Jones Lang LaSalle : The Westin Resort Guam Sold to South Korean Investors

SINGAPORE, 24 May 2016 - JLL's Hotels & Hospitality Group has advised on the sale of the Westin Resort Guam on behalf of the seller, LeoPalace Guam Corporation.

In late April 2016, the 432-room resort was sold to Pioneer Holdings Corporation and Haevichi Hospitality Guam for US $125 million. Pioneer Holdings Corporation is a real estate private equity fund managed by Seoul-based IGIS Asset Management. Haevichi Hospitality Guam is controlled by Seoul-based Haevichi Hotels & Resorts, a unit of Hyundai Motor Group.

Occupying a premier beachfront site along Guam's famed Tumon Bay, the prominent resort is conveniently located a short walk from a myriad shopping and dining venues along Pale San Vitores Road. Following the completion of the transaction, the resort will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc., one of the world's leading hotel and leisure companies.

Corey Hamabata, Vice President, Asia Pacific, JLL Hotels & Hospitality Group says, 'The sale of the Westin Resort Guam represents one of the most significant property transactions to occur on Guam over the past decade as well as Guam's first major resort sale to a Korean investor.'

He continues: 'This sale highlights the improving and diversifying visitor fundamentals of the Guam tourism market. Over the past five years, visitation from Korea to Guam has grown at a compound annual growth rate of 26 percent. While Japan remains Guam's largest source market, Korea now represents 30 percent of total visitor arrivals to the island. The growing dynamism of the Guam market is creating unique opportunities for foreign investment from which the destination stands to benefit over the longer term.'

Tomohiko Sawayanagi, Managing Director, Japan, JLL Hotels & Hospitality Group says, 'The Westin Resort Guam transaction represents the most recent case in a growing trend of hospitality transactions involving international buyers which is being driven, in part, by improving travel trends throughout the region.'

JLL also recently advised on the sale of the Tomamu Resort in Hokkaido, Japan to Shanghai-based Yuyuan Tourist Mart Co. Ltd. and the US $31 million sale of the Zitahli Resort & Spa in the Maldives to Singapore-based Roxy Pacific Holdings Limited.

Mr. Sawayanagi concludes: 'In total over the past three years, JLL's Hotels & Hospitality Group has facilitated over 35 cross border hotel transactions within Asia Pacific, amounting to over US $4 billion in transaction volume.'

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