INTERNATIONAL REPORT—From investments to acquisitions to sales, companies are making deals across the globe. Here’s a look at the recent news from Sansiri PLC, HVS and Crystal Investment Property:
Sansiri Increases Stake in Standard International
Sansiri PLC, a real estate developer in Thailand, has invested to increase its shareholding in Standard International Holdings (SIH), the parent company of The Standard from 37.26% to 59.02%. Optimistic about The Standard’s potential for rapid global growth, the companies have aligned on expansion plans to grow The Standard footprint to 25 open hotels in the next five years including four in Thailand: Koh Samui, Phuket, Pattaya and Hua Hin, as well as locations in Milan; Paris; Lisbon, Portugal; Bordeaux, France; Mexico City; Jakarta, Indonesia; Melbourne, Australia; and Chicago. In July, The Standard launched its first property outside the United States, with The Standard, London in the King’s Cross neighborhood. This fall, The Standard is set to open its first resort in Huruvalhi, Maldives (the company has already taken over the operations of the existing hotel, which will be renovated and rebranded).
HVS Completes Acquisition of Residence Inn Downtown, Montreal
On behalf of a private Middle Eastern client, HVS Vancouver, with support of HVS Asset Management, has completed the acquisition of the Residence Inn Downtown, Montreal, Quebec, Canada. HVS was retained by the client to identify potential acquisitions that meet predetermined return on equity requirements. After evaluating numerous opportunities, the HVS team helped to negotiate an LOI as well as a purchase and sale agreement, with the client’s approval. Subsequently, HVS coordinated due diligence, obtained mortgage debt, negotiated all related agreements, and formed the special purpose entity (Moongate Real Estate Inc., a BC company). Marriott International will continue to operate the 210-room hotel. HVS Vancouver and HVS Asset Management will serve as asset manager on behalf of the client under a multi-year agreement.
Crystal Investment Property Brokers the Sale of Westport Marina Cottages
Crystal Investment Property LLC, (CIP) a member of Hotel Brokers International, has sold the Westport Marina Cottages in Westport, WA. CIP, a licensed Washington brokerage, represented the seller in the sale. Joseph P. Kennedy, president of CIP, worked with the seller and buyer, as well as the parties’ other professionals, to negotiate a mutually acceptable sale. The final sale price is confidential. Westport Marina Cottages features 22 newly built cottages with a mix of both bay and marina views from all buildings.