Seibu Prince Hotels and Resorts launches first Park Regis by Prince hotel in S’pore in bid to expand
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Seibu Prince Hotels Worldwide CEO Yoshiki Kaneda at Park Regis Prince Hotel at Merchant Road, on Sept 3.
ST PHOTO: GAVIN FOO
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SINGAPORE - Japanese hotel chain Seibu Prince Hotels and Resorts has kick-started a three-year plan to expand its presence in Asia with the launch of the first hotel under its Park Regis by Prince brand in Singapore.
The move comes amid a rise in hotel investments in the region as tourist arrivals return to pre-pandemic levels.
Originally Park Regis Singapore, the rebranded Park Regis by Prince Singapore officially opened on Sept 3 after Seibu completed refurbishing its 203 hotel rooms to cater to business and leisure travellers.
The seven-storey hotel located in Merchant Road at Clarke Quay offers contemporary studio-style rooms in four categories. Checks by The Straits Times showed that promotional room prices for a one-night weekend stay on Sept 7 start from $236.
The hotel will utilise technology to provide some key services. For example, guests will be able to check in by using digital keys on their phones.
Other amenities include a mobile app for guests to do contactless check-ins and access an artificial intelligence-backed chatbot that can answer their questions about the hotel.
The launch marks the entrance of Seibu Prince Hotels and Resorts into South-east Asia after the hotel chain acquired Australian operator Staywell Hospitality Group in 2017 for A$50 million.
Park Regis was one of the hotel brands operated by Staywell. Park Regis Singapore opened under the Australian operator in 2010.
The Japanese hotel chain is a subsidiary of Japan-listed conglomerate Seibu Holdings, which owns one of Japan’s two main railway lines, among other investments.
Besides Singapore, Park Regis by Prince plans to expand further in Asia over the next three years, with intentions to open hotels in capital cities in Asian countries, such as Bangkok, Kuala Lumpur, Hanoi and Jakarta.
“We chose Singapore as our first stop for its strategic geographical location – it’s well connected to other countries, and is also stable politically and economically. It’s also a popular (venue) for meetings, incentives, conferences and exhibitions,” said Mr Yoshiki Kaneda, president and chief executive of Seibu Prince Hotels Worldwide.
“We aim to expand to 250 hotels and resorts in the next 10 years, to the Asia-Pacific, Europe and the United States.
“We hope to capture the demand for luxury hotels and make our hotels a pleasant stay for those travelling for both business and leisure,” said Mr Kaneda.
Hotel rebrandings are on the rise due to limited government land sales sites for hotel development and rising construction costs, which impede new-built supply, said Ms Tan Ling Wei, senior vice-president for investment sales for JLL Hotels and Hospitality Group in Singapore.
Meanwhile, “hotel performance has been robust since the reopening of borders, with hotel revenue per available room across all segments exceeding pre-Covid levels”, Ms Tan said.
A total of 1,602,568 international travellers entered Singapore .
In July 2020, just 6,843 international travellers entered Singapore, with tourism impeded by the Covid-19 pandemic.
Another recent hotel acquisition is Capri by Fraser Changi City, which was acquired by Atelier Capital Partners Singapore (ACP), said the family office on Sept 3.
The acquisition is part of a joint venture consortium formed and led by ACP. The two other shareholders are Singapore-listed real estate company Heeton Holdings and Dorsett Hospitality International, a subsidiary of Hong Kong-listed Far East Consortium International.
Capri by Fraser Changi City will be rebranded as Dorsett Changi City Singapore.
Singapore’s forecast hotel investment volume for 2024 is expected to reach US$1 billion (S$1.3 billion), according to a July report by JLL.
These investments include those put into Hotel G, Citadines Mount Sophia Singapore, Capri by Fraser Changi City and Fraser Residence River Promenade.
“The hotel transaction volume for Singapore as at year-to-date September 2024 is around $700 million,” said Ms Tan.
Singapore hotels remain an attractive asset class for investment due to the city state’s safe haven status and strong operating performance, said Ms Tan.
“Various factors such as regulatory standards, robust governance frameworks, sustainability initiatives and a technology-enabled, forward-looking approach provide clarity and stability for investors.”
