HVS Asia Pacific Hospitality Newsletter - Week Ending 26 June 2026

OUE REIT Sells Crowne Plaza Changi Airport for SGD500 Million in Singapore

OUE Hospitality Sub-Trust, a wholly owned subsidiary of Singapore-based OUE REIT, has agreed to divest the 575-key Crowne Plaza Changi Airport for SGD500 million to a joint venture between Singapore-based OUE Limited and Japan-based Tokyo Century Corporation. The sale price reflects approximately SGD869,600 per key and represents a 1.3% premium to the average of two independent valuations. The hotel’s master lease agreement and hotel management agreement are set to expire in 2028. Operated under the Crowne Plaza brand by UK-based InterContinental Hotels Group (“IHG”), the hotel is directly connected to Terminal 3, with convenient access to all terminals and Jewel Changi Airport. The property offers one food and beverage outlet, meeting and event facilities, a club lounge, a resort-style outdoor pool, and fitness facilities. Following completion of the acquisition, the joint venture intends to undertake asset enhancement initiatives to strengthen the hotel's positioning and capitalise on future passenger growth at Changi Airport. The acquisition marks their second collaboration, following the 255-key Hotel Indigo Changi Airport development announced in 2025.

Activia Acquires ibis Styles Kyoto Shijo for JPY11.5 Billion, Japan

TLC REIT Management Inc., the subsidiary of Japan-based Activia Properties Inc. (“Activia”) has agreed to acquire the trust beneficiary interest in the 282-key A-FLAG KYOTO SHIJO, the renamed property of the current ibis Styles Kyoto Shijo, for JPY11.5 billion, or approximately JPY40.8 million per key. The acquisition price represents a slight discount to the property's appraised value of JPY11.7 billion. The seller was not disclosed. The property occupies a 916 square metre (“sqm”) site and comprises approximately 6,193 sqm of gross floor area across 10 above-ground floors and one basement level. It is subject to a master lease with the hotel tenant, under which the annual rent is based on 90% of gross operating profit. A second retail tenant occupies part of the property under an unrevealed fixed annual rental agreement. Located along Shijo Street, the hotel is within a five-minute walk of both Shijo Station on the Karasuma Line and Karasuma Station on the Hankyu Kyoto Line. Guest facilities include a breakfast venue. The acquisition forms part of Activia’s portfolio rebalancing strategy, following its recent disposal of the mixed-use development Kobe Kyu Kyoryuchi 25Bankan, which includes the 116-key Oriental Hotel Kobe.

NBI Holdings Acquires Novotel Okinawa Naha in Japan

Japan-based investment manager and developer NBI Holdings has acquired the 328-key Novotel Okinawa Naha in Naha, Okinawa, through its hotel value-add fund, NBI Naha Development LLC. The acquisition price and seller were not disclosed. Located at 40 Matsukawa in Naha, the 16-storey hotel occupies a 10,962 sqm site and has a gross floor area of approximately 21,928 sqm. The property is situated around 15 minutes by car from Naha Airport, eight minutes from Naha Interchange, and within walking distance of Shurijo Castle. The hotel features three food and beverage outlets, a rooftop pool, a barbecue terrace, a fitness centre, and five meeting rooms. Following the acquisition, NBI Holdings will undertake refurbishment works and reposition the asset as INFINISIS Naha Shurijo by Hewitt Resort, with operations to be managed by Japan-based Core Global Management. The rebranding is scheduled to take effect in July 2026, with further renovations planned in 2027. The acquisition marks NBI Holdings' first large-scale resort and city hotel investment since launching its hotel investment platform in 2025. 

Royal Group to Develop Long-Stay Serviced Apartment Project at 11 Claymore Road, Singapore

Singapore-based Royal Group of Companies (“Royal Group”) has unveiled plans to develop a long-stay serviced apartment project at 11 Claymore Road, Singapore. The Urban Redevelopment Authority (“URA”) has approved the site for SA2 (long-stay serviced apartment) use on a 10-year temporary permission basis, with provisional approval for 96 apartment units. Under the SA2 planning category, units must be leased for a minimum stay of three months. Subject to final URA approval, the proposed 18-storey development will comprise 102 two-bedroom apartments across Levels 2 to 18, with unit sizes ranging from 42 to 45 sqm. Selected adjoining units will be designed to allow conversion into larger four-bedroom apartments. Planned amenities include a residents' lounge and co-working spaces, a landscaped communal terrace, a rooftop lounge, a swimming pool, a gym, wellness facilities, and a ground-floor café. The total development cost is estimated at SGD185 million to SGD195 million, including the SGD75 million paid in 2025 for the acquisition of the approximately 1,670 sqm freehold site. The property, currently occupied by a former bungalow that previously housed The Schoolhouse by Busy Bees, is located diagonally opposite the 343-key Pan Pacific Orchard, within Singapore’s Orchard Road precinct.

Holiday Inn Singapore Orchard City Centre to Reopen as The Hari Singapore in 2027

Hong Kong-based The Harilela Group has announced a phased refurbishment of the 326-key Holiday Inn Singapore Orchard City Centre ahead of its repositioning as The Hari Singapore. Located at 11 Cavenagh Road in Singapore's Orchard Road precinct, the hotel has operated under the Holiday Inn brand since 1985. The first phase of refurbishment is scheduled for completion in Q2 2027, with further enhancements to follow thereafter. Upon completion, the hotel will reopen as The Hari Singapore, featuring refreshed guestrooms and suites, upgraded dining concepts, enhanced event spaces, and lifestyle-focused public areas aligned with The Hari brand's boutique luxury positioning. The repositioning forms part of the group’s strategy to expand The Hari brand internationally, following the launches of the 210-key The Hari Hong Kong and the 85-key The Hari London. The group currently owns and operates 15 properties globally.