Sumitomo Realty Seeks $700 Million Office Sale Amid Elliott Push
The developer has earmarked 19 midsized office buildings for the divestment, according to documents seen by Bloomberg. It has asked real estate investment firms and agencies to estimate the value of the offices, which it is considering selling separately, the people said, asking not to be identified because the matter is private. It is also weighing the sale of eight rental apartment buildings in the city, they said.
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Skift
8 minutes ago
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How Gen Z and Millennials Are Forcing a $19 Billion Timeshare Market to Reinvent Itself
As younger generations continue to shape how and why we travel, vacation ownership is no longer about locking into one resort anymore. It's about choice, access, and ease, things modern travelers care about most. The global market for vacation ownership, or timeshare, is expected to cross $19 billion this year and projected to reach over $26 billion in 2029. Travel and Leisure (earlier known as Wyndham Destinations), said membership in its Club Wyndham Asia program has more than doubled since mid-2023, and 60% of these members are Gen Z or millennials. 'Earlier, we'd probably be saving and buying our house. Today (millennials and Gen Z) would rather focus on experiences,' Barry Robinson, president and MD international operations at Travel and Leisure, told Skift. This change in priorities is also driving a growing interest in fractional ownership, where people can enjoy luxury items — like holiday homes, yachts, or even private jets — without having to own them outright. Travel and Leisure is seeing this shift play out most clearly in Asia. As the region's middle class grows, so does demand for smart, flexible ways to travel without the responsibilities or high costs of traditional ownership. Barry Robinson, president and MD international operations at Travel and Leisure. Flexible Travel for a New Generation The modern model of vacation ownership is typically points-based and has moved far beyond fixed weeks at a single resort. According to Robinson, it's a more fluid, practical way to 'own' a holiday. That adaptability is proving popular, especially with younger travelers, who may not necessarily want the biggest room, but would want the experience. At Skift Global Forum last year, Jason Gamel, president and CEO of ARDA, spoke about how the vacation ownership industry is evolving to align with modern traveler preferences. Talking about how Travel and Leisure has been faring in connecting with this group, Robinson calls it a 'work in progress.' What Changed for Vacation Rentals? Domestic Demand Asia's shared ownership market works differently from North America's, says Robinson. 'We've had to modify our product offering accordingly,' Robinson said. Travel and Leisure has adapted with upgraded amenities, curated local experiences, and a wider range of options — from basic stays to ultra-luxury villas with private chefs and pools. These changes also make the offering more attractive to Asian travelers, who are increasingly traveling within the region. 'In the past, we sold shared ownership to foreigners staying in Phuket, Koh Samui or Pattaya,' Robinson explained. 'Now, we want to be known as a great domestic product in each market.' That shift is now a core part of the company's long-term growth as the approach proved smart during Covid. 'If you don't have a focus on the domestic market, your business can dry up overnight,' Robinson said. The domestic focus also makes the business more resilient, when international travel becomes costly, as has happened recently with rising airfare and hotel prices, he said. The Big Prize: India and China India and China represent enormous growth opportunities for the company and while Travel and Leisure has already entered China and is seeing progress, India remains a complex landscape. 'India is a gold mine for us. We just haven't figured out how to mine it,' Robinson admitted. But he is confident about entering the market, 'India is definitely on our radar. It's definitely a market that we will enter.' And while he did mention the barriers to entering are both financial and legal, still, Robinson believes it's only a matter of time before India becomes a viable market. Accor Vacation Club: A Test Case in Expansion Travel and Leisure acquired Accor's vacation rental business – Accor Vacation Club – last year for $48.4 million. 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Bloomberg
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Philippine Billionaire's Company Says ‘Rigorous Audit' Underway Amid Probe
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Wall Street Journal
9 minutes ago
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Beijing Removes Suburban Home-Purchase Limit
Chinese property stocks rose in Hong Kong after Beijing scrapped longstanding restrictions on the number of homes city residents can buy in suburban areas, the latest move to revive the country's ailing real-estate sector and address a supply glut. The Hang Seng Mainland Properties Index rose as much as 1.7% on Monday before paring gains to 1.1% by midday, outperforming the benchmark Hang Seng Index's 0.2% increase.
