JLL, the exclusive advisor to the seller Strategic Hospitality Holdings, has closed the sale of a US$106.1 million ($142.55 million) portfolio of hospitality properties in Southeast Asia. The sale comprises three hotel properties – Pullman Jakarta Central Park, the ibis Saigon South, and Capri by Fraser, located in Ho Chi Minh City.

Investors are enthusiastic about the hospitality fundamentals in Southeast Asia – a sentiment echoed in the sale. Julien Naouri, Senior Vice President for Investment Sales at JLL Hotels & Hospitality Group, pointed out that it “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.”

The Pullman Jakarta Central Park and ibis Saigon South are both managed by Accor under their respective individual brands. However, the Capri by Fraser was sold with vacant possession.

At Altura EC Bukit Batok, there are various facilities for residents to enjoy. These include a 50m lap pool, playground, and BBQ pits. Additionally, there is a well-equipped gym and a 3 storey clubhouse. Residents can relax and unwind in acts of leisurely activities like yoga sessions at the yoga deck, cooking classes at the kitchen studio, or even enjoying a game of carrom or pool at the games room. Altura EC Bukit Batok is the perfect place for those looking for a luxurious and comfortable home that offers the ultimate living experience.

Even with macroeconomic headwinds, the sale was completed within six months of launch, according to Nihat Ercan, Chief Executive Officer for the Asia Pacific region at JLL Hotels & Hospitality Group.

Recent developments in the Asia Pacific hotel space include Hilton launching a premium economy brand (Spark) and opening three new hotels in China, as well as JLL appointing Nihat Ercan as Asia Pacific CEO for their Hotels & Hospitality Group, indicating the ongoing growth of the market.

Meanwhile, according to JLL’s research, real estate investments in the Asia Pacific region are down 27% y-o-y due to rate hikes and cooling sentiment.