In Brief: HVS reports on key hotel sales and investment activity across Asia Pacific for the week ending 27 March 2026.
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Regal Oriental Hotel in Kowloon City – Image Credit Regal
Regal REIT to Sell Regal Oriental Hotel for HKD1.52 Billion in Hong Kong
Regal REIT, a subsidiary of Hong Kong-based Regal Hotels International Holdings Limited, Hong Kong-based Century City International Holdings Limited, and Hong Kong-based Paliburg Holdings Limited, has announced the sale of the 494‑key Regal Oriental Hotel in Kowloon City to Hong Kong-based Blue Sky Properties Limited for HKD1.52 billion. The buyer is a subsidiary of Hong Kong-based Centaline Strategic Investments. The deal translates to approximately HKD3.06 million per key. Located at 30-38 Sa Po Road, the 17-storey hotel (including two basement floors) was completed in 1982 and has a total gross floor area of approximately 21,281 square metres (‘sqm”). Situated next to Kai Tak Sports Park, the property features a restaurant, fitness centre, laundrette, and nine meeting and event spaces. The hotel’s appraised value was HKD1.65 billion as of 31 December 2025, making this sale roughly a 7.8% discount to the valuation. Blue Sky Properties plans to convert the hotel into student accommodation, with relevant planning and zoning applications underway.
Southside by Ovolo Sold for Approximately HKD500 Million in Hong Kong
The 162-key Southside by Ovolo in Wong Chuk Hang, Hong Kong has been sold for approximately HKD500 million from Hong Kong-based Trio Capital. Opened in 2014, the 24-storey property has a total gross floor area of approximately 6,770 sqm. The transaction reflects a unit price of about HKD73,700 per sqm and approximately HKD3.09 million per key. The hotel is part of US-based Marriott International’s Design Hotels portfolio, and features a café and a fitness centre. Located near Wong Chuk Hang MTR station, the hotel is three stops away from Central, Hong Kong’s central business district, and enjoys convenient access to The Southside, a shopping mall set on top of the MTR station. The purchaser is understood to be a Southeast Asian consortium making its first property investment in Hong Kong. Market sources suggest the asset is intended for residential leasing use, with potential future conversion into student accommodation.
ibis Melbourne Glen Waverley Sold for AUD30 Million in Australia
The 155-key ibis Melbourne Glen Waverley in Australia has been acquired by Waverley RSL Sub-Branch Inc, an Australia-based veterans and community organisation, from Action Hotels Group (“AHG”), a subsidiary of Kuwait-based Action Group Holding Company K.S.C.C., for more than AUD30 million, reflecting approximately AUD194,000 per key. The seven-level, freehold strata property occupies a 3,920 sqm site and forms part of the three-asset Action Hotel Portfolio. The property features two food and beverage outlets, and six meeting rooms. Developed by AHG in 2007 as an investment, the property is located within Glen Waverley’s established suburban commercial precinct, with demand supported by Monash University and nearby offices. The hotel is also within walking distance of Glen Waverley railway station, providing direct rail access to the Melbourne CBD. Subject to planning approval, the buyer intends to redevelop the ground floor to incorporate updated member facilities, including dining, hospitality, and wellbeing spaces.
Belluna to Acquire Kussharo Prince Hotel in Hokkaido, Japan
Japan-based Belluna Co., Ltd. (“Belluna”) is set to acquire the 208-key Kussharo Prince Hotel in Hokkaido, Japan, from Reco Pine Pte Ltd (“Reco Pine”), an affiliate of Singapore-based GIC Pte Ltd (“GIC”), for an undisclosed price. Built in 2005, the property comprises approximately 15,281 sqm of gross floor area across eight above-ground storeys and one basement level. Facilities include two food and beverage outlets, hot spring baths, a laundromat, a convenience store, and various recreational amenities. The hotel occupies a 47,231 sqm site along Lake Kussharo in Teshikaga, within Akan-Mashu National Park. It is accessible via Japan National Route 243, which connects Abashiri and Nemuro, and is located within a two-minute walk of the nearest bus stop, providing regional connectivity. This hotel is part of the JPY150 billion Seibu Hotel Portfolio that GIC acquired in 2022.
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