JLL closes US$106.1 mil Southeast Asia hotel portfolio deal

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - JLL, acting as the exclusive advisor to the seller Strategic Hospitality Holdings, has closed the sale of a portfolio of hospitality properties in a deal worth US$106.1 million ($142.55 million). The sale comprises three hotel properties in Southeast Asia - Pullman Jakarta Central Park, the ibis Saigon South and Capri by Fraser, both in Ho Chi Minh City. The
“Investors are extremely confident on the fundamentals of Southeast Asia’s hotel space. The sale of this unique hotel portfolio not only underscores the resurgence of deal activity in Southeast Asia, but also reinforces the ongoing recovery of cash flows of hotels in the region,” says Julien Naouri, senior vice president, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
According to JLL, the Pullman Jakarta Central Park and ibis Saigon South are sold with the benefit of Accor management under the Pullman and ibis brands, respectively, The Capri by Fraser was sold with vacant possession.
“Despite macroeconomic headwinds, the project was completed within six months of its launch,” says Nihat Ercan, Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group.

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