AP Hospitality Bulletin Asia Pacific - April 2026

Transactions that matter.

Shama Hollywood, Hong Kong

Tai Hung Fai Group, a Hong Kong based real estate development and investment group founded in 1977 by the Hong Kong billionaire property investor, Edwin Leong Siu-hung, sold the 11-key Shama Hollywood service apartment and ground floor retail shops to a a Southeast Asian consortium. The property is located in Central, Hong Kong and has a total GFA of 8,680sqft. As reported by Savills, the sale price for the property is around HK$203.8 million (US$26 million) or HK$23,479 (US$3,000) per sqft.

Wuhan Wanda Westin Hotel

Mr. Bi Wei Guo, a Ning Bo, China based businessman, has acquired the 305-key Wuhan Wanda Westin Hotel at an auction where R&F properties has been forced to sell due to their debt crisis that commenced in 2021. The property was sold at RMB376 million (US$54.8 million) or RMB1.2 million (US$180,000) per key. It is reported that the property is selling at a roughly 44% discount from their last appraisal (RMB671.4 million; US$97.9 million). It was also reported that Mr. Bi Wei Go is trying to enter the hotel real estate market and within the past 6 months, including this deal, he has invested a total of RMB910 million (US$133.1 million) to acquire 3 properties (Sheraton Wuxi Binhu Hotel, The Westin Hefei Baohe Hotel, and Wuhan Wanda Westin Hotel) at a discounted price via auctions.

South Korea deals

The Korean market saw a busy month in April. Morgan Stanley offloaded a Myeong-dong economy hotel for a very healthy US$697,000 per key. The property encompasses some prime ground floor retail space in Seoul's most popular shopping district.

In the port city of Busan, Sung Ho Electronics Corp., a South Korean industrial machinery manufacturing company acquired the 260-key Signiel Busan from a Lotte subsidiary. The property sale price of KRW150 billion (US$ 99.3 million) equates to KRW577 million (US$382,000) per key. Sungho Electronics Corp.'s strategy is to increase their real estate holdings to diversify their investment portfolio and hedge against market volatility. Signiel Busan is the flagship property of this leisure dominated market, which generally sees fewer transactions than the capital, Seoul.