Recent hotel deals in the Middle East reflect the upturn in travel and macroeconomic confidence
Hopes for an investor appetite recovery are rising in the Middle East and Asia due to a series of significant hotel sales. After facing macroeconomic challenges and high debt costs that slowed deal activity in the first half of 2023, a surge of major transactions occurred in July, notably including Singapore's largest hotel sale.
UOL Group, a Singaporean property developer, successfully sold the 542-room PARKROYAL Kitchener Road hotel to Midtown Properties, a part of Worldwide Hotels Group, in a deal valued at S$525 million ($388 million). Following this, there was another notable transaction a week later in the Maldives—the sale of Amari Havodda Maldives from Crystal Plaza Resorts to a Thai hospitality conglomerate, Minor International, and the Abu Dhabi Fund for Development.
The increase in deal numbers is attributed to the robust operating performance of hotels globally in the first half of the year, as reported by Barrows Hospitality. This improvement was primarily driven by heightened travel activities and expectations of a more stable interest rate environment. #barrowshospitality #hotels #hotteliers #hospitality #investments #privateequity #familyoffices #finance #bloomberg
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