HVS Asia Pacific Hospitality Newsletter - Week Ending 5 June 2026

Bohemia Luxury Resort Acquires NH Maldives Kuda Rah Resort for USD17.25 Million

Bohemia Luxury Resort (Pvt) Ltd (“Bohemia Luxury Resort”) is set to acquire the 51-key NH Maldives Kuda Rah Resort in South Ari Atoll, Maldives, from Sri Lanka-based Hayleys PLC (“Hayleys”) for USD17.25 million. This translates to approximately USD338,000 a key. The transaction executed through Hayleys’ wholly owned subsidiary, Maldives-based Luxury Resort Pvt Ltd, and encompasses the resort’s property, plant and equipment, leasehold rights, intangible assets, and inventories. Since September 2024, the resort has been operated by Thailand-based Minor Hotels under the NH Hotels & Resorts brand, marking the brand’s debut in the Maldives. Following the acquisition, the property will continue to be managed by Minor Hotels. Facilities include four food and beverage outlets, a spa and fitness centre, a pool, a kids’ club, and a dive and water sports centre. Hayleys acquired the property in 2016 for USD23 million and renamed it to Amaya Kudarah Maldives, before rebranding it to an NH Hotels & Resorts property.

Vision Hotels Acquire Acacia Court Hotel for AUD22.8 Million in Cairns, Australia

Australia-based boutique hotel owner-operator Vision Hotels Pty Ltd (“Vision Hotels”) has acquired the 154-key Acacia Court Hotel in Cairns, Queensland, from Hong Kong businessman Benny Wu, for approximately AUD22.8 million. This translates to approximately AUD148,000 per key. The waterfront property is located along the Cairns Esplanade, a popular recreational precinct featuring attractions such as the Esplanade Lagoon and Muddy’s Playground. Hotel facilities include a restaurant, swimming pool, spa, sauna, tennis court, and on-site parking. Vision Hotels has renamed the property to The Oceanfront, Cairns, and is reportedly planning to undertake renovations and reposition the asset as part of its strategy to enhance the property’s market positioning and capitalise on Cairns’ growing tourism demand. Mr Wu acquired the property in 2013 for a reported AUD18 million.

CPPIB Enters South Korea Hospitality Sector Through BlueCove Partnership

Canada-based Canada Pension Plan Investment Board (“CPPIB”) has partnered with South Korea-based hospitality asset manager BlueCove Investment (“BlueCove”) to establish a KRW500 billion hospitality investment platform focused on hotel investments in South Korea. Under the partnership, CPPIB will hold a 95% stake while BlueCove will retain the remaining 5%. The venture will focus on acquiring and repositioning hotel assets across Seoul in collaboration with established global hotel operators, with an initial pipeline comprising two projects located in key tourism districts. CPPIB has committed up to KRW119 billion in seed capital to fund the platform’s first acquisitions. The partnership marks CPPIB’s first direct investment into South Korea’s hospitality sector and builds on its growing hospitality exposure across Asia Pacific, following its recent partnership with Singapore-based SC Capital Partners to pursue hotel investment opportunities in Japan. 

KiN Group Signs 10-Year Lease for the Operation of Hotel Maya Kuala Lumpur in Malaysia

Malaysia-based Selangor Dredging Bhd (“Selangor Dredging”), through its wholly owned subsidiary SDP Properties Sdn Bhd, has entered into a 10-year lease agreement with Malaysia-based Kin Hotel KL City Centre Sdn Bhd, a subsidiary of the Singapore-based KiN Group (“KiN Group”) for the operation of Hotel Maya Kuala Lumpur and the adjoining meeting and conference facilities at Plaza 138. The lease will commence in July 2026 and include options for two additional five-year extensions, potentially extending the arrangement to a total of 20 years. The lease agreement provides for a three-month rent-free period, followed by monthly rental payments of MYR750,000 during the first five years and MYR780,000 for the remaining five years, generating approximately MYR89.55 million over the initial term. Should both extension options be exercised, the total lease value could reach approximately MYR192.15 million. KiN Group plans to invest more than USD5 million in the refurbishment of the property including the introduction of a new spa, enhanced wellness facilities, an expanded fitness entre, and new food and beverage concepts. The 284-key Hotel Maya Kuala Lumpur is located along Jalan Ampang near the Petronas Twin Towers.  The 22-storey hotel features six food and beverage outlets, a hydrotherapy pool, fitness centre, children’s area, and meeting and event facilities housed within the adjacent Plaza 138 complex. The refurbishment works are expected to commence in August 2026, with completion targeted for Q4 2026.

TAP and TS Home to Redevelop Phoenix Park into Singapore’s Largest Co-Living Development

Singapore-based co-living operator The Assembly Place Holdings Ltd (“TAP”) and TS Home Pte Ltd (“TS Home”), a subsidiary of Singapore-based TS Group Pte Ltd, have entered into a joint venture to redevelop the Phoenix Park estate at 300–320 Tanglin Road into Singapore’s largest co-living development. The project will transform the approximately 5.7-hectare site into a mixed-use living destination comprising over 700 keys across serviced apartment and student accommodation offerings. Phoenix Park comprises 33 conserved colonial-era buildings constructed in 1949 and was designated a historic site by the National Heritage Board in 2012. The redevelopment will incorporate a wide range of amenities, including food and beverage and retail outlets, sports facilities, fitness studios, a spa, and other wellness-focused recreational spaces. The project is being undertaken through TSTAPPRH Pte Ltd, in which TAP holds a 39% stake. TAP will oversee operational management, fit-out works, and community programming, while TS Home, the lead developer, secured the master tenancy from the Singapore Land Authority (“SLA”) with a winning monthly rental bid of SGD404,888. The tenancy comprises an initial five-year term with an option for a further four-year extension. Site handover is scheduled for October 2026, with phased openings expected to commence from Q1 2027.