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JLL has announced the closing of a US$106.1 million ($142.55 million) deal for the sale of a portfolio of hospitality properties in Southeast Asia. The portfolio consists of three hotels – Pullman Jakarta Central Park, the ibis Saigon South and Capri by Fraser, both in Ho Chi Minh City – all of which were sold in the exclusive advisor capacity of JLL.

This sale reinforces the ongoing recovery of cash flows of hotels in the region, and highlights the growing confidence in Southeast Asia’s hospitality market. Julien Naouri, Senior Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group, says, “Investors are extremely confident on the fundamentals of Southeast Asia’s hotel space. The sale of this unique hotel portfolio 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 were sold with the benefit of Accor management under their respective Pullman and ibis brands, while the Capri by Fraser was sold with vacant possession. Nihat Ercan, Chief Executive Officer, Asia Pacific, JLL Hotels & Hospitality Group, commented on the successful completion of the project, saying, “despite macroeconomic headwinds, the project was completed within six months of its launch.”

The successful deal of this unique portfolio of hospitality properties demonstrates the evident resurgence of the hotel industry in Southeast Asia. It further reinforces the growing confidence of this region and Hilton’s commitment to the same, as it has recently affirmed its plans to launch three new hotels in China, including the introduction of its ‘Spark’ premium economy brand.

Such positive market sentiment, however, is unlikely to overshadow the fact that real estate investments in Asia Pacific are predicted to be down this year, by a whopping 27% year on year, according to JLL’s report. The gradual return of confidence in the hospitality industry after a tumultuous 2020 is a welcome sight for investors everywhere, and JLL’s successful sale of the hotel portfolio is well positioned to prove the same.