HVS Asia Pacific Hotel Transactions Bulletin Week Ending 20 March 2026

Founder of SC Capital Partners Acquires Fusion Hotel Group

Mr Suchad Chiaranussati, founder and chairman of Singapore-based real estate investment manager, SC Capital Partners Group (“SC Capital Partners”), has acquired Vietnam-based wellness-focused hospitality brand and operator, Fusion Hotel Group, for an undisclosed sum. Founded in 2008, Fusion Hotel Group currently operates 18 properties across Vietnam and Thailand, with approximately 3,000 keys, and has a secured pipeline of around 2,000 additional keys. Mr Chiaranussati also owns Japan-based hotel operator, Hotel Management Japan Co. Ltd., which operates hotels in Japan, as well as Indonesia-based hotel operator, Topotels Hotels & Resorts, which operates hotels across Indonesia, Malaysia, and Thailand. With the addition of Fusion Hotel Group, the combined platform now exceeds 16,000 keys across four markets. The acquisition supports SC Capital Partners’ strategy to build a pan-Asian hospitality management platform and accelerate expansion across key regional growth markets.

Verdant View Wins SGD43.5 Million Tender for Hotel and Serviced Residence in Punggol Digital District, Singapore

Verdant View Pte Ltd (“Verdant View”), a joint venture between Singapore-based developer JMD Holdings Pte Ltd (“JMD Holdings”) and Singapore-based real estate investment firm, TCRE Partners Private Limited’s co-founder, Mr Nicholas Yeo, has been awarded the tender by Singapore government statutory board, JTC Corporation (“JTC”), for a hotel and serviced residence development in Singapore’s Punggol Digital District for SGD43.5 million. Situated on an 8,140-square-metre (“sqm”) 60-year leasehold site, the project is part of a mixed-use Tower 98 within a 50-hectare business park. The 224-key development spans a total gross floor area of 10,930 sqm, which translates to a tender price of approximately SGD3,980 per sqm or SGD194,000 a key. The property is set to be operated by Germany-based Habyt GmbH (“Habyt”), and will comprise a mix of loft and studio units designed for both short- and extended-stay guests. Planned amenities include a wellness hub with an infinity pool, a co-working café, a launderette, and shared amenity spaces. Slated to complete in the first half of 2027, the development is the only hotel within Singapore’s broader northeast corridor and will support accommodation demand from visiting researchers, business partners, and investors within the Punggol Digital District. 

Magma Group Acquires Luma Hotel and Adjacent Assets for MYR60.9 Million in Kota Kinabalu, Malaysia

Magma Avenue Sdn Bhd, a subsidiary of Malaysia-based hospitality firm, Magma Group Bhd (“Magma Group”), has acquired Malaysia-based HH Home Hotel Sdn Bhd, the brand owner and operator of the 115-key Luma Hotel in Kota Kinabalu, Sabah, for MYR12.8 million. This translates to approximately MYR111,300 per key. The seller is from a consortium of Malaysia-based vendors, including Arboca Holdings Sdn Bhd, Avenue 2 Sdn Bhd, Great Path Development Sdn Bhd, Sutera Avenue Hotel Sdn Bhd, and Tomato Holidays Sdn Bhd. Opened in 2022, Luma Hotel is part of US-based Marriott International’s Design Hotels portfolio and features amenities including two food and beverage outlets, a fitness centre, and a meeting room. To secure full control of the asset, Magma Avenue has also acquired four adjoining buildings comprising 40 parcels of shop offices and retail units from various sellers for an additional MYR48.1 million, bringing the total investment to approximately MYR60.9 million. The four buildings are currently occupied by the hotel. The acquisition is aligned with Magma Group’s strategy to expand and strengthen its hospitality portfolio.

Kasumigaseki Capital Sells Hotel Development Site in Wakayama, Japan

Japan-based Kasumigaseki Capital Co., Ltd. (“Kasumigaseki Capital”) has sold a hotel development site in Nishimuro District, Wakayama Prefecture, Japan, to Japan-based Misawa Home Co., Ltd. for an undisclosed sum. Originally sourced and structured by Kasumigaseki Capital, the company will remain involved in the development through project management responsibilities. Construction on the 2,467 square metres (“sqm”) site is scheduled to commence in April 2026, with the completed property expected to comprise 74 keys and span a total gross floor area of 4,525 sqm across six storeys. The hotel is anticipated to open in the last quarter of 2027.

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