United Urban Acquires Smile Hotel Premium Osaka Honmachi for JPY8.69 Billion in Japan
Marubeni REIT Advisors Co., Ltd., the asset management company of Japan-based real estate investment trust United Urban Investment Corporation (“United Urban”), acquired the 296-key Smile Hotel Premium Osaka Honmachi (“Smile Hotel”) from an undisclosed domestic seller for JPY8.69 billion. Completed in 2017, the property sits on an approximately 1,281 square metres (“sqm”) land parcel and offers around 7,526 sqm of gross floor area across 13 storeys. Hotel amenities include a breakfast venue, coin-operated laundry facilities, and 13 parking spaces. Located in Osaka’s Chuo Ward, the hotel is within ten minutes’ walking distance of Nagahoribashi Station, Shinsaibashi Station, and Sakaisuji-Honmachi Station, providing access to Osaka’s famous retail Shinsaibashi precinct.
Malaysia-based Chew Piau Berhad (“CP Group”) has divested the 388-key Eastin Hotel Kuala Lumpur (“EHKL”) in Petaling Jaya to a private vehicle linked to Malaysia-based KYM Holdings Bhd (“KYM Holdings”) for approximately MYR200 million or approximately MYR515,500 per key. Opened in 1998, the property sits on a freehold site adjacent to an office building, CP Tower, and Kelab Golf Perkhidmatan Awam. EHKL features four food and beverage outlets, a fitness centre, a rooftop pool, a tennis court, a business centre, and more than 1,300 sqm of function space. Its strategic location offers seamless access to the Phileo Damansara MRT station and the New Pantai Expressway, catering to both corporate guests and regional tourists. The property is currently undergoing renovation and will reopen as a Marriott-branded hotel. KYM Holdings’ acquisition reflects growing investor interest in gateway-adjacent properties with value-add upside through refurbishment.
Fragrance Group Acquires Savoy Hotel for AUD69.8 Million in Melbourne, Australia
Singapore-based Fragrance Group Limited (“Fragrance Group”) has purchased the Savoy Hotel on Little Collins Street in Melbourne’s central business district for AUD69.8 million from TFE Hotels, the joint venture of Singapore-based Far East Orchard Limited Group and Australia-based Toga Developments Pty Limited. This translates to approximately AUD428,200 per key for the 163-key hotel. Built in 1866 and repurposed several times over its history, the property features one food and beverage outlet, a fitness centre, a spa, and multiple event spaces. Located just across the road from Southern Cross Station, the hotel guests enjoy immediate access to the city’s premier retail precinct, Marvel Stadium, Melbourne Convention and Exhibition Centre, and the nearby Southbank dining district. It is understood that Fragrance Group acquired the neighbouring block – now known as the Premier Tower – a decade ago.
Japan-based APA Group, the overarching hospitality company that owns and operates APA Hotels among other businesses, has acquired a development site in front of Kanayama Station in Nagoya City, Aichi Prefecture, for a new hotel project. The site, with a planned total floor area of approximately 3,500 square metres, is located just a two-minute walk from Kanayama Station—a major transport hub served by Meitetsu, JR, and the Nagoya Municipal Subway, and the primary access point to Chubu Centrair International Airport. The planned hotel, tentatively named APA Hotel Nagoya Kanayama Station, will feature 231 rooms across 14 storeys and is scheduled to open in late 2028.
Vinh International Airport in Nghe An Province will close from 1 July 2025 to 31 December 2025 to undergo a VND1 trillion expansion to meet surging passenger demand and modernise aging facilities. The project will enlarge Terminal 1 domestic terminal with a VND68 billion investment to accommodate 3.5 million annual passengers by 2030. The aircraft parking apron will be upgraded at a cost of VND236 billion to support nine Code C narrow-body jets, and VND623 billion will be allocated to overhaul the 2,400-meter runway and two taxiways. During the closure, travellers will be rerouted via Tho Xuan and Dong Hoi airports located in Thanh Hoa and Quang Binh, respectively.
