News release

JLL Hotels receives multiple Asia Pacific awards at HICAP 2022

At the region’s largest hotel investment event, JLL recognized for the single asset of the year, M&A of the year, and rising star award

October 26, 2022

Andrew Peck

+65 9823 7917

SINGAPORE, October 26, 2022 – JLL Hotels & Hospitality Group today announced it received three awards at the Hotel Investment Conference Asia Pacific (HICAP) event held in Singapore on October 21. The firm was recognized for the Single Asset Transaction of the Year for the Hilton Sydney, Merger & Acquisition (M&A) of the Year for W Maldives and Sheraton Maldives Full Moon Resort & Spa, and the Rising Star of the Year for Calvin Li, Executive Vice President, Head of Transaction Advisory Services, Asia Pacific.

JLL advised on the marquee Hilton Sydney transaction earlier in 2022. The hotel was acquired by Barings Private Equity (BPEA) for circa AUD$530 million (US$338 million) and features 587 guest rooms and suites, multiple food and beverage offerings, large-scale meeting facilities, as well as a sizeable retail component. JLL was exclusively appointed to manage a discrete sale process on behalf of the seller Glory Property for this landmark recently refurbished luxury property. Significantly, this is the largest ever single hotel asset transaction closed in Australia.

The acquisition of W Maldives and Sheraton Maldives Full Moon Resort & Spa by an affiliate of KSL Capital Partners from Universal Enterprises and Marriott International closed in June 2022 for an undisclosed amount. JLL advised on the deal, which represents one of the largest open-market transactions in the Maldives, reinforcing the country’s position as a major destination for institutional capital. The resorts are located on their own private islands and offer a combination of overwater villas, beach villas, and extensive guest amenities amid a diverse biosphere of marine life immediately surrounding the islands.

“Investment in the Asia Pacific hospitality space has made substantial strides in 2022, and the flurry of capital allocation into the sector reinforces our conviction that the growth trajectory will continue into 2023. We are delighted to receive recognition for our deep commitment to our clients from HICAP and gratefully share these leading industry awards with all our partners involved in these two landmark transactions,” says Nihat Ercan, Senior Vice President, Head of Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.

Calvin Li’s recognition as HICAP’s Rising Star for 2022 caps his well-established reputation as one of the leading members of the new generation of hotel advisors in Asia Pacific. Calvin joined JLL in January 2012 as an analyst in Singapore in the Hotels & Hospitality team. After serving in a variety of roles, he was appointed Head of Transaction Advisory in 2018. Calvin received a Bachelor of Science (Hotel Administration) from Cornell University.

“This prestigious industry award is a testament to what we have long-known – Calvin is one of the innovative thinkers and professionals operating in the Asia Pacific hotels space today. His commitment to providing clients with advisory services and a solution-orientated approach is well-established within the industry, and as a firm, we are exceptionally proud of Calvin’s well-deserved recognition,” says Xander Nijnens, Managing Director, Head of Advisory & Asset Management, Asia Pacific, JLL Hotels & Hospitality Group.

HICAP is Asia’s largest and longest-running hotel investment event, making it the most important gathering of hotel developers, investors, lenders, operators, and other industry executives for information exchange, trend spotting, and deal-making. For over 30 years, HICAP has been the essential annual gathering place for Asia Pacific’s hotel investment community, attracting the most influential owners, developers, lenders, executives, and professional advisors from around the globe.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit