South Korea-based Taekwang Industrial Co. Ltd. (“Taekwang Industrial”) has signed a definitive agreement to acquire the 400-key Courtyard by Marriott Seoul Namdaemun in Seoul, South Korea from South Korea-based KT&G Corporation for KRW250 billion. This translates to approximately KRW625 million per key. Completed in 2016, the hotel comprises 20 floors above ground and five basement levels with a total floor area of 31,837 square metres (“sqm”). On-site facilities include three food and beverage outlets, a fitness centre and a meeting room. Situated in Jung-gu, central Seoul, the property is an eight minutes’ walk from Hoehyeon Station Line 4 and close to the popular Myeongdong shopping district.
Nippon REIT Acquires Four Japan Hotels for JPY12.2 Billion
Japan-based real estate investment fund, Nippon Hotel & Residential Investment Corporation (“Nippon REIT”), has announced the acquisition of four domestic hotel properties for approximately JPY12.2 billion. The deal includes three APA-branded hotels being acquired from different subsidiaries under the Japan-based APA Group: the 162-key APA Hotel Namba-kita Shinsaibashi Ekimae in Osaka, 109-key APA Hotel Hakata Eki-mae 4-chome in Fukuoka, and 144-key APA Hotel Matsuyama Shiro-Nishi in Matsuyama. The first three hotels were operated under lease agreements with fixed and variable rent components. The fourth property is the 165-key Hotel Vista Atsugi, located in Atsugi City and built in 2007. Tenancy details for this property were not disclosed. The acquisition is part of a broader eight-property deal including residential assets, aligning with Nippon REIT’s portfolio diversification strategy and aim to reduce its exposure to Ooedo Onsen facilities.
Singh Enterprises Expands Spring Hill Portfolio with Two New Acquisitions for AUD14.7 million, Australia
Australia-based investment firm Singh Enterprises has acquired Soho Brisbane Hotel and the former St Alban’s Liberal Catholic Church. Located at 333 Wickham Terrace, the 52-key Soho Brisbane Hotel was purchased for AUD12.9 million. This translates to approximately AUD248,000 a key. The five-storey asset occupies an 867 sqm site and includes a restaurant and a basement carpark. The second property, the former St Albans Liberal Catholic Church, a heritage-listed building at 351 Wickham Terrace which spans over 180 sqm, was acquired for AUD1.759 million. Both properties are adjacent to the 179-key Mercure Spring Hill Hotel, which Singh Enterprises acquired for AUD42.7 million in 2023. All three properties benefit from their mixed-use zoning, allowing for development into office, residential, retail, or tourist accommodation, with building height allowances of up to 20 storeys. With these acquisitions, Singh Enterprises now controls approximately 4,150 sqm of contiguous land in Spring Hill, making it one of the largest landholders in the area with significant redevelopment potential.
Coliwoo and Macritchie Developments Acquires Singapore Property for Conversion to Co-Living Space for SGD40 Million
Coliwoo Holdings, the co-living arm of Singapore-based LHN Limited, has formed a joint venture with Singapore-based Macritchie Developments Pte Ltd, a private firm owned by the Chairman of Singapore-based Oxley Holdings to acquire a freehold commercial property at 1 King George’s Avenue for SGD40 million. The seven-storey Rehau Building, with a site area of 521 square metres (“sqm”) and a gross floor area of 2,678 sqm, will be converted into a co-living space while retaining commercial units on the ground floor. Located within walking distance of Jalan Besar and Lavender MRT stations, the site benefits from proximity to the Central Business District and nearby institutions including Singapore Management University and Lasalle College of the Arts.
Cove Expands Singapore Presence with the Acquisition of Co-living Operator Casa Mia Coliving
Singapore-based Cove Living Pte Ltd (“Cove”) has acquired co-living operator Casa Mia Coliving (“Casa Mia”) for an undisclosed sum, adding approximately 500 rooms to its Singapore portfolio. Casa Mia’s units are primarily located in central districts such as River Valley and Orchard, and are expected to expand Cove Classics, the company’s mid-tier offering between Cove Basics and Cove Luxe. Following the transaction, both businesses will operate under the Cove brand, bringing Cove’s total inventory to over 2,000 rooms in Singapore and more than 8,000 rooms across the Asia-Pacific, including Singapore, Indonesia, Japan, and South Korea. The combined entity is expected to generate over USD50 million in annual rental income and represents a strategic step towards achieving free-cash-flow positivity, despite Cove’s recent investments in regional expansion, particularly in Japan and South Korea.
