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HVS Asia Pacific Hospitality Newsletter – Week Ending 7 June 2024

Guestroom at the Conrad Seoul Hotel - Image Credit Hilton

Weekly Hotel Industry Asia Pacific News Roundup from HVS

Conrad Seoul Hotel Sold to ARA Asset Management Limited for USD 292 Million

Canada-based Brookfield Asset Management inked the sale of the 434-key, 38 story Conrad Seoul to Singapore-based ARA Asset Management Limited for USD 292 million, which translates to approximately USD 670,000 per key.  Conrad Seoul offers rooms and suites, with a spa, fitness club, executive lounge, seven on-site food and beverage offerings, and eighteen meetings room with a total event space of 2,545sqm.

AXA IM Alts Acquired Kyoto Hotel for JPY 6.8 Billion

France-based AXA IM Alts purchased an unnamed hotel in Kyoto, Japan JPY 6.8 billion to be subsequently refurbished and rebranded to Holiday Inn Kyoto Gojo. The sustainability-focused 183-key hotel is expected to open in early 2025, and the 8.099 square metres property is located near Kyoto Station, and other cultural heritage sites. The property will feature various on-site dining options, multiple banquet rooms, traditional Japanese baths, and a fitness centre.

Australia-based TPG Hotels Acquires Pacific Hotel Cairns in Cairns, Australia.

The 207-key Pacific Hotel Cairns was sold to the Australia-based hospitality group TPG Hotels for an undisclosed sum. The hotel has eleven stories, with both rooms and suites offered. Facilities include an on-site restaurant, a guest lounge, a common swimming pool, and parking spaces. The hotel also has four retail tenancies, utilized by two current tenants, Destination Cairns Marketing and Flamingos Tiki Bar, which form part of the asset. The hotel’s ADR and RevPAR were 41% and 24% above pre-pandemic levels in 2023.

Hanjin KAL Sells Hawaiian Waikiki Resort Hotel to Sono International for USD 101.2 Million

South Korea-based Hanjin KAL Co. Ltd. is selling a 100% stake its US-based subsidiary Waikiki Resort Hotel Inc. for approximately USD 101.2 million to South-Korea based Sono International Co. The sale includes the full stake in the luxury hotel, and the subject property and land. The Waikiki Resort Hotel is in the state of Hawaii, an estimated 14.5km away from Hawaii’s Daniel K. Inouye International Airport. The 275-key property has a gross floor area of 19,800 square meters, comprising 20 stories: 19 above ground and one underground. In 2023, the Waikiki Resort Hotel achieved an average occupancy rate of 86%, an annual revenue of KRW 23.2 billion representing a 8.7% year-on-year increase, and a net profit of KRW 2.8 billion representing a 12.9% decrease year-on-year.

Thailand to Roll Out New Visa Initiatives to Boost Tourism Growth

The Thai government has approved several new visa initiatives to enhance the country’s attractiveness to international tourists. 36 new countries, including China and India, will be added to Thailand’s visa-free entry eligibility list, expanding it from 57 to 93.  Visa-on-arrival has also been approved for 12 new countries, upping the number from 19 to 31. Five-year visas will now be issued to tourists who wish to work and sightsee for stays lasting up to 180 days, and extendable for another 180 days. Foreign graduates in Thailand may now also remain in Thailand for up to a full year after graduation. Health insurance requirements for long-stay tourists aged 50 and above have also been reduced from a mandatory coverage of THB 3 million or more to THB 440,000. These measures will help Thailand to boost the tourism sector significantly.

About HVS

HVS is the world’s leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit

Posted by on June 18, 2024.

Categories: Development

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