NEWS ALERT The Yamu Secures New Investment Partners
Campbell Kane, the luxury hotel developers of The Yamu, have secured backing by an investment team comprised of Singapore tycoon Ong Beng Seng's Hotel Properties Limited and Thailand's KS Group. Singapore's Jones Lang LaSalle Hotels acted as an advisor for the transaction.
While construction of the Hotel was suspended due to the global financial crises, the hotel is set to recommence construction and open in 2012.
BS Ong's listed HPL (SGX H15), trades on the Singapore stock bourse with a primary business of property development. The HPL group together with its affiliates privately owned by BS Ong has ownership interests in nearly 40 hotels with over 6,000 room in 14 countries including Singapore's Four Seasons, Hilton and Concorde, other Four Seasons resorts in Bali and the Maldives. In Thailand holding are comprised of Bangkok's The Metropolitan, Le Meridien Phuket and Hard Rock Hotel in Pattaya.
Aside from residential developments in Singapore and the region, HPL also owns and operates Hard Rock Cafes throughout Asia and a hotel management entity HPL Hotels and Resorts Management which operate 11 hotels.
Hotel operations for The Yamu will come under Christina Ong's Como Hotels and Resorts. The luxury lifestyle group is highlighted by the Metropolitan in London and The Halkin, Como Shambhala in Bali, Uma Bali and resorts in the Caribbean, Maldives and Bhutan.
Included in the investment pair is Thai KS Group headed by Eddie Kiasrithanakorn. The firm's core business is Honda motorcycles and parts in Vietnam, Cambodia and Laos. A shift into hospitality in the last few years includes ownership of upscale Alila managed properties in Cha Am, Maldives and Luang Prabang as well as the Hotel De La Paix in Siem Reap.
While hospitality assets have been especially hit hard in the US, Europe and the Middle East Asia have continued to recovery relatively unscathed. The resort island of Phuket did see a handful of upscale projects stopped mid stream but expectations are for most of these to recommence over the next 12 – 24 months given most are not leveraged or carrying significant levels of bank debt.