experience includes acting as principals and advisors for...
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www.dransfield.com.au
Experience includes acting as principals and advisors for a wide range of hotel and resort assets
> City hotels and regional assets
> Single and multi-site operations
> Backpacker to 5 Star
Wide range of complimentary specialist services
> Transaction management
> Development
> Strata Title
> Asset management, operations & independent experts reports
> AFS licensed
> Operations
Publish Hotel Futures – Long term Australian Hotel Forecasts
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www.dransfield.com.au
• 80% of lenders said they would lend to serviced apartments (2011 – 85%)
• An LVR of 60% or lower was required by 80% of lenders surveyed (2011 – 60%)
• Lenders will not typically lend to regional/suburban serviced apartments (same as 2011)
• 80% of respondents say tourist zoning affects lending decision (up from 64% in 2011)
• 50% indicated lending to a min. unit size of 50m2. No-one under 40sqm (60% in 2011)
• Only 40% of respondents would consider funding construction (up from 36% in 2011)
• Last 12 months all respondents believe attitude to lending has remained the same (2011 -
softened)
• Management structure more important than operator (same as 2011)
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Mint Melbourne St Kilda Rd
A Property Management Case Study
Presented by Murray Boyte
CEO Ariadne Australia
to
ANZPHIC 2012 – Serviced Apartment Summit
New Build – Where? Why? How?
Mint Resorts & Apartments – Company Profile
StayMint Pty Ltd is a wholly owned subsidiary of Ariadne Australia, trading in the Australian market as
Mint Resorts & Apartments.
Mint Resorts & Apartments current portfolio includes properties in Brisbane, Melbourne and on the Gold
Coast with future growth expected in “key locations”.
High accommodation standards meet the most discerning travelers leisure and business needs.
Mint Resort & Apartments engage with property developers on an end to end basis transitioning from
building design and construction to opening and beyond.
Rhapsody Apartment Hotel
Mint Melbourne St Kilda Rd... The Beginning
The developer of the project on 568 St Kilda Road, Melbourne - The Ubertas Group acquired the land in
February 2008. Over an eighteen month period the Ubertas Group:
- Finalised the design of the building taking into account the market conditions and requirements of the
serviced apartment operator.
- Obtained final planning permit for the proposed development.
- Conducted significant marketing and sale activities for the project.
- Executed the finance facility agreement with their bank.
- Secured the required presales of the residential apartments, meeting the overall presales
requirements for the finance facility.
- Secured a lease commitment from the serviced apartment operator.
Construction commenced in November 2009. The building has 168 residential apartments, 145 serviced
apartments, basement level car parking, a restaurant, a resident meeting room, a gym , laundry and
associated amenities over 17 levels. There are also two separate lobbies – one for the residential
apartments and one for the serviced apartments.
Rhapsody Apartment Hotel
Mint Melbourne St Kilda Rd... The Beginning
The serviced apartments are located on five floors (levels 2 to 6) which are accessed by 2 dedicated lifts.
The serviced apartments are a mix of studios and one bedroom apartments.
Ariadne Australia secured a 20 year lease of the 145 serviced apartments and appointed Mint Resorts &
Apartments to manage the serviced apartments. It was determined that the property would operate under
a hotel style operation model with 24 hour Reception to service the corporate market segment.
An experienced Property Manager was appointed six months prior to the commencement of operations.
This ensured adequate timing for all the set up activities including, but not limited to:
- design and construction of the front of house reception
- implementation of branding and signage
- implementation of marketing activities (to major customers), the website and other initiatives
- appointment of staff, training and familiarisation with the building and its services
- implementation of operating systems
- procurement of supplies and services (electricity, phone systems, cleaners, etc)
- presentation of the rooms (coordination of the delivery of the furniture to the rooms and
final checks with the developer and builder to ensure the rooms were defect free)
Mint Melbourne St Kilda Rd... Delivering the Brand Promise
With a prime location secured, a Contract Consultant was appointed to design the FF & E consistent with
the presentation of a Mint branded property and suitable for the corporate market segment.
Expressions of Interest were accepted for the FF and E Design Contract and this was subsequently won by
Resort Interiors who commenced the fit out in early 2011.
The FF & E design brief was based on an emerging overseas trend - themed hotels - and this delivered a
truly distinctive product designed around a music and dance theme.
In September 2011 – 2 weeks earlier than planned, the property opened for business.
Mint Melbourne St Kilda Rd... Today and Beyond
After 10 months in operation the business has delivered a strong corporate base and an
occupancy level that is achieving regional averages and a fair market share.
Due to demand two bedroom apartments have now been added to the product mix - increasing the
number of rooms available to 155.
A Function and Conference facility is planned to open for business within the next month.
Future portfolio growth will be based on the Mint Melbourne business model.
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Ascot Village
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Caloundra Central
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Gladstone City Central
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• 78 apartments
• 24 x 1 bedroom apartments
• 39 x 2 bedroom apartments
• 13 x 3 bedroom apartments
• 1 x 4 bedroom apartments
• 1 x managers unit
• 119 car parks
• 18m Swimming pool
• Dual street frontage & access
• Reception area
• Boardroom meeting facilities
Development Summary
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Toowoomba Central Plaza
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Cairns Central Plaza
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Rockhampton Winter Garden Central
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Robina Central Plaza
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Lindsay Leeser
July 2012
Accor’s Apartment Network in
Australia & New Zealand
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Introducing Accor
Global Brands Accor is the world's leading hotel operator
• Established 45 years ago in France
• More than 4,400 hotels and 530,000 rooms in 92
countries
• Over 180,000 employees globally
• Portfolio of complementary brands from luxury to
economy
• Market leader in Asia Pacific with more than 540
hotels and 100,000 rooms in 16 countries
• Market leader in the Pacific with over 240 hotels
and 32,000 rooms in Australia, New Zealand and
Fiji
Regional Pacific Brands
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Acquisition of Mirvac Hotels & Resorts
The Mirvac acquisition will enable Accor to build upon Mirvac's experience in
managing strata properties, providing the existing team with the support of
the world's largest hotel operator
Accor Pacific Network by Property
Type Post Acquisition Accor completed its acquisition of Mirvac Hotels & Resorts
on 22 May 2012
• The portfolio incorporates 43 hotels and 5,356 rooms across
Australia and New Zealand
• These new additions will help Accor balance our strength in
the midscale and economy sectors with an equally high profile
in the upscale sector
• Accor will provide the properties with an international platform
with far greater scale and support
• The transaction includes 23 properties with apartment-style
accommodation
• The acquisition provides a platform to grow our apartment
network in Australia and New Zealand via MLR, management
and franchise
240 Hotels 32,000 Rooms
(X% number of rooms)
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Brisbane (2)
Sydney (5)
Melbourne (4)
Accor’s Apartment Network in Australia & New Zealand
Auckland (3) Pauanui
Wanaka
Nelson
Bunker Bay Mandurah
Perth
Busselton
Yulara
Hobart
Launceston
Creswick Mount Buller Falls Creek Pinnacle Valley
Bowral Kiama
Central Coast Hunter Valley
Casuarina Coolangatta
Maroochydore
Noosa
Surfers Paradise (2)
Port Douglas Palm Cove Cairns
Magnetic Island
Airlie Beach
Bundaberg Hervey Bay
Twin Waters
Other
Strong spread of apartment properties across major city and regional markets
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Apartment Operating Model in Australia & New Zealand
Diverse operating landscape with a balanced portfolio
Apartment Network by
Operating Type
Apartment Network by
Brand
(X% number of rooms) (X% number of rooms)
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Apartment Network Growth Criteria
Accor will grow its apartment network in Australia and New Zealand via
selective investment in MLR, management and franchise
1 - Location
Prime position in key leisure and corporate locations
2 - Product
Meets brand standards and consumer demand
3 - Win-Win-Win
Structure provides sufficient returns to the developer, incoming
owner and operator
4 - Complementary
Complements existing network in terms of location and meeting
the needs of our customer base
AIC MANAGEMENT CO.,LTD
AIC Management International
Jackie Gurr (Managing Director)
Managing Director of AIC Management International operations. Ex-Macquarie Bank with in excess of 20 years in experience in
the Banking and Finance sector - Jacqueline heads the structuring and financial aspects of all transaction and development
activities. Responsible for the strategic direction of the company’s development projects and overseeing all project related capital
requirements, financial feasibilities and reporting. Other key responsibilities include setting and driving the group’s sales and
marketing strategy, including all corporate communication, media and external stakeholder relationships. Jacqueline currently
resides on the board of a number of private and public owned companies and has an extensive network of relationships in the
South East Asian region. Gary McKinnon (General Director)
General Director of AIC Management’s Vietnam operations. Gary has a diverse range of residential, commercial, retail and urban
renewal project experience, Gary has resided in Vietnam and China for in excess of 22 years. Gary’s role within the company
covers all facets of the company management and is responsible for ensuring the strategic direction of the company. In Vietnam,
Gary has been the Project Director on projects with a commercial value in excess of 300 million dollars and retains specific
experience in the coordination of large scale mixed use projects.
• Project management services for property, construction, infrastructure, technology and environment
• Project management and advisory services in electronic, communication & telecommunication infrastructure, navigational
system and information system
• Property development management and packaging, feasibility analysis and finance modeling, property fit-outs,
negotiation and design service
• Business performance improvement, change management, work place relation, risk management, workplace safety and
asset management services
• Team of 50 engineers and project managers and 150 staff in total across Vietnam
AIC Management has been operating in Vietnam for over 15 years, with current and completed projects totaling in excess of
USD1 billion
Project Name & Location Name of Client Duration of the Service
Start Date: Completion Date:
Approx. Total Value of the Project
Description of Project
CROWNE PLAZA COMPLEX
Nha Trang City, Vietnam TD Corporation
2009 2011
USD$120 Million A 5-star hotel in a 29 storey hotel tower and 20 storey
apartment towers with 301 guestroom and suites and 112 apartments in a total GFA of 77,000m².
VIGLACERA EXECUTIVE RESIDENCES
Hanoi City, Vietnam
Viglacera Construction Company
July 2010 USD$200 Million
A mixed use development comprising of residential, hotel
and commercial office complex. The project comprises of
two 40/45 storey apartment blocks with a GFA of 200.000m².
PANDORA CITY Tan Binh District, HCMC,
Vietnam
Tan Binh Foodstuff Export JSC
2010 2012
USD$30 Million A mixed use development comprising of 4-storey building
with 16m commercial center and 45m building for hotel and serviced apartment.
SU VAN HANH COMMERCIAL CENTRE
District 10, HCMC, Vietnam
Bac Binh Construction Investment Co., Ltd
2011 USD$40 Million A mixed use development comprising of commercial
center and serviced apartment for 2 phases in a total land area of 16,922m².
CONG HOA GARDEN Tan Binh District, HCMC,
Vietnam
Kinh Do Land Corporation
2009 USD$85 Million A mixed use facilities comprising of 140,000m² of office, retail, service apartment and residential facilities.
INDOCHINA RIVERSIDE TOWER
Danang City, Vietnam
Indochina Riverside Towers Ltd.
Mar 2008 2009
USD$50 Million
The project site is approximately 3,652m² and for the
construction of a mixed used development comprising of
12-storey office tower and a 24-storey residential
apartment. The two towers sit on top of a 3-storey
commercial podium with one level of basement for underground parking.
GOLDEN WESTLAKE EXECUTIVE RESIDENCES
Hanoi City, Vietnam
Ha Viet Tung Shing Co., Ltd
2008 Apr 2010
USD$80 Million A 75,000m² floor area consisting of 218 nos. serviced
apartments and 20 residential villas comprising of twin high rise 27 storey tower.
AIC Management International
Project Name & Location Name of Client
Duration of the Service
Start Date: Completion Date:
Approx. Total Value of the Project
Description of Project
RUBYLAND APARTMENT Tan Phu District, HCMC,
Vietnam
Tan Hoang Thang Company
2007 2009
USD$20 Million
The project comprises of 41,000m² gross floor areas
consisting of 288 nos. apartments and other retail associated
facilities. The project is being constructed consisting of a
bored pile foundation with structural framing designed to Vietnamese and British standard.
HUNG VUONG PLAZA
District 5, HCMC, Vietnam Hung Vuong Corporation
2008 2009
USD$50 Million
The project comprises of 100,000m² gross floor area
consisting of apartments, commercial, office and other retail
associated facilities. The project is being completed in two
phases. Phase 1 consists of all commercial facilities from
Level 1 to 9. Phase 2 consists of the remaining 2 33-storey residential towers.
SHERATON HOTEL & SPA Nha Trang City, Vietnam
East Ocean Real Estate & Tourist JSC-Dong Hai
2008 2010
USD$75 Million
The project is a 5-star hotel, serviced apartment and spa
facilities comprising of a 3,850m² land areas. The building is a
33-storey tall which has a GFA of 52,904m² with 263
guestrooms and 10 serviced apartments.
AQUABA RESORT Phan Thiet City,
Vietnam Aquaba Resort Co., Ltd
2008 Oct 2011
USD$40 Million The gross construction area of approximately 15,000m²
comprising of 3 bedroom villa, 2 bedroom apartment and
themed landscaped areas.
HON TRE RESORT Nha Trang City, Vietnam
Vincom Corporation Mar 2003 USD$45 Million
A masterplan of 2 villages which comprise of zone C for
building that includes seafood restaurant and a VIP villa.
Zone B Hill that includes the hotel, nightclub and swimming
pool.
CARAVELLE HOTEL District 1, HCMC, Vietnam
Lai Sun Development 1998 USD$56 Million The project comprises of 41,000m² gross floor areas of hotel
consisting of 288 nos. apartments and other retail associated
facilities.
AIC Management International
Peninsula project location
BRISBANE INTERNATIONAL
& DOMESTIC AIRPORT
Redcliffe location
“Redcliffe is one of the best investment locations in Australia.” Tim Lawless, RP Data Research Director
Ideally located 15 minutes from the International Airport and 30 minutes from Brisbane CBD
The Peninsula fronts the picturesque Moreton Bay which comprises of 365 islands
“One island for every day of the year”
Moreton Island is the largest sand island in the world
The popular Moreton Bay Marine Park also forms part of Moreton Bay
Redcliffe is conveniently located to all the major theme parks in South East Queensland
1.2 million tourist including 370,000 day trippers visit the Redcliffe Peninsula each year
Key infrastructure upgrades
AUD$2.12 billion Gateway Motorway – has improved connectivity to major centres including Brisbane
CBD, the airports and Sunshine Coast
AUD$1.15 billion Moreton Bay Rail Link - will provide rail transport from Kipparing (approximately 8
minutes from the Peninsula International Hotel) to Brisbane’s CBD
AUD$315 million Houghton Highway duplication
AUD$20 million Redcliff Foreshore Rejuvination
The Peninsula will be the first
4 star international branded hotel
on the Redcliffe Peninsula in a
prime waterfront position that will
never be built out
The 12 storey development has
been designed to offer an attractive
mix of hotel rooms and residential
suites for guests
Spectacular 180% views of
Moreton Bay, Moreton Island and
Brisbane with a beach and fresh
saltwater lagoon right at its door
The Peninsula
Peninsula – Proposed development
Proposed Development
The project shall consist of:
Ground Floor
Hotel lobby
Main reception
Tavern (pub) featuring indoor & outdoor dining
Restaurant featuring alfresco dining areas
Coffee shop
Back of house facilities
Mezzanine Level
Conferencing / banqueting facilities
Break out areas and pre-function area
Meeting rooms
Additional back of house administration areas
Rooms and Car parking
120 x Hotel rooms
40 x Apartments
150 x Basement car parking
Other key facilities
Pool deck area
Day Spa
Gymnasium
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