SINGAPORE, 13 June 2023: JLL confirmed it advised on the successful sale of three prominent hotels in Jakarta, Indonesia and Ho Chi Minh City, Vietnam.
The landmark transaction, which settled for USD106.1 million, marks the first hotel portfolio sale in the region for 2023, further solidifying JLL’s expertise in the attractive Southeast Asian hotel investment market.
JLL’s Hotels & Hospitality Group acted as the exclusive advisor to the seller, Strategic Hospitality Holdings Limited, throughout the transaction process. The portfolio consists of the Pullman Jakarta Central Park, the ibis Saigon South and Capri by Fraser, both in Ho Chi Minh City. 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.
“Investors are extremely confident in Southeast Asia’s hotel space fundamentals. 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,” said JLL Hotels & Hospitality Group senior vice president of investment sales, Asia Pacific Julien Naouri.”We are delighted to have partnered with our client on this successful transaction and demonstrated the value of bright ideas, regional expertise and experience in navigating the increasingly complex market dynamics investors face.”
The 317-room Pullman Jakarta Central Park is the only internationally branded upscale lifestyle hotel in West Jakarta. It is directly connected to Central Park Mall, one of the city’s busiest shopping malls, with an annual footfall of 50 million visitors.
Additionally, the Capri by Fraser, Ho Chi Minh City and Ibis Saigon South are the only internationally branded hotels within walking distance from offices tenanted by multinational companies and the Saigon Exhibition and Convention Centre, the city’s largest exhibition facility.
