Asia Digest: Next Story buys Melbourne property; Shinhan to acquire Vietnam hotel

Boats anchored in Melbourne's harbour.

Singaporean hospitality company Next Story Group has acquired a newly built hotel in Melbourne’s Southbank for about $45 million, while Korea’s Shinhan Investment Corp is seeking to take over Hyatt Regency Danang Resort and Spa in Vietnam.

Singapore’s Next Story Group acquires Southbank hotel for $45m

Singaporean hospitality company Next Story Group has acquired a newly built hotel in Melbourne’s Southbank for about $45 million, according to an announcement.

The hotel’s soft launch of the 16-storey, 162-room property is scheduled for 1 September 2019.

Next Story Group’s acquisition reinforces the importance of Australia as a key market where most of its hotels are located. Besides, it also aligns with Next Story Group’s expansion plans, which focus on strategic growth in Australia, South East Asia and South Asia.

Next Story Group is an international hospitality company that creates and transforms urban spaces into thriving communities. It currently has 40 operating and pipeline properties in its portfolio, which includes hotel brands — Next, Sage, and LinQ — and the genre-defining urban lifestyle concept, Kafnu.

Shinhan Investment to acquire Hyatt Hotel in Danang, Vietnam

Korea’s Shinhan Investment Corp is looking to take over Hyatt Regency Danang Resort and Spa in Vietnam, Business Korea reported.

Shinhan Investment is planning to acquire a 58 per cent stake in a special purpose company (SPC) for US$16 million (19.95 billion won) to purchase Hyatt Hotel in Vietnam, according to IB industry sources on May 15.

The SPC will take over the hotel in Da Nang after taking a loan worth US$100 million (119.05 billion won) from local financial institutions.

After the Shinhan’s acquisition, Hyatt will continue to run the hotel. Shinhan and those who make an investment in the SPC, including Shinhan Investment, will share the profit from the hotel, the portal reported.

Opened in late 2011, Hyatt Regency Danang Resort & Spa is a five-star resort, that offers a contemporary design accented by Vietnamese-style architectural elements. It comprises 193 hotel rooms and suites, 95 one-, two-and-three bedroom condominiums and 27 three-bedroom villas, each with a private pool.