Asia Pacific Hospitality Newsletter - Week Ending 23 May 2025

Hospitality Net

3 days ago

US-based BlackRock and Hong Kong-based Weave Living are set to acquire the 78-key Momentus Serviced Residences Novena in Singapore from a joint venture comprising three Singapore-based companies: Roxy-Pacific Holdings Pte Ltd, MACLY Capital Pte Ltd, and LWH Holdings Pte Ltd. According to market sources, the transaction price is approximately SGD100 million, translating to around SGD1.28 million per key. The 15-storey freehold property, with a total gross floor area of approximately 6,322square metres, is currently operated by the Singapore-based Momentus Hospitality Pte Ltd, a hospitality operator under Singapore-based real estate developer SingHaiyi Group. This management arrangement is expected to conclude upon completion of the sale. The property features amenities including a swimming pool, rooftop garden with barbeque facilities, and a fitness room. It is situated 550 metres away from Novena MRT station, roughly a 13-minute walk. The property was previously acquired in 2022 from Singapore-based TA Corporation Ltd for SGD86.5 million, with the current sale representing a gain of SGD14.5 million.
SCCP Acquires New Blanc Central Myeongdong in Seoul, South Korea
Singapore-based real estate investment manager, SC Capital Partners Group ('SCCP'), has acquired the 181-key New Blanc Central Myeongdong in Seoul, South Korea. According to market sources, the transaction price is approximately KRW70 billion, translating to approximately KRW38.7 million per key. The property is currently managed by South Korea-based hospitality operator StayNeo, and offers a range of amenities, including two food and beverage outlets, a fitness centre, a laundrette, a communal kitchen, and a lounge. Ideally located within access to four subway lines, the hotel is just a five-minute walk from Euljiro 4-ga Station (Lines 2 and 5) and Chungmuro Station (Lines 3 and 4). Popular attractions such as the Dongdaemun Design Plaza and Gwangjang Market are also within ten minutes' walk. This acquisition marks SCCP's first entry into the South Korean market, signalling its strategic expansion within the Asia-Pacific hospitality sector.
LHN Divests Stake in Geylang Property in Singapore for SGD25.8 Million
Coliwoo Holdings Pte Ltd, an indirect wholly-owned subsidiary of Singapore-based LHN Limited ('LHN'), has announced the sale of its interest in the company owning 115 Geylang Road – home to Coliwoo Hotel Gay World – for a consideration of SGD25.8 million. The buyer, Singapore-based CWL Properties Pte Ltd ('CWL'), is a real estate firm wholly owned by Chia Teo Meng. The 27-key property is located five-minute away from Kallang MRT station. Originally acquired in 2021 for SGD13.5 million, the asset was among three co-living properties listed by LHN in October 2024. LNH views the divestment as a strategic opportunity to unlock capital for future development and investment initiatives.
Salter Brothers and IHG Close AUD1 Billion Luxury & Lifestyle Hotel Deal Across Australia
Australia-based Salter Brothers Asset Management Pty Limited ('Salter Brothers') has entered into a landmark long-term agreement with UK-based InterContinental Hotels Group PLC ('IHG') to reposition and rebrand several high-profile assets across the country. The AUD1 billion deal includes the conversion of the 253-key InterContinental Melbourne to a Regent Hotel by 2030, marking the brand's return to Australia after 28 years, as well as upgrades and redevelopments of multiple Crowne Plaza properties across Sydney, Melbourne, and Canberra. A new Hotel Indigo will be introduced to Canberra, and the existing 389-key voco Gold Coast will also undergo enhancements. This initiative strengthens IHG's position in Australia's Luxury & Lifestyle segment, aligning with Salter Brothers' broader strategy to grow a AUD2.5 billion hotel portfolio across the Asia-Pacific and prepare for a public listing on Australia's stock exchange.
Alyssa and Mitsubishi HC Capital Realty Inc. Acquire The Lively Hotel Fukuoka Hakata in Japan
Japan-based real estate investment management firm, Alyssa Partners Japan K.K. ('Alyssa'), has entered into a strategic partnership with Japan-based real estate investor and lender, Mitsubishi HC Capital Realty Inc., to acquire The Lively Hotel Fukuoka Hakata in Japan. According to market sources, the seller is the investment arm of US-based Morgan Stanley, though the transaction price remains undisclosed. Conveniently located just a one-minute walk from Nakasu-Kawabata Station on the Kuko subway line and a 20-minute taxi ride from Fukuoka Airport, the property enjoys excellent connectivity in central Fukuoka. The hotel comprises 224 guest rooms and 114 sleeping pods, and offers a range of facilities including three food and beverage outlets, two meeting rooms, and a 24-hour co-working space. Additional amenities, such as fitness equipment and board games, are also available for rent. This transaction marks Alyssa's latest acquisition, following its purchase of three hotels in Osaka from Singapore-based CapitaLand Ascott Trust in December 2023.