HVS Asia Pacific Hotel Transactions Bulletin Week Ending 9 October 2026

IOI to Acquire Shenton House in Singapore for SGD593.3 Million

Malaysia-based IOI Properties Group Berhad (“IOI”) has entered into a conditional agreement, through its wholly owned subsidiary Boulevard View Pte Ltd, to acquire Shenton 101 Pte Ltd (“Shenton 101”), the owner of Shenton House at 3 Shenton Way, Singapore, from its group CEO and major shareholder, Lee Yeow Seng, for SGD593.3 million. The acquisition involves a nominal SGD1 consideration, settlement of SGD217.1 million in shareholder advances and assumption of SGD376.2 million in existing borrowings. Completed in the mid-1970s, Shenton House is a 25-storey strata-titled commercial building comprising approximately 20,276 square metres (“sqm”) of net lettable area (“NLA”) on a 3,377sqm leasehold site with approximately 42 years remaining on its existing lease. The site has a gross plot ratio (“GPR”) of 11.2, and may qualify for a 25% increase in gross floor area under the CBD Incentive Scheme, potentially raising the GPR to 14.0. IOI plans to invest a further SGD973.7 million to redevelop the property into a 35-storey mixed-use tower comprising a 165-key luxury hotel across 10 floors, 12 office floors, a retail space in the basement and three carpark levels. Supporting facilities will include a swimming pool, food and beverage outlets and sky terraces. The redevelopment is expected to increase NLA by approximately 80% to 36,528 sqm. IOI also intends to renew the site’s lease to a fresh 99-year tenure, subject to approvals and applicable premiums. Construction is expected to commence in the first half of 2027, with completion targeted for late 2031. The acquisition is expected to strengthen IOI’s presence in Singapore’s Marina Bay financial district, complementing its nearby IOI Central Boulevard Towers and Asia Square Tower 2. 

CR Longdation Acquires Two Hotels for Conversion to Student Accommodation in Hong Kong

China Resources Longdation Co. Ltd (“CR Longdation”), a subsidiary of Hong Kong-based China Resources (Holdings) Co., Ltd. has acquired two hotels for approximately HKD440 million, comprising the 160-key Hotel Ease Tsuen Wan Hotel and 170-key Hotel Ease Access Hotel, for a combined 330 keys. The properties have a total Gross Floor Area of approximately 14,670 sqm, reflecting an average consideration of approximately HKD1.33 million per key or HKD29,984 per sqm. The acquisitions form part of the group’s plans to convert the hotel assets into student accommodation, following its acquisition of the 583-key Hotel Cozi Oasis for approximately HKD953 million in March 2026. The earlier acquisition is also being repositioned as student accommodation. The latest acquisitions bring the group’s hotel acquisitions in Hong Kong this year to three properties totalling 913 keys and approximately HKD1.4 billion. 

Coliwoo Sells Two Freehold River Valley Properties for SGD45.5 Million in Singapore

Singapore-based Coliwoo Holdings Limited (“Coliwoo”), the coliving subsidiary of LHN Limited, has agreed to sell two freehold properties at 288 and 298 River Valley Road to Singapore-based Qing Feng Construction Pte Ltd for a combined consideration of SGD45.5 million. The transaction comprises SGD31.5 million for 288 River Valley Road, reflecting approximately SGD850k per key, and SGD14.0 million for 298 River Valley Road, reflecting approximately SGD1.08 million per key. The properties comprise 37 and 13 serviced apartment keys, respectively. Following completion of the transaction, a Coliwoo subsidiary will lease both properties back for three years and continue operating them under the Coliwoo brand. The sale consideration of SGD45.5 million is approximately 8.6% below the properties’ combined carrying value of SGD49.8 million as at 30 September 2025.

 AB Capital Completes Fund II Deployment with 16th Japan Hotel Acquisition

Hong Kong-based AB Capital Investment Limited (“AB Capital”) has acquired Gojoan, a newly completed 46-key boutique hotel in central Kyoto, Japan, through an off-market transaction. Completed in March 2026, the 10-storey property is located approximately a two-minute walk from Gojo Station on the Kyoto Municipal Subway Karasuma Line and was acquired with vacant possession. AB Capital plans to undertake a targeted refurbishment and rebranding programme before relaunching the property as an upscale boutique hotel in partnership with Japan-based hospitality operator K.K. Section L (“Section L”). The project will mark Section L’s first hotel outside Tokyo and the debut of its new premium brand. Planned works include integrating the ground-floor entrance and club lounges into a more open layout, refreshing common areas, adding extra beds to increase accommodation capacity, and converting underutilised upper-floor space into a reservable fitness facility. The transaction represents AB Capital’s 16th hotel acquisition in Japan and the final investment through AB Capital Fund II, which has now fully deployed its capital. The firm is preparing to launch its next opportunistic investment vehicle, Fund III, in spring 2027, continuing its focus on value-add hospitality investments in Japan.

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