HVS Asia Pacific Hotel Transactions Bulletin Week Ending 13 March 2026

One REIT Investment Corporation Acquires Five Hotels for JPY25.2 Billion in Japan

Japan-based One REIT Investment Corporation is acquiring six real estate assets in Japan (five hotels and one office) for a total of JPY29.9 billion. The hotel component, comprising five assets with a combined acquisition price of approximately JPY25.2 billion, includes 63-key Quintessa Hotel Sapporo Susukino Relax & Spa in Hokkaido for JPY4.02 billion, 49-key Quintessa Hotel Kagoshima Tenmonkan Relax & Sleep in Kagoshima for JPY1.76 billion, 77-key Quintessa Hotel Fukuoka Hakata Relax & Sleep in Fukuoka for JPY4.18 billion, 73-key The Hedistar Hotel Narita in Tokyo for JPY4.77 billion, 189-key DoubleTree by Hilton Naha Shuri Castle in Okinawa for JPY10.46 billion. Currently, One REIT’s portfolio comprises 29 assets with a total asset value of approximately JPY141 billion. 

BAM Acquires Rydges Wellington and Sofitel Queenstown Hotel & Spa in New Zealand

US-based global alternative asset manager, Brookfield Asset Management (“BAM”), has acquired two hotels in New Zealand — the 280-key Rydges Wellington and the 84-key Sofitel Queenstown Hotel & Spa — from New Zealand-based NZ Hotel Holdings (“NZHH”), a joint venture with NZ Super Fund, Russell Property Group and Lockwood Property Group. It is understood that BAM will invest NZD250 million in the acquisition and repositioning of the two hotels. Located in the capital city of Wellington, Rydges Wellington offers facilities including a restaurant and bar, swimming pool, spa and sauna, fitness centre, and conference facilities. Meanwhile, Sofitel Queenstown Hotel & Spa is situated in the popular resort destination of Queenstown and features two food and beverage outlets, a spa, fitness facilities, and meeting facilities. The acquisition further expands Brookfield’s hospitality portfolio in the Asia Pacific region, following its acquisition of 146-key Hotel X Brisbane for AUD58 million in 2024 and the mixed-use 60-key Hotel Gajoen Tokyo complex in 2025. NZHH acquired Sofitel Queenstown for NZD60 million in 2020, and Rydges Welington for NZD100 million in 2021.  

60 West Hotel Sold for HKD431 Million in Hong Kong with Planned Student Housing Conversion

Soul Three Limited, a company linked to Hong Kong-based private equity firm, Gate3 Capital Limited, has acquired a property in 60-64 Des Voeux Road West in Sheung Wan for HKD431 million. The seller is understood to be from a long-established Chan family in Hong Kong, who acquired the site in 1964 for HKD450,000 and redeveloped the current building in 1977. The asset occupies a 357 square metre (“sqm”) site and comprises a 22-storey building with a total gross floor area of approximately 5,328 sqm, translating to HKD80,900 per sqm. The property comprises the 60-key 60 West Hotel across Levels 3–17, and other retail and office spaces on the other levels. Located approximately 10 minutes away from Sheung Wan and Sai Ying Pun MTR Stations, the property features a gym and a lounge. Based on the hotel component, the transaction price translates to approximately HKD7.2 million per key. Market sources indicate the buyer intends to convert the property into a student accommodation asset for self-operation. 

Nine Tree by Parnas Seoul Dongdaemun Sold for KRW81 Billion in South Korea

South Korea–based real estate owner and developer, Shinhan Seobu T&D REIT Co., Ltd (“Shinhan REIT”), has reportedly selected a buyer for the 219-key Nine Tree by Parnas Seoul Dongdaemun for KRW81 billion, with the purchaser understood to be a high-net-worth individual. The transaction reflects a price of approximately KRW370 million per key. Shinhan REIT acquired the property in 2023 for KRW54 billion, and the anticipated sale represents an estimated KRW27 billion gain. The hotel features facilities including a restaurant, lounge, and a self-service laundrette. Located at 224 Eulji-ro in Seoul, the Property is a five-minute walk from Dongdaemun History & Culture Park Station, which is served by metro lines 2, 4, and 5. The hotel is also within a ten-minute walk of popular attractions such as the Dongdaemun Shopping Centre and Dongdaemun Design Plaza. 

Quest Bendigo and Quest Bendigo Central Sold in Portfolio Deal in Victoria Australia

Two aparthotels in Bendigo, the fourth-largest city in Victoria, Australia, namely the 38-key Quest Bendigo and the 60-key Quest Bendigo Central, have been sold in a portfolio transaction to first-time operators. The properties are located approximately five kilometres apart and within an eight-minute drive of each other. Both hotels operate under Singapore-based The Ascott Limited’s Quest franchise and are expected to benefit from operational and marketing synergies under common ownership. Collectively, the properties generated net profit of over AUD1.2 million in fiscal year 2025, with occupancy levels reported to be significantly higher than Melbourne’s average of around 70%. The transaction is understood to reflect a premium of approximately 10% over historical capitalisation rates. Bendigo is known for its rich cultural heritage, dating back to the 1851 gold rush, and today supports a diverse economy with key industries including manufacturing and tourism. Both properties are located along the Midland Highway and are within a three-minute walk of nearby bus stops served by Bus Route 5 (Huntly), which provides connectivity to Bendigo Railway Station.

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