JLL completes a US$106.1 million hotel portfolio deal in Southeast Asia

JLL acting as the sole adviser to the buyer Strategic Hospitality Holdings, has completed the purchase of its hospitality properties as part of a deal of US$106.1 million ($142.55 million). The sale includes three hotel properties located in Southeast Asia – Pullman Jakarta Central Park and the Ibis Saigon South and Capri by Fraser Both are located situated in Ho Chi Minh City.

TMW Maxwell by CEL sited on the 20 Maxwell Road site is a 13-storey commercial development with a gross plot ratio of 4.3.

The Investors are incredibly confident in the fundamentals of the hotel sector in Southeast Asia. The disposal of this distinctive hotel portfolio not only demonstrates the revival of deals within Southeast Asia, but also strengthens the ongoing revival of cash flows in hotels across the region.” states Julien Naouri, senior vice president of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.

According to JLL The Pullman Jakarta Central Park and ibis Saigon South are being sold to benefit Accor management, under the Pullman and ibis brands respectively. The Capri by Fraser was sold with vacant possession.

“Despite macroeconomic challenges this project was complete within six months from the time it was launched,” says Nihat Ercan Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group.