In Brief: HVS reports on key hotel sales and investment activity across Asia Pacific for the week ending 24 April 2026
IGIS Divests Two Co-Living Assets for KRW111.5 Billion in South Korea
South Korea-based Hyundai HAIM Asset Management has partnered with US-based TPG Angelo Gordon to acquire the 177-key Mangrove Dongdaemun and 311-key Mangrove Sinseol in Seoul from the Mangrove co-living portfolio being divested by South Korea-based IGIS Asset Management (“IGIS”). The two assets were acquired for a combined consideration of KRW111.5 billion, reflecting approximately KRW228.5 million per key. Mangrove Sinseol sits on a 902.8 square metres (“sqm”) site with a total gross floor area (“GFA”) of 11,588.9 sqm across six basement levels and 20 storeys above ground, while Mangrove Dongdaemun occupies a 653.1 sqm site with a total GFA of 5,967.0 sqm, spanning three basement levels and 16 storeys above ground. The new owners do not intend to renew the existing lease upon expiry and are expected to explore repositioning the assets back into hotel use under an international brand.
Centurion Enters Key Worker Accommodation Market in Australia with an AUD45 Million Acquisition
Singapore-based Centurion Corporation Limited (“Centurion”) has entered the key worker accommodation segment with the acquisition of an asset in Karratha, Western Australia, for AUD45 million. The asset includes 93-key Velocity Village, which serves as a worker accommodation facility, and 135-key Velocity Motel & Bistro, which provides single-occupancy rooms for managerial staff and corporate clients. On-site amenities for the latter include a restaurant, bar, conference rooms, swimming pool, and fitness centre. This transaction marks Centurion’s expansion into a new adjacent segment beyond its existing purpose-built worker accommodation and student accommodation platforms.
GPIF Invests JPY10 Billion in Real Estate Fund Managed by Phoenix
Japan-based Government Pension Investment Fund (“GPIF”) has committed JPY10 billion to a Japan-focused real estate fund managed by Hong Kong-based Phoenix Property Investors (“Phoenix”) for a duration of eight years. The strategy targets domestic assets across sectors, including office, rental housing, logistics, and hospitality, primarily in Tokyo and Osaka. Phoenix, which has been investing in Japan for over two decades, maintains an on-the-ground presence in Tokyo and manages a diversified regional platform spanning multiple Asian cities. Phoneix currently owns a hotel portfolio across Tokyo, Kyoto, Sapporo, and Okinawa in Japan. The allocation forms part of GPIF’s ongoing push into externally managed real estate strategies, reflecting continued institutional confidence in Japan’s stable, income-generating property market.
CAG Introduces New Private Terminal at Terminal 2 in Singapore
Singapore-based Changi Airport Group (“CAG”) has announced plans to introduce a new private terminal and expand amenities cluster at Terminal 2, targeted for completion by mid-2027. The development will involve the redevelopment of the former JetQuay CIP terminal into a purpose-built facility comprising private suites, dedicated lounges, dining facilities, and event spaces. The project will also expand the existing Hub & Spoke precinct into a larger integrated amenities cluster. Enhancements will include additional food and beverage offerings, wellness and lifestyle facilities, as well as a covered amphitheatre and outdoor event plaza to support programmed activities and public engagement. The new terminal will be jointly operated by CAG and Hong Kong-based Plaza Premium Group.
Pegasus Capital Sold Two Kyoto Hotels in Japan
Japan-based PEG Capital Advisors (“Pegasus Capital”) has sold two Kyoto Hotels to an unnamed international hospitality conglomerate. While the sold hotel name was not disclosed, Pegasus acquired six hotels in Kyoto in 2021 and 2023, namely the 24-key Wayfarer Gojo, 20-key Wayfarer Shin, 38-key Wayfarer Shijo, 216-key Kabin Machi, 19-key ORI Rokkaku, and 28-key ORI Kyoto. The combined gross floor area of the six hotels is 13,291.56 sqm. Pegasus Capital will continue to deploy and redeploy capital for the Pegasus Opportunistic III Fund for other investment opportunities.
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