In Brief: The latest bulletin from HVS highlights the most recent transactions within the Asia Pacific hotel industry, providing a comprehensive overview of changes in property ownership and management for the week ending 22 May 2026.
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Mercure Kakadu Crocodile Hotel, Kakadu National Park – Image Credit Accor
Goldman Sachs Acquires Seonyudo Union Hotel for KRW53 Billion in Seoul, South Korea
US-based Goldman Sachs has acquired 96-key Seonyudo Union Hotel in Seoul for approximately KRW53 billion, translating to approximately KRW564 million per key. Located in Yeongdeungpo district near Seonyudo Park and the Han River, the property forms part of the broader Union Place mixed-use development and benefits from strong connectivity across western Seoul. The hotel is also within walking distance of Seonyudo Station on Seoul Subway Line 9. Hotel facilities include one food and beverage outlet, meeting areas, and a dedicated wellness area including a gym, digital tennis, yoga room, and resting area. Following the acquisition, Goldman Sachs plans to reposition and rebrand the property under US-based Hilton Worldwide’s Tapestry Collection. The asset will also undergo expansion works, increasing the hotel inventory from 96 keys to 146 keys upon completion. The transaction marks Goldman Sachs’ second hotel acquisition in Seoul, following its acquisition of the 270-key Mercure Ambassador Seoul Hongdae for KRW262 billion in 2025.
Ichigo Hotel Sells Hotel for JPY1.58 Billion in Tokyo, Japan
Japan-based Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel”) has agreed to sell the 48-key Hotel Livemax Nihombashi-Hakozaki in Tokyo to an undisclosed third-party Japanese company for JPY1.58 billion, representing approximately 1.3 times its book value and above its latest appraised value of JPY1.44 billion. This translates to approximately JPY32.9 million per key. The eleven-storey hotel was built in 2015 and acquired by Ichigo Hotel in 2016. Located in Tokyo’s Chuo ward, the property is approximately a three-minute walk from Suitengumae Station and within proximity to the Nihonbashi and Ginza business districts. Hotel facilities include launderette and vending machines. The property also benefits from convenient access to both Haneda and Narita airports via the nearby Tokyo City Air Terminal.
Journey Beyond Acquires Mercure Kakadu Crocodile Hotel in Northern Territory, Australia
Australia-based experiential tourism group Journey Beyond has acquired the 110-key Mercure Kakadu Crocodile Hotel in Kakadu National Park, Northern Territory, for an undisclosed amount. Located in Jabiru within the UNESCO World Heritage-listed Kakadu National Park, the iconic property is recognised for its distinctive crocodile-shaped design and benefits from proximity to some of the region’s most renowned natural and cultural attractions, including Yellow Water Billabong, Arnhem Land and ancient Aboriginal rock art sites. The property features a range of amenities, including a restaurant and a bar, three meeting rooms, a swimming pool, and an art gallery. Following the acquisition, Journey Beyond plans to undertake significant investment in the property as part of its broader expansion strategy across Australia’s Northern Territory tourism market.
Vietnam’s Da Nang Airport Launches Terminal 2 Expansion
Vietnam’s Da Nang International Airport has commenced a major expansion programme which will see the airport’s international Terminal 2 undergo a VND1.5 trillion upgrade, increasing annual passenger handling capacity from four million to six million passengers. In 2025, Terminal 2 handled approximately 6.8 million passengers despite originally being designed to accommodate four million passengers annually. The expansion, which is scheduled to finish by Q2 2027, forms part of a broader long-term masterplan for Da Nang International Airport, which aims to increase the airport’s overall capacity to 20 million passengers per annum by 2030 amid continued growth in central Vietnam’s tourism sector. Planned improvements include additional aerobridges, expanded check-in facilities, upgraded passenger processing systems and enhanced terminal infrastructure designed to support rising international visitor arrivals.
Sun PhuQuoc Airways Launches First Full-Service Flights Between Singapore and Phu Quoc
Sun PhuQuoc Airways (“SPA”), an airline backed by Vietnam-based Sun Group, has announced the launch of direct flights between Singapore and Phu Quoc, becoming the first full-service carrier to operate the route. Currently, the Singapore-Phu Quoc route is served exclusively by Scoot and Vietjet Air. Ticket sales commenced on 20 May 2026, with the inaugural flight scheduled for 25 July 2026. The airline plans to operate daily services offering both business and economy class cabins. The new route forms part of SPA’s broader “Rise to Asia” expansion strategy, which aims to strengthen connectivity between Phu Quoc and key regional tourism markets. The airline also plans to expand its fleet to 100 aircraft by 2030.
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