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UOL Sells Pan Pacific Tianjin for RMB238 Million in China – Image Credit Pan Pacific Hotels Group
HVS reports on key hotel sales and investment activity across Asia Pacific.
Signiel Busan Sold for KRW150 Billion in South Korea
South Korea-based Sungho Electronics Corp. has acquired the 260-key Signiel Busan hotel for KRW150 billion from South Korea-based LCT PFV Co., Ltd., reflecting approximately KRW577 million per key. The transaction covers floors 3 to 19 of the Landmark Tower, and forms part of the entire Haeundae LCT The Sharp mixed-use development, which comprises luxury residences, retail and hospitality components. The property is managed by South Korea-based Lotte Hotels & Resorts, and includes five food and beverage outlets, a spa, two swimming pools, fitness centre, sauna, salon, kids’ lounge, business centre and meeting and event spaces. Located in Busan’s Haeundae district, the Property is within close proximity to Haeundae Beach, Dongbaek Island. Haeundae Station on Busan Metro Line 2 is within 10- to 15- minute walk away.
Dash Living Acquires Former Hotel in Wan Chai for HKD360 Million, Hong Kong
Hong Kong-based rental residential operator Dash Living, backed by Rava Partners, a real asset investment arm of Hong Kong-based Hillhouse Investment Management Ltd., has agreed to acquire the former 98-key Butterfly on Morrison hotel in Wan Chai, Hong Kong, for HKD360 million. This represents a per-key price of approximately HKD3.67 million. The 26-storey property spans approximately 5,132 square metres (“sqm”) and is being acquired from Hong Kong-based investment firm Gale Well Group Limited. The property ceased hotel operations in early 2020 and most recently operated as the BeLIVING Youth Hub, a 184-bed youth hostel. The acquisition will be completed on a vacant possession basis and, upon completion, will add a tenth Hong Kong asset to Dash Living’s portfolio as the operator continues to expand its rental residential platform in the city.
UOL Sells Pan Pacific Tianjin for RMB238 Million in China
Singapore-based UOL Group Limited (“UOL”) has divested its 319-key Pan Pacific Tianjin and an adjacent basement unit in China, for RMB238 million via its indirect wholly owned subsidiary, Tianjin UOL Xiwang Real Estate Development Co., Ltd., to a private investor, Jiang Yang. The transaction translates to approximately RMB746,000 per key. Opened in 2014, the Property features three food and beverage outlets, a spa, fitness centre, an indoor swimming pool, as well as meeting and event facilities. Situated in Tianjin’s Heping District, the hotel enjoys proximity to Tianjin Railway Station and the central business district (“CBD”). It is also within walking distance of Heping Road and Xiaobailou metro stations on Tianjin Metro Lines 1 and 3, while Tianjin Binhai International Airport is around a 30-minute drive away.
ESCON REIT Acquires Compass Hotel Nagoya for JPY4.4 Billion in Japan
Japan-based ESCON Japan REIT Investment Corporation (“ESCON REIT”) has acquired the 130-key Compass Hotel Nagoya in Aichi Prefecture for JPY4.4 billion, reflecting approximately JPY33.8 million per key. The property will cease operations under its existing brand and is scheduled to reopen in July 2026 following refurbishment and rebranding as Sono Moon Nagoya, to be managed by South Korea-based Sono International under a new management agreement. Originally opened in 2019, the 10-storey hotel has a total floor area of approximately 2,531 square metres (“sqm”) on a land parcel of about 304 sqm and will undergo partial renovation of guestrooms and public areas as part of the repositioning strategy. Located in central Nagoya, the hotel is approximately an eight-minute walk from JR Nagoya Station, a major Shinkansen and regional rail hub providing connectivity to Tokyo, Osaka and across the Chubu region.
Trio Hotel Sold for AUD30.7 Million in Box Hill, Victoria, Australia
The newly developed 128-key Trio Hotel at Box Hill, Victoria, Melbourne has been sold for AUD30.7 million to a private Chinese investor, reflecting approximately AUD240,000 per key. The property was completed with vacant possession, providing the purchaser flexibility in branding and operator appointment. The Property comprises a 90-seat restaurant, cocktail bar, indoor swimming pool, fitness centre, sauna and steam room, as well as function and event spaces capable of accommodating up to 300 guests. Located approximately 14 kilometres east of the Melbourne CBD, the hotel forms part of the Trio mixed-use precinct in Box Hill, a key commercial and retail hub in Melbourne’s eastern suburbs. It is within walking distance of Box Hill Central shopping centre and Box Hill railway station, which provides direct train services to the CBD in approximately 25 minutes.
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