a MYR2.6 billion mixed-use development comprising residential, retail, hotel, healthcare, and education components. A multi-storey park-and-ride facility that can accommodate 1,550 cars and 1,015 motorcycles will also be built within the development. Construction of the mixed-use development is expected to commence in March 2025 and slated to be completed by the end of 2033. The 17,100-square-metre development will be integrated with the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link, and Johor Bahru’s immigration complex. Situated adjacent to the Bukit Chagar RTS Link station, the development will be connected with other transportation options in Johor Bahru, including the KTM electric train service, city buses, and a future intra-city Autonomous Rail Rapid Transit (“ART”).

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