Thai fund SHREIT sells 3 hotels in HCMC, Jakarta for $106 mln

Thai real estate investment trust SHREIT have sold three hotels representing 632 keys altogether in Ho Chi Minh City and Jakarta for a combined $106.1 million, according to property service firm JLL.

JLL acted as the exclusive advisor to the seller, it said last weekend without disclosing the buyer’s name. SHREIT has not issued any announcement on the deal.

The three hotels are the ibis Saigon South and Capri by Fraser in HCMC’s District 7, and the Pullman Jakarta Central Park.

The four-star Capri by Fraser has 175 keys, and the three-star ibis Saigon South has 140. They stand side by side in the high-end township of Phu My Hung, and next to the Saigon Exhibition and Convention Center, HCMC’s largest exhibition facility.

The 317-room Pullman Jakarta Central Park is the only internationally branded upscale lifestyle hotel in West Jakarta, and is directly connected to Central Park Mall, one of the city’s busiest shopping malls with an annual footfall of 50 million visitors, said JLL.

The company did not disclose the price for each transfer. It said the Pullman Jakarta Central Park and ibis Saigon South were sold with the benefit of Accor management under the Pullman and ibis brands, respectively, while the Capri by Fraser was sold with vacant possession.

“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 Julien Naouri, senior vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality.

SHREIT, or Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust, is managed by Thailand’s Strategic Property Investors Company Limited. The fund’s hotel portfolio comprises the three above-mentioned, no others, according to its website.