HVS Asia Pacific Hotel Transactions Bulletin Week Ending 28 August 2026

Ayala Land to Transfer Up to PHP30 Billion of Assets to AREIT

The Philippines-based Ayala Land Inc. (“ALI”) has agreed to transfer a PHP20 billion portfolio of assets to its listed real estate investment trust, AREIT Inc. (“AREIT”), as part of a broader PHP30 billion capital recycling strategy. The portfolio includes four shopping malls and four hotels, including the 438-key Seda Vertis North in Quezon City, 280-key Fairmont Makati, 32-key Raffles Makati, and 578-key New World Makati Hotel, in Makati City. Under the deal, the retail assets, New World Makati Hotel and Seda Vertis North are being injected via a share swap in exchange for primary shares while the Fairmont and Raffles complex is being acquired separately via a direct cash acquisition for PHP2.62 billion from ALI’s subsidiary, ALI Makati Hotel and Residences Inc. This translates to approximately PHP8.4 million per key. Post acquisition, hotel properties will account for 9% of AREIT’s PHP179 billion asset portfolio. ALI has an intention to sell an additional PHP10 billion assets to AREIT this year. 

Daiwa House REIT to Acquire MIMARU Tokyo Ikebukuro for JPY11.5 Billion, Japan

Japan-based Daiwa House REIT Investment Corporation (“Daiwa House REIT”) is set to acquire the real estate trust beneficiary interest in the 107-key MIMARU Tokyo Ikebukuro, an apartment hotel in Tokyo, Japan, for approximately JPY11.5 billion, or JPY107.5 million per key. Completed in 2022, the 14-storey property comprises approximately 5,960 square metres (“sqm”) of gross floor area and occupies a 770 sqm site in Toshima Ward. The hotel is located approximately a five-minute walk from Ikebukuro Station, which is served by the JR, Tokyo Metro, Seibu and Tobu lines. The property is operated by Japan-based Cosmos Hotel Management Co., Ltd. and is subject to a master lease with Daiwa House Realty Management Co., Ltd., with rent comprising a fixed component and a variable component linked to the hotel’s gross operating profit. Concurrently, Daiwa House REIT plans to dispose of interests in three assets for an aggregate JPY14.7 billion. The transactions reflect the REIT’s increasing allocation towards the hospitality sector. Following the acquisition, its hotel portfolio is expected to comprise 10 properties with a combined acquisition value of approximately JPY53.8 billion, representing 5.8% of its total portfolio. 

CREAL Acquires Garner Hotel Osaka Honmachi Kita Semba in Osaka, Japan

Japan-based CREAL Inc. (“CREAL”) has launched a real estate investment fund backed by the acquisition of 168-key Garner Hotel Osaka Honmachi Kita Semba in Osaka on behalf of its Japanese investors through its crowdfunding platform for a gross asset value of JPY7.21 billion. This translates to approximately JPY42.9 million per key. Completed in 2018, the 13-storey hotel occupies a 526 sqm site with a total gross floor area of approximately 3,103 sqm. CREAL plans to retain the existing IHG franchise while transitioning hotel operations to its wholly owned subsidiary, CREAL Hotels, following the same operating strategy previously implemented at the 185-key Holiday Inn & Suites Shin Osaka. The acquisition comes as Osaka’s hotel market experienced a slowdown in 1H 2026, attributed to the post-Expo effect and softer inbound demand amid China-Japan travel dynamics. Despite the near-term moderation, CREAL cited strengthening forward bookings for 2H 2026 and growing demand ahead of the opening of Osaka’s Integrated Resort in 2030, viewing the current market conditions as an attractive entry point for hotel investment in the city. 

Operator of Hotel Victoria Wan Chai Acquires Long-Leased Premises for HKD72.8 Million in Hong Kong

Hong Kong-based Wide Will Holdings Limited, the operator of Hotel Victoria Wan Chai, a long-established hourly hotel in Wan Chai, has acquired the premises it currently occupies at 209 Lockhart Road for HKD72.8 million, after leasing the property for more than 20 years, effectively transitioning from tenant to owner. The transaction price translates to approximately HKD1.82 million per key, based on the hotel’s approximately 40 guest rooms. The hotel currently pays approximately HKD250,000 per month in rent for the premises, which comprise approximately 1,229 sqm. The property was previously owned by the Tang Shing Bor family before subsequently becoming a mortgagee property. The final transaction price represents a 79.2% discount to the mortgagee’s initial asking price of HKD350 million. 

Gangneung Opens KRW125 Billion Convention Center Ahead of 2026 ITS World Congress in South Korea

The Gangneung Convention Center (“GCO”) officially opened in Gangneung, Gangwon Province, South Korea, on 26 August 2026, following an investment of approximately KRW125 billion. Located within Gangneung Olympic Park, the convention centre comprises approximately 18,967 sqm of gross floor area, spread across four above-ground storeys and one basement level. Facilities include a multipurpose convention hall with a capacity of up to 2,100 people and 19 meeting rooms, comprising four medium-sized and 15 smaller meeting rooms. The centre will serve as a key venue for the 2026 ITS World Congress, scheduled to take place from 19 to 23 October 2026, which is expected to attract approximately 60,000 participants from 90 countries. Following the congress, Gangneung City plans to leverage the facility to attract international conferences, exhibitions and other MICE events, supporting the continued development of the city’s tourism and accommodation sectors.

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