Hong Kong – Winners of the Merger & Acquisition Deal of the Year, Reggie Shiu Development of the Year, and Single Asset Transaction of the Year Awards, were announced today at the 23rd annual Hotel Investment Conference Asia Pacific (HICAP), held at the InterContinental Hong Kong. HICAP is hosted by BHN, Horwath HTL, and Stiles Capital Events.
The winner of the HICAP Merger & Acquisition Deal of the Year Award was Pegasus Capital Advisors L.P. for their acquisition of Six Senses Resorts. In June of this year, Pegasus Capital Advisors L.P., a US-based private equity fund manager, acquired the Bangkok-based ultra-luxury resort and spa management business of Six Senses Resorts & Spas for an undisclosed sum. As such, Pegasus now holds all of the resort and spa management contracts and related intellectual property rights of the Six Senses and Evason branded properties. The new structure leaves the group well capitalized to leverage future growth opportunities.
The Palace Hotel Tokyo in Tokyo, Japan received the Reggie Shiu Development of the Year Award. After a three-year closure and estimated US$500 million makeover, this 1961-built, 290-room hotel has been transformed into a leading contender for Tokyo’s luxury hotel crown, previously dominated by international branded hotels. The repositioning successfully achieves the balance between Japanese serenity, western luxury standards and the demands of modern travelers. Restoration to its iconic status for the 21st century included investment in a complete revamp of its F&B concepts and operations integration via a new central kitchen system yielding dramatic improvements in productivity and efficiency. The hotel was re-developed by Palace Hotel Co, Ltd.
The HICAP Single Asset Deal of the Year was awarded to the Shangri-La Hotel Sydney in Sydney, Australia. Hong Kong-listed Shangri-La Asia acquired the leasehold interest in the renowned 563-room Shangri-La Hotel Sydney from GIC Real Estate in June of this year for a reported A$330 million plus A$22.4 million for net current assets of the company – primarily cash and cash equivalents. Shangri-La has operated the hotel since purchased by GIC nearly 10 years ago, considerably strengthening its position in Australia with this acquisition.
The 24th annual HICAP will be held 16-18 October 2013, at the InterContinental Hong Kong. For additional information on HICAP visit the HICAP website.