CapitaLand Ascott Trust (CLAS) is divesting Citadines Mount Sophia Singapore to an unrelated third party for S$148 million (US$110.8 million) – the divestment is expected to be completed in 1Q2024.
The 154-unit property will be divested at 19.4 per cent above book value, with net proceeds expected to be approximately S$138.6 million. The exit yield is about 3.2 per cent and CLAS will recognise a net gain of approximately S$14.6 million.
The divestment of Citadines Mount Sophia Singapore is expected to be completed in 1Q2024
CLAS is divesting 10 mature assets which will unlock S$38.9 million in gains – the capital will be used to reduce debt, fund its asset enhancement initiatives (AEI) or be redeployed into higher-yielding investments.
Serena Teo, CEO of CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust Management (the managers of CLAS), said: “We are divesting Citadines Mount Sophia Singapore at close to S$1 million per key, which is a significant premium to book value. Including Citadines Mount Sophia Singapore, CLAS has announced divestments of S$408.1 million of assets at a premium to book value in the last eight months.
“Over the past three years, distribution income gained from our investments has more than replaced the distribution income from the properties that were divested. CLAS also has eight properties undergoing or will undergo AEI.”
CLAS has also completed the divestment of Courtyard by Marriott Sydney-North Ryde on January 31. It is one of two mature hotels in CLAS’ divestment pipeline in Australia. Divestment of the other property, Novotel Sydney Parramatta is expected to be completed in 3Q2024.
Post-divestment, CLAS will have four lodging properties in Singapore. CLAS has three operational properties – Ascott Orchard Singapore, lyf one-north Singapore and The Robertson House by The Crest Collection. Currently under development, the 192-unit Somerset serviced residence remains on track for completion in 2H2025.
Tokyo will gain another key tourism attraction, with the opening of teamLab Borderless at recently-constructed multi-use complex Azabudai Hills, on February 9.
The popular museum, self-defined as “a world of artworks without boundaries”, has been relocated to its new, permanent central Tokyo location from Odaiba, near Tokyo Bay, where it was operational from 2018 to 2022.
teamLab Borderless will feature three new installations, including the Bubble Universe – Physical Light, Bubbles of Light, Wobbling Light, and Environmental Light, pictured (Photo: teamLab)
The space in Mori Building’s Digital Art Museum will house three new installations designed to offer visitors interactive and immersive experiences: Bubble Universe – Physical Light, Bubbles of Light, Wobbling Light, and Environmental Light; Flowers and People; and Black Waves. Each has been created by teamLab, the art collective behind teamLab’s attractions globally.
The group of artworks “will evolve, moving into more spaces, connecting in more complex ways, eternally changing and creating one borderless world”, said a spokesperson for teamLab Borderless. “As people immerse their body in this borderless art, they wander, explore and discover.”
Interest has been high among international tourists since tickets went on sale on January 16, with many eager to secure their attendance given the popularly of teamLab attractions in recent years. Tickets are priced at 3,800 yen (US$26) per person.
In 2023, around 2.5 million people from 198 countries, including Japan, visited teamLab Planets, in Tokyo’s Toyosu district, with international travellers accounting for 70 per cent of the total, according to data from Honichi Lab. Due to the attraction’s popularity, it will remain open until 2027, an extension of four years.
Property management firm Mori Building, creator of host building Azabudai Hills, has expressed hope that teamLab Borderless will “stimulate visitors’ senses and foster culture”.
“As the importance placed on wellness grows, culture and art are becoming increasingly crucial elements that enrich people’s lives – Mori Building aims to create a museum-like city where art and culture come together,” said a company spokesperson.
Radisson Hotel Group (RHG) together with Usaha Jayamas Realty, will open a new beachfront Radisson Resort in the coastal town of Anyer, Indonesia in 2027.
Radisson Resort Anyer will boast 120 guestrooms and 30 tent villas, all featuring a combination of modern, clean Nordic style and guest-oriented practicality. The property will also offer guests access to a private beach and beach club, along with facilities such as an all-day dining restaurant, swimming pool, bar, gym, kids club, spa, wellness centre, and meeting rooms.
Radisson Resort Anyer is expected to open in 2027
Nestled in Banten province, Anyer is one of Indonesia’s most famous beaches on Java’s West Coast. Situated within a two-hour drive from Soekarno-Hatta International Airport and central Jakarta, the resort is easily accessible for domestic and international travellers seeking an idyllic resort vacation.
“The recent signing of Radisson Resort Anyer perfectly fits with our expansion strategy in Indonesia following the successful establishment of our Jakarta business unit last year. This collaboration underscores our commitment to innovative business models, introducing curated experiences and pioneering the first glamping concept within the portfolio,” stated Ramzy Fenianos, RHG’s chief development officer Asia-Pacific.
“We are confident this partnership will bring Radisson Hotel Group’s global expertise and hospitality that will elevate Anyer into a premier destination under the upscale Radisson brand. Radisson Resort Anyer is set to offer exceptional experiences, and we look forward to welcoming guests to create memorable memories during their stay,” said Yenny, operational director of Usaha Jayamas Realty.
Ovolo Hotels has teamed up with Small Luxury Hotels of the World (SLH), encompassing eight iconic boutique designer hotels across Hong Kong, Australia, and Bali.
The partnership will see Ovolo Hotels expand its global presence through SLH’s global sales, distribution, and marketing platforms.
Ovolo Hotels has partnered with Small Luxury Hotels of the World; Mamaka by Ovolo in Bali, Indonesia, pictured
This strategic collaboration seamlessly integrates hotels from the Ovolo Hotels collection into SLH’s curated collection with plans to add the By Ovolo Collective collection in 1Q2024. Properties comprise Australia’s Woolloomooloo in Sydney, Ovolo South Yarra in Melbourne; Ovolo The Valley in Brisbane; Ovolo Nishi in Canberra; and Hong Kong’s Ovolo Central.
It also includes Ovolo Collective, namely Laneways by Ovolo in Melbourne, Australia; and Mamaka by Ovolo in Bali, Indonesia.
Dave Baswal, CEO of Ovolo Hotels, shared: “This strategic alliance not only strengthens our presence across key global markets while remaining independently owned and operated, but also allows us to showcase the distinct character and innovation that defines Ovolo while connecting with travellers emotionally.”
“The global alliance with Ovolo Hotels brings exciting prospects and elevates SLH’s presence in Australia. Each Ovolo hotel, with its unique character, exemplifies the high standards of excellence and impeccably embodies the spirit of individual character and connects with the independently minded traveller that SLH member hotels are known for,” stated Mark Wong, senior vice president Asia Pacific, SLH.
Great Walks of Australia has added a new experience to its collection of multi-day guided hikes – Flinders Island Walking Adventure In Comfort on Flinders Island in Tasmania, operated by Tasmanian Expeditions.
The 13th Great Walk of Australia offers hikers a mix of spectacular terrains, epic views, abundant wildlife and cultural history. This six-day/five-night package offers walkers an itinerary that includes coastal views, crystal clear swimming spots and dramatic granite peaks to summit, including Mt Strzelecki which provides 360-degree views.
Explore Flinders Island in Tasmania on a new walking adventure
Like all Great Walks, the experience is all inclusive with flights to the island, food, accommodation and expert guides leading the way; walkers just need to bring their boots, clothes and a sense of adventure.
At the end of each day of walking, guests will retire to the comfort of Tasmanian Expeditions’ coastal Eco‐Comfort Camp where they can enjoy food, wine and hospitality before heading to their custom-designed ‘star tents’ with clear roofs to watch a blanket of stars with no light pollution.
Michelle Lee has been named the new general manager of Pullman Bangkok Hotel G. She will be responsible for day-to-day hotel operations in her new role.
With an extensive background in hospitality and 25 years of sales and operational leadership experience, she has worked at Raffles, Swissotel, Capella, Four Seasons, and Ritz Carlton properties during her career.
Prior to joining Pullman Bangkok Hotel G, she was general manager at Hotel G Singapore.
Preliminary estimates for Singapore’s 2023 tourism performance have shown strong results in both international visitor arrivals and tourism receipts, in line with improving global travel and tourism outputs.
International visitor arrivals reached 13.6 million in 2023 (approximately 71 per cent of 2019’s figure), meeting Singapore Tourism Board’s (STB) forecast of between 12 and 14 million visitors.
Major events, such as the Singapore Grand Prix, as well as first-of-its-kind tourism concepts and new and innovative tours all contributed to Singapore’s strong tourism performance in 2023
Tourism receipts are estimated to reach S$24.5 billion (US$18.3 billion) to $26.0 billion, surpassing STB’s forecast of S$18 billion to S$21 billion set out in 2023. This preliminary figure is approximately 88 to 94 per cent of 2019’s tourism receipts.
STB will release final data in 2Q2024.
Melissa Ow, STB chief executive, said: “The robust performance in 2023 signals a promising recovery for tourism, in line with increasing flight capacity and growth in international travel demand. Our strategy to attract a healthy and diverse visitor portfolio, comprising long and shorthaul markets, has significantly contributed to our overall visitor arrivals, longer length of stay and growth in tourism receipts.
“Singapore’s thriving pipeline of business and leisure offerings demonstrates our continued appeal as an attractive and trusted tourism destination, and reflects the unwavering confidence our partners have in Singapore.”
Visitor arrivals were driven by strong demand from a mix of Singapore’s key markets, led by Indonesia (2.3 million), China (1.4 million), and Malaysia (1.1 million). Other key markets that posted buoyant recovery included Australia, South Korea and the US.
From January to September 2023, tourism receipts across all spend categories have either exceeded or recovered close to pre-pandemic levels, compared with the same period in 2019. For the first nine months of 2023, the top spending markets were China, Indonesia and Australia, which contributed S$2.3 billion, S$2.2 billion, and S$1.5 billion respectively in tourism receipts (excluding sightseeing, entertainment and gaming).
Visitors also spent more time in Singapore compared to before the pandemic. The average length of stay in 2023 was approximately 3.8 days, up from 3.4 days for the same period in 2019.
In terms of hotel industry performance, ARR and RevPAR surpassed 2019 levels, reaching S$282 (approximately 128 per cent of 2019 ARR) and S$226 (approximately 118 per cent of 2019 RevPAR) respectively. AOR was 80.1 per cent in 2023, compared to 86.9 per cent in the same period in 2019.
Singapore’s room inventory expanded with 3,210 new hotel keys.
In terms of cruise performance, Singapore’s position as a regional cruise hub strengthened in 2023 with a record two million passenger throughput from more than 340 ship calls, since the opening of the Marina Bay Cruise Centre Singapore.
Looking ahead, STB expects the tourism sector’s recovery to continue in 2024, driven by improved global flight connectivity and capacity as well as the implementation of the mutual 30-day visa-free travel between China and Singapore. In 2024, international flight capacity is expected to continue to increase, with capacity at or approaching pre-pandemic levels for the majority of our key source markets.
International visitor arrivals in the new year are expected to reach around 15 to 16 million, bringing in approximately S$26 billion to S$27.5 billion in tourism receipts. Geopolitical uncertainty, the state of the global economy, and other factors such as the continued restoration of flight connectivity will have bearing on the pace of travel recovery.
Ow said: “To sustain our growth in 2024 and beyond, STB will focus on achieving quality tourism, cultivating strategic partnerships, investing in new and refreshed products and experiences, and supporting stakeholders in building capabilities.”
With less than 500 days to go until Kansai’s hosting of the Osaka Expo, Japan is stepping up promotion of its regional areas alongside expo-related campaigns in the hope that visitors to the expo will be inspired to travel around the country.
The Japan National Tourism Organization (JNTO) has created new webpages, available in English, Chinese and simplified Chinese, to use the Osaka Expo as an opportunity to increase recognition of the diversity of regional tourism possible in Japan.
JNTO’s new webpages use the Osaka Expo to inspire regional tourism ideas
The pages will be released in stages, with the initial content providing information on making the most of the expo and planning a trip to Japan. Successive content will introduce detailed tourist information and travel tips, followed by model courses that could be completed before or after visiting the expo.
JNTO will also link the new pages to the official Expo 2025 website, as its primary target audience is potential tourists looking for information about visiting the expo.
Expo officials predict 28 million people from 150 countries and regions will visit the expo during the six months it will be held, from April 13 to October 13, 2025, out of which 3.5 million are expected to be international tourists, a JNTO spokesperson told TTG Asia, adding that the global event presents “a great opportunity (for inbound visitors) to know Japan’s travel destinations”.
JNTO plans to “utilise its network of overseas offices and contact overseas travel agents well, sharing useful information about Osaka travel and the expo” to attract as many travellers as possible, the spokesperson continued.
The expo, which will be held on the island of Yumeshima in Osaka Prefecture, is designed to empower visitors to use shared knowledge to solve global problems. In 2025, the theme will be Designing Future Society for Our Lives, with a sub-theme of saving, empowering and connecting lives.
Philippine Travel Agencies Association (PTAA) is emerging stronger from an internal crisis, with the new board of trustees outlining plans to enhance and improve it moving forward.
Newly-elected president, Mariegel Tankiang Manotok, said a membership drive is ongoing to bring in new members and bring back those who did not renew their membership.
PTAA aims to reach 1,000 members by 2025
The 648 members pre-pandemic that dwindled to 299 in 2023 is slowly going up to 400 plus members and targeted to reach 1,000 by 2025.
The organisation of the yearly Travel Tour Expo (TTE) – the country’s biggest – is being studied now, to explore the possibility of it being hosted not just in Manila but also in the Visayas and Mindanao. Manotok said instead of them coming to Manila, PTAA will go to them.
This year’s TTE, held from February 2-4 at SMX Manila, will be the biggest and grandest in all aspects, said Patty Chiong, past PTAA president and chair of TTE 2024. The two exhibition floors are sold out with 702 exhibitor booths from 25 countries.
The new board is also pushing for more CSR initiatives, such as looking into the purchase of boats for boatmen in Pagsanjan, Laguna; sustainable tourism training for communities; and collaborations with slow food (a global movement acting together to ensure good, clean and fair food for all) movement in the provinces, among others.
To unite members, Manotok shared: “In the coming months, we will be organising workshops, brainstorming sessions, and interactive forums to facilitate the exchange of ideas for us to inspire, empower, and unite all our members.
“PTAA thrives when every member feels valued and engaged. We will implement membership programmes to enhance communication, collaboration, inclusivity, and expansion within our community. By fostering a supportive and diverse environment, we strengthen the collective voice of PTAA and create a platform for innovation, growth, and shared success.”
While a problem-free journey cannot be guaranteed, Manotok stressed that “our focus will be on fortifying ourselves with a solid foundation to effectively address any future challenges”.
“The key here is that we are willing to serve our members with passion, dedication and true spirit of service for the love of PTAA. Together, we can build a future where our association adapts to change and thrives in it,” she added.
Outlining the vision for PTAA, Manotok said: “We will actively engage with policymakers and advocate for policies that support the growth and sustainability of the travel industry. By serving as a united voice, we can influence decisions that impact our profession and ensure that the interests of travel agents are well-represented at local, national, and international levels.”
Travel and hospitality human resource (HR) specialist ACI HR Solutions’ annual study on recruitment demands and hiring challenges has unveiled that remuneration is still the strongest driving force for job loyalty while work-from-home (WFH) arrangements are the least crucial.
For the 12th edition of the ACI Report, released on January 31, 2024, 30 per cent of respondents ranked higher salary as their number one motivation for changing employment or staying with their present employer while 21 per cent listed company brand/ culture. Only 13 per cent cited WFH/flexible arrangements as their top draw.
In fact, 42 per cent of respondents indicated WFH as the lowest priority.
Factors respondents regard as the most important in their decision to change jobs or remain with their current employer
In terms of salary satisfaction, the report found that 68 per cent of respondents received some form of increment in 2023 – up from previous year’s 55 per cent and surpassing pre-pandemic levels where 65 per cent of respondents indicated a bump in their pay.
Andrew Chan, founder & CEO of ACI HR Solutions, pointed out that respondents in the higher age groups – from 46 years and above – experienced the largest increment. “This could indicate that they were more affected during the pandemic and took a lower salary to re-enter or stay in employment. Now that the industry has mostly rebounded, their salary has finally equalised to their experience,” he reasoned.
Furthermore, 62 per cent of respondents enjoyed a bonus in 2023; in 2022 only 47 per cent received a bonus. The majority (39 per cent) of these respondents were given one to two month’s bonuses.
In determining salary trends, researchers noted that average salaries across the region had mostly trended down or stayed flat in 2023. This was likely due to salaries stabilising after spiking in 2022 when businesses were under pressure to rebuild their workforce as travel returned.
The UAE, Saudi Arabia and Qatar once again recorded the highest average salaries (US$139,664), while Malaysia sat at the other end of the spectrum, with an average salary of US$32,164 – a 42 per cent decline from the previous survey.
Average salaries in Singapore recorded a 10.7 per cent jump on 2023 to US$106,714.
Respondents’ intention to move from their position or industry in 2024
In tracking staff movement for the coming 12 months in 2024, 48 per cent of respondents indicated no intention of leaving their current employer and/or the industry; 39 per cent were open to other jobs in the industry while 13 per cent expected to exit the industry.
As the industry continues to recover from the effects of the pandemic, negative job impacts have reduced – 11 per cent of respondents indicated that they were impacted, down from 18 per cent in 2022; three per cent had their roles made redundant in 2023, compared to nine per cent in 2022.
The report also noted that all retrenched staff have since found new employment.
Hiring sentiments are strong, with 41 per cent of HR and hiring managers expecting new headcounts in 2024. This is, however, a slip from 58 per cent seen in the 2023 ACI Report. Looking ahead, HR and hiring managers are worried about finding the right talents, the lack of applicants, and high salary expectations that budgets cannot meet.
Reflecting on the 2024 ACI Report findings, Chan told TTG Asia: “Given the ubiquitous headlines around WFH, I was surprised to see that only 14 per cent of respondents had listed that as a priority when considering employment, and salary has returned as the prime motivator.”
He suggested that the rising cost of living might have pushed employees to pay greater attention to their earnings.
However, considering how travel and tourism growth rate in 2024 would likely slow down against what was seen in 2023 while costs continue to rise, putting pressure on profitability, Chan warned that salary growth would likely plateau in 2024.
When asked how could resource-strapped employers retain salary-focused staff in 2024, Chan advised a focus on culture as a retention tool.
“I believe that amid the industry’s rapid rebound and the rise of hybrid work conditions, company culture may have diminished or loosened. 2024 is the time for HR to refocus and strengthen this aspect of the business,” he said.
The report surveyed 753 travel, tourism, hospitality, and lifestyle personnel across Asia-Pacific and the surrounding regions.
Prior to joining Pullman Bangkok Hotel G, she was general manager at Hotel G Singapore.
