HVS Asia Pacific Hotel Transactions Bulletin Week Ending 3 July 2026

FEC Sold Former Silka Seaview Hotel, Now Student Housing to JD Group for HKD750 Million in Hong Kong

Dorsett Hospitality International Limited (“DHIL”), an indirect wholly-owned subsidiary of Hong Kong-based Far East Consortium International Limited (“FEC”), has sold the holding company that owns the 268-key Former Silka Seaview Hotel to the investment holding company of China-based JD Group for HKD750 million. This translates to approximately HKD2.8 million per key. Located in Yau Ma Tei, the property is a four-minute walk from Yau Ma Tei MTR Station and a 10-minute walk from Queen Elizabeth Hospital and Hong Kong Polytechnic University. The asset features a food and beverage outlet and an internet corner. The property is currently undergoing the conversion of its guest rooms into units for operation as student accommodation and is expected to complete the conversion by the end of 2026. DHI Hotel Management HK Limited, an indirect wholly owned subsidiary of FEC, will continue to manage the property for three years under a management contract with a guaranteed annual income of HKD45 million. Under the agreement, the manager will be entitled to all revenue and income generated from the operation of the property and will bear all operating expenses. DHIL will act as the guarantor for the manager. 

RAM, TPG and Weave Acquire Office Building in KRW60 Billion Deal for Coliving Redevelopment in South Korea

South Korea-based REPAN Asset Management Co., Ltd. (“RAM”), US-based TPG Angelo Gordon (“TPG”), and Hong Kong-based Weave Living (“Weave”) have acquired the ABL Life Sungin-dong office building and four adjoining land parcels in Jongno-gu, Seoul, for approximately KRW60 billion. Located in the Sungin-dong district of central Seoul, the 2,027 square metre (“sqm’) site will be redeveloped into Weave Suites, a 546-unit co-living development comprising two basement levels and 16 storeys above ground with a gross floor area of approximately 19,266 sqm. The project has an estimated total development cost of KRW170 billion and is expected to commence construction following permit approvals, with completion targeted for 2030. 

Origin Property Divests ibis Phuket Kata for THB745 Million in Thailand

Origin Hotel Public Co. Ltd., the subsidiary of Thailand-based Origin Property Public Co., Ltd. (“Origin Property”), has divested the 258-key ibis Phuket Kata in Phuket, Thailand, for THB745 million, reflecting a price of at least THB2.9 million per key. Located near Kata Beach, the property is approximately an hour’s drive from Phuket International Airport. The hotel comprises a restaurant, bar, outdoor swimming pool, and meeting facilities, and has been operating under a franchise agreement with France-based Accor SA’s (“Accor”) ibis brand since 2022. Tokyu Land Asia, the Singaporean arm of Japan-based real estate developer Tokyu Land, acquired a partial ownership interest in the Property in 2023, with a three-property portfolio acquisition under a joint venture structure with Origin Property.  

Singapore Unveils Greater Sentosa Master Plan for Next Phase of Tourism Growth

Singapore has unveiled the Greater Sentosa Master Plan, a long-term blueprint to transform Sentosa and Pulau Brani into a premier leisure and tourism destination over the next two decades. The redevelopment will introduce new world-class attractions, hotels, enhanced beachfronts, nature trails and outdoor event spaces, while improving connectivity through a new transport hub linking Sentosa, Pulau Brani and the mainland. The Brani West precinct has been earmarked as one of the largest sites for future attraction developments, with additional plans including new landmarks at Mount Imbiah, a new multi-purpose event venue named Sensorium, refreshed beaches and upgraded public spaces. Once completed, the expanded destination is expected to approximately double annual visitor numbers, reinforcing Singapore’s position as a leading regional tourism and hospitality hub. The first stage of the upcoming attractions will be completed from early 2030s.

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