Landmark Management Deal Between Guocoland and Accorhotels for Two New Sofitel Properties
JLL Hotels & Hospitality acted as exclusive advisor to GuocoLand for management of hotels in Singapore and Kuala Lumpur
SINGAPORE - January 7, 2015 - JLL Hotels & Hospitality Group acted as exclusive advisor to property developer GuocoLand Limited in the negotiation of a landmark deal which will see AccorHotels manage two new Sofitel hotels at Tanjong Pagar Centre, Singapore and Damansara City, Kuala Lumpur, Malaysia.
“We are delighted to have advised GuocoLand on this high profile transaction,” says Tasos Kousloglou, Executive Vice President of Strategic Advisory & Asset Management at JLL Hotels & Hospitality. “These are two landmark mixed-use developments that are sure to bring exciting new lifestyle options to vibrant, urban areas of Singapore and Kuala Lumpur. It is a partnership between a world-class hotel operator and one of Asia's leading developers. The companies' professionalism and top-notch reputation will enable them to create exceptional experiences at these iconic flagship hotels.
The 222-room Sofitel Singapore City Centre will be part of the upcoming multi-billion dollar Tanjong Pagar Centre, which will open in the fourth quarter of 2016. Located between historic Chinatown and the vibrant Central Business District, Tanjong Pagar Centre will feature Singapore's tallest building at 290 metres, a prestigious residential and office tower, premier retail and event spaces and luxury Sofitel hotel, all set around beautifully landscaped parklands and with direct transport access.
In neighbouring Malaysia, the 312-room Sofitel Kuala Lumpur Damansara is an integral part of a new 8.5 acre integrated development in the upmarket Damansara Heights enclave called Damansara City, which will feature two Grade A office towers, two luxury high-rise residences, and a Food and Beverage-centric lifestyle mall in addition to the luxury hotel.
Set to open in the second half of 2016, the Sofitel will be the first internationally branded luxury hotel in the area and is part of the prime and exclusive Damansara Heights precinct. Singapore-listed GuocoLand and AccorHotels issued a joint media statement on the transaction earlier today.
JLL's Hotels & Hospitality Group serves as the hospitality industry's global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm's more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling more than US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group's hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.
For more news, videos and research from JLL's Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
Contact:
Bee Lin Ang
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com. JLL has over 50 years of experience in Asia Pacific, with over 31,100 employees operating in 81 offices in 16 countries across the region. The firm was named 'Best Property Consultancy' in seven Asia Pacific countries at the International Property Awards Asia Pacific 2014, and won nine Asia Pacific awards in the Euromoney Real Estate Awards 2013. www.jll.com/asiapacific
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