AP Hospitality Bulletin Asia Pacific - March 2025

‍Transactions that matter.

Park Avenue Changi Hotel, Singapore‍‍

Weave Living is acquiring the 251-key Park Avenue Changi Hotel from ESR-LOGOS REIT for $88.8 million or $354,000 per key. The property sits next to the Dorsett Changi which transacted for $416,000 per key in September 2024. The Park Avenue hotel last was part of the ESR-LOGOS REIT merger with Viva Industrial REIT in October 2018, when it was reportedly valued at $466,000 per key at a 5.3% yield, approximately 32% higher than current.‍

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The Prince Gallery Tokyo Kioicho‍‍

Blackstone closed on the acquisition of the 250-key Prince Gallery Tokyo Kioicho Hotel, located close to Akasaka-Mitsuke station for $176.5 million or around $706,000 per key from Seibu Holdings. The transaction encompasses the entire mixed-use development known as Tokyo Garden Terrace Kioicho for $2.58bn, which also includes retail, residential, and office components, and a heritage classic house. The hotel is managed by Marriott under the Luxury Collection brand.

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Tourism Recovery in Asia-Pacific

The chart below outlines the visitor arrivals to countries and regions in Asia Pacific for 2024 vs 2019.