HVS Asia Pacific Hotel Transactions Bulletin Week Ending 1 May 2026

Shinsegae Emerges as Preferred Bidder for Orakai Daehakro Hotel in KRW150 Billion Deal, South Korea

South Korea-based Shinsegae Inc. (“Shinsegae”) has been selected as the preferred bidder for the 232-key Orakai Daehakro Hotel in Seoul’s Jongno district, with a proposed purchase price in the mid-KRW150 billion range (approximately KRW600 million per key). The transaction is understood to allow for vacant possession. Completed in 2019, the hotel is part of US-based Best Western International Inc.’s BW Signature Collection and has potential for expansion to approximately 300 keys. On-site facilities include a restaurant, café, fitness centre, sauna, business centre, laundrette, and eight meeting and event spaces, with the largest spanning 241.1 square metres (“sqm”). The acquisition aligns with Shinsegae’s ongoing expansion in the hospitality sector, following recent investments in assets such as 375-key Four Points by Sheraton Josun Seoul Myeongdong and 306-key Gravity Josun Seoul Pangyo in 2025, as well as 248-key Grand Josun Jeju in March 2026. The group is reportedly exploring the establishment of a wholly owned REIT backed by these and additional assets. 

Tropicana Acquires Langkawi Land Parcels for MYR195.9 Million in Malaysia

Malaysia-based property developer Tropicana Corporation Berhad (“Tropicana”), through its wholly-owned subsidiary Tropicana Scenic Development Sdn Bhd, has entered into two sale and purchase agreements to acquire land parcels in Langkawi for a total of MYR195.9 million, with completion expected by the fourth quarter of 2026. The first acquisition, valued at MYR151.1 million, comprises 14 freehold and leasehold plots in Banar Padang Lalang, spanning approximately 85,105 sqm. The land is zoned for agricultural and building use and falls within an area identified by the Langkawi Development Authority for agrotourism and commercial development. It is also located near key attractions such as Tanjung Rhu Beach and Kilim Geoforest Park. The second acquisition involves a 99-year leasehold site that expires in 2116 in Padang Matsirat, and is acquired for MYR44.8 million. The 12,626 sqm site is located near Langkawi International Airport and is zoned for tourism and commercial use, including potential hotel and serviced apartment developments. These acquisitions align with Tropicana’s strategy to expand its landbank in locations with long-term growth potential. 

AB Capital Acquires Smile Hotel Sapporo Susukino Minami in Hokkaido, Japan

Hong Kong-based real estate fund manager AB Capital Investment Limited (“AB Capital”) has acquired the 123-key Smile Hotel Sapporo Susukino Minami in Hokkaido, Japan, through its AB Capital Fund II for an undisclosed sum. The deal marks the firm’s 12th hotel acquisition in Japan. Completed in 2018, the property features a restaurant and laundrette, and operates under the Smile Hotel brand. It is strategically located within walking distance of Hosui-Susukino Station on Toho Line, Susukino District,Tanukikoji Shopping Street and Odori Park. The hotel is managed by Japan-based Hospitality Operations Inc., which oversees a portfolio of more than 70+ Smile Hotel properties nationwide. The acquisition aligns with AB Capital’s strategy to expand its presence in Japan’s hospitality market. 

Sun Group Launches VND3.9 Trillion Phan Thiet Airport Development in Vietnam

Vietnam-based Sun Group has commenced development of the civil aviation component of Phan Thiet Airport in Mui Ne ward, Lam Dong, Vietnam. The airport is designed to accommodate regular domestic flights and irregular international services, with the aim of improving accessibility from major cities such as Hanoi, Ho Chi Minh City, and Danang, while strengthening connectivity to key tourism destinations, including Phu Quoc. The project is expected to involve an investment of over VND3.9 trillion and will span nearly 750,000 sqm. Phase one is planned to deliver a capacity of two million passengers per annum, supported by an approximately 18,000 sqm passenger terminal and associated infrastructure. This development marks Sun Group’s third airport project, following Van Don International Airport and the expansion of Phu Quoc International Airport. Phan Thiet Airport is targeted to become operational by 2027. 

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