Fund Led by Meritz Securities and Josun Hotels Acquires Two South Korean Hotels
South Korea-based Meritz Securities Co. Ltd. (“Meritz Securities”) and Josun Hotels & Resorts Co. (“Josun Hotels”), the hospitality arm of South Korea-based Shinsegae Co. Ltd., have partnered with UK-based Pacific Asset Management LLP (“PAM”) to acquire two hotels in South Korea. The investment fund was capitalised with KRW2.9 trillion from Meritz Securities and KRW50 billion from Josun Hotels, with PAM appointed as fund manager. The acquired properties include the 375-key Four Points by Sheraton Josun Myeongdong (“FSP”) in Seoul and the 306-key Gravity Seoul Pangyo, Autograph Collection (“GSP”) in Pangyo. The combined acquisition cost is reported to be in the lower range of KRW500 billion. Both hotels opened in 2020. The FSP spans 21,658 square metres across 26 storeys with three basement levels and includes two food and beverage outlets, fitness centre, and meeting spaces. It is located a five-minute walk from Eulji-ro MRT station. The GSP offers four dining outlets, an indoor pool, fitness centre and meeting rooms, and is situated opposite Pangyo train station. Following this acquisition, the fund plans to acquire a third hotel in South Korea in the first half of 2026.
Forest Endeavour Acquires Novotel Surfers Paradise and Paradise Centre for AUD370 Million, Australia
Forest Endeavour, an investment vehicle owned by Taiwan’s Lin family, has acquired a landmark mixed-use asset in Surfers Paradise in Queensland, Australia, from Australia-based Challenger Limited and UAE-based Abu Dhabi Investment Company (“ADIC”) for a reported AUD370 million. The acquisition includes the Paradise Centre shopping mall and the adjoining 408-key Novotel Surfers Paradise. Located opposite Surfers Paradise Beach in the heart of the Gold Coast, the 36-storey hotel features three food and beverage outlets, a pool and hot tub, a fitness centre, a multi-purpose sports court, launderette, and eight meeting spaces. The adjacent Paradise Centre offers approximately 23,000 square metres of retail space, housing tenants such as Woolworths, Starbucks, and the world’s largest Timezone outlet. Challenger Limited and ADIC have acquired the hotel, former Hotel Grand Chancellor Surfers Paradise for AUD80 million from Singapore-based Hotel Grand Central Limited in 2016.
Tang Shing-bor Family Sells Hotel COZi Oasis for HKD950 Million in Hong Kong
Hong Kong-based Tang Shing-bor family has divested the 583-key Hotel COZi Oasis in Tsuen Wan for approximately HKD950 million, to China-based China Resources Land Limited (“CR Land”). The transaction equates to roughly HKD1.63 million per key, reflecting a discount of around 30% from its earlier market valuation of about HKD1.38 billion. Located at 443–451 Castle Peak Road, the 30-storey property was originally an industrial building acquired by the Tang family in 2012 for HKD528 million from Hong Kong-based Hang Lung Properties Limited, and later converted into a hotel with a total gross floor area of 27,217 square metres. The property features two food and beverage outlets, two meeting rooms, and one fitness centre. Market sources suggest that the incoming owner may consider repurposing the property into student accommodation.
Quest Ipswich Acquired for AUD14.2 Million in Queensland, Australia
An Australia-based private investor has acquired the 64-key Quest Ipswich in Queensland, Australia for AUD14.2 million, reflecting approximately AUD221,900 per key. Completed in 2008 and recently refurbished in 2025 under a AUD1.2 million upgrade programme, the property comprises 32 serviced apartments on a 4,556 square metres freehold site. The apartment hotel features modernised kitchens and bathrooms following the refurbishment, an outdoor pool, conference facilities, and a barbeque area. Located at 57–63 Warwick Road, the property is situated within one of Southeast Queensland’s fastest-growing regions, benefitting from proximity to Ipswich Central Business District, major hospitals, retail and education hubs, and RAAF Base Amberley.
URA Launches Tender for Four Sites, Including Hotel Plot at Telok Ayer
Singapore’s Urban Redevelopment Authority (“URA”) has launched the tender for four land parcels, one of which is a hotel site at Telok Ayer Street made available for application under the Reserve List. The plot—currently occupied by the China Square Food Centre—may potentially accommodate approximately 440 hotel rooms and 135 long-stay serviced apartments. The site spans 4,187.3 square metres (“sqm”) and offers a maximum gross floor area of 29,312 sqm, with a requirement for at least 6,200 sqm of Long-Stay Serviced Apartments (“SA2”). The future development may rise up to 30 storeys and will be sold on a 99-year leasehold. Strategically located in the heart of the Central Business District, the site is just a four-minute walk from Telok Ayer MRT station, providing excellent connectivity to key commercial and lifestyle nodes.
About HVS
HVS, the world’s leading consulting and services organization focused on the hotel, mixed-use, shared ownership, gaming, and leisure industries, was established in 1980. The company performs 4,500+ assignments each year for hotel and real estate owners, operators, investors, banks and developers worldwide. HVS principals are regarded as the leading experts in their respective regions of the globe. Through a network of some 60 offices and more than 300 professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. hvs.com.
