Paradise Acquiring Grand Hyatt Incheon West Tower for KRW210 billion in South Korea
Paradise SegaSammy Inc, a subsidiary of South Korea-based Paradise Co., Limited (“Paradise”), will be acquiring 501-key Grand Hyatt Incheon West Tower from KAL Hotel Network, a subsidiary of South Korea-based Hanjin Group, for KRW210 billion. The land will remain under the ownership of South Korea-based Incheon International Airport Corporation. This translates to approximately KRW419 million per key and accounts for about 5.3% of Paradise’s consolidated total assets, which stood at KRW3.93 trillion as of December 2024. Originally opened in 2003 as the Hyatt Regency Incheon, the hotel was rebranded as Grand Hyatt Incheon in 2014 following the addition of the West Tower. Located just minutes from Incheon International Airport Terminal 1, the Grand Hyatt Incheon West Tower offers two restaurants and bars, nine meeting spaces, a fitness centre, a swimming pool, sauna facilities, and a club lounge. The property is also just located adjacent to the 711-key Paradise City casino resort, a joint venture between Paradise and Japan-based Sega Sammy Holdings Inc.
Adrian Fu Acquires Chi Residences 138 for HKD550 million in Hong Kong
Adrian Fu, heir to the family who founded Singapore-based Furama Hotels International, has acquired the 107-key Chi Residences 138 in Hong Kong’s Wan Chai district from local tycoon Philip Morais for HKD550 million. This translates to approximately HKD5.14 million per key, representing a 57% discount from the initial asking levels when the property was first marketed in 2022. Opened in 2007, the property offers studios, one- to three-bedroom units, duplexes and a penthouse, and is located opposite Wan Chai MTR station. The transaction follows Chi Residences’ divestment of the 19-key Chi 120 in Sai Ying Pun for HKD188 million in 2024.
JA Mitsui Leasing Tatemono Acquires Osaka Hotel from Pleasures Corporation in Japan
JA Mitsui Leasing Tatemono Co., Ltd., a subsidiary of Japan-based JA Mitsui Leasing, Ltd., has acquired a hotel property in Osaka from Japan-based Pleasures Corporation, a local developer active in the real estate, hotel, and lodging sectors, for an undisclosed sum. While the property name has not been disclosed, it is believed that the transacted property is the 80-key Cinnamon Hotel II. Located in Chuo Ward, Osaka, the hotel is a six-minute walk from Tanimachi 9-chome Station, a key transfer station served by both the Midosuji and Tanimachi lines of the Osaka Metro, offering access to major attractions such as Tennoji Zoo and central business districts. Completed in May 2019, the building spans approximately 1,661 square metres (“sqm”) of gross floor area across 10 storeys. Pleasures Corporation had previously acquired the asset in 2021.
Singapore Heritage Property to be Converted into Co-Living Residence
The Singapore Land Authority (“SLA”) has awarded the Price-Quality tender for the state property at 25 Gilstead Road to Singapore-based Singapore Kong Hong Lancre Pte Ltd, a local company engaged in real estate leasing and management at an award price of SGD80,008 per month. The project will involve the adaptive reuse of a historic residence into a co-living development in the Novena precinct, designed by MUJI, the minimalist Japanese lifestyle brand operated by Japan-based Ryohin Keikaku Co., Ltd. Originally constructed in 1927 as a residence for one of Singapore’s earliest Chinese physicians, the property holds significant heritage value, with an estimated gross floor area of approximately 2,217 square metres. The redevelopment will retain the building’s historical façade, with planned communal amenities for residents including co-working spaces, courtyard gardens, and fitness facilities.
New Zealand Launches NZD70 Million Major Events and Tourism Package
The New Zealand government has launched a NZD70 million Major Events and Tourism Package, the second phase of its strategy to drive economic growth and attract international visitors. The package includes a NZD40 million Events Attraction Package to secure high-impact international sports, music, and cultural events from 2026, complementing the existing Major Events Fund. A further NZD10 million Events Boost Fund will provide one-off support for new and existing events in 2026 to increase international visitation and promotional reach. The package also allocates NZD10 million for Regional Tourism Boost (Round 2) to help regions draw more overseas travellers, and NZD10 million for infrastructure upgrades to enhance event and tourism facilities such as cycle trails. The funds will be rolled out over the next two years, with additional announcements on events and infrastructure expected by year-end.
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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.
Hok Yean Chee
Regional President – HVS Asia Pacific
HVS
