AP Hospitality Bulletin Asia Pacific - September 2026

Deal watch.

GIC & KKR 16-hotel portfolio transaction, Japan

GIC, Singapore-based sovereign wealth fund, has acquired a portfolio of 16 hotels with 3,468 keys across Japan from KKR, a US-based investment firm that operates intarnationally, for around JPY200 billion (US$1.26 billion) or JPY57.67 million (US$363,000) per key, where the properties span across 11 cities including Tokyo, Osaka, Kyoto, Fukuoka, among others. The hotels are operating under the Four Points Flex by Sheraton brand and are all located near major train stations and business/leisure districts.

In 2024, KKR acquired the core portfolio which consists of 14 properties with 3,600+ keys from Unizo Holdings. KKR then partnered with Marriott International to rebrand and renovate the properties and reportedly nearly doubled the portfolio’s value through the value-add strategy.

This deal marks one of the largest hospitality transactions in Japan this year and further expands GIC’s Japan hotel footprint following its acquisition of the 31-property Prince Hotels portfolio from Seibu Holdings in February 2022.

Hyatt Regency Hong Kong

New World Development and the Abu Dhabi Investment Authority (ADIA) are in talks to sell each of their 50 percent stakes in the 381-key Hyatt Regency Hong Kong Tsim Sha Tsui to Singapore-based UOL Group. The sale price is approximately HK$3 billion (US$382 million), or HK$7.9million (US$1 million) per key, which is reported around 13 percent lower than what ADIA paid for their stake in 2015 (HK$3.39 billion).

The potential transaction would mark UOL’s first hotel in Hong Kong. UOL’s hospitality arm currently manages 49 hotels with more than 14,000 keys. UOL directly owns 26 of these hotels totaling around 8,600 keys. With this deal, UOL Group could replace Hyatt with its own management brand, Pan Pacific, making a market entry into Hong Kong, overcoming the high barriers to entry, and establishing a notable presence on the Kowloon skyline.

Transactions that matter.

Hotel Ease Tsuen Wan & Hotel Ease Access, Hong Kong

China Resources Longdation acquired Hotel Ease Access · Tsuen Wan and Hotel Ease · Tsuen Wan for HK$440 million (US$56.1 million) or HK$1.33 million (US$170,000) per key. The properties provide 330 guestrooms and approximately 157,900 sq. ft. of GFA, equivalent to about HK$2,786 per sq. ft., and are intended for conversion into student accommodation. Including Hotel COZi · Oasis, the group has invested nearly HK$1.4 billion in three Kwai Chung hotels comprising 913 guestrooms during 2026.

Hotel ibis Hong Kong Central and Sheung Wan, Hong Kong

CapitaLand Investment Ltd, Singapore-based asset management company, is acquiring the 550-key ibis Hong Kong Central and Sheung Wan from Hong Kong-based Butterfly Hospitality Limited for HK$2.3 billion (US$294 million) or HK$4.2 million (US$538,000) per key. Furthermore, the property’s GFA spans approximately 14,580 sq. ft. which equates to about HK$157,750 per sq. ft..

Following the student housing conversion trend in Hong Kong, the property is also expected to be converted into student accommodation under The Ascott Limited's Adoor Suites brand upon the completion of transaction.

KOKO Hotel Osaka Shinsekai, Japan

Star Asia Investment Corporation, a Japan based hotel-focused REIT, acquired the 128-key KOKO Hotel Osaka Shinsekai from Japan-based Mizuho Leasing for JPY3.93 billion (US$24.6 million) or JPY30.7 million (US$192,000) per key.

The purchase forms part of Star Asia's 13th asset replacement program, under which the REIT is disposing of the 198-key Washington R&B Hotel Umeda East to an undisclosed buyer for JPY3.01 billion (US$20.3 million). Furthermore, Star Asia is also taking a 49.5% silent partnership stake in Godo Kaisha Akatsuki, holder of the Former Kan'in-no-miya Gora Bettei and other related accommodation facilities, alongside an 8.13% stake in Godo Kaisha Oak,which holds a portfolio of 17 residential properties. This move from Star Asiais to have more exposure to core hotel and residential segments and improve the stability of distributions for investors in the medium term.

MIMARU Tokyo Ikebukuro, Japan

Japan-based Daiwa House REIT has agreed to acquire the 107-key MIMARU Tokyo Ikebukuro from Fuyo General Lease, a Japan based financial services company that provides leasing, instalment sales, and cash financing, for approximately JPY11.5 billion (US$73 million), or JPY107.5 million (US$682,000) per key. The hotel is operated by Japan-based Cosmos Hotel Management Co., Ltd. under a master lease with Daiwa House Realty Management Co., Ltd..

Furthermore, Daiwa House REIT is currently selling three other older assets including its 50% stake in the Naha Shin-Toshin Center Building (243-key Daiwa Roynet Hotel Naha Omoromachi located in Okinawa) to Orix JREIT for a total of JPY14.7 billion. Upon acquisition, the REIT's hotel portfolio will have 10 properties with a total acquisition value of around JPY53.8 billion which reflects a 5.8% of its total portfolio.

Courtyard by Marriott Suwon, South Korea

Aravest, a Korean-based real estate management company, has agreed to acquire the 288-key Courtyard by Marriott Suwon from Hanwha Corporation, a South Korean multinational manufacturing and industrial conglomerate, for around KRW100 billion (US$69.3 million) or KRW347 million (US$241,000) per key. The transaction is expected to be complete by the end of September 2026.