HVS Asia Pacific Hospitality Newsletter - Week Ending 24 July 2026

Shinsegae Property and OKO Group Form USD500 Million Joint Venture Aman Group’s Hospitality Development Projects

South Korea-based Shinsegae Property Inc. (“Shinsegae Property”) and US-based OKO Group LLC (“OKO Group”) have signed an agreement to establish a joint venture, committing an initial investment of USD500 million, equivalent to approximately KRW750 billion. The venture will initially focus on developing hotels and branded residences under Switzerland-based Aman Group’s Aman and Janu brands across Asia and North America. The parties also plan to collaborate on mixed-use commercial real estate developments in South Korea and overseas. The partnership combines Shinsegae Property’s experience in large-scale mixed-use developments, including the Starfield, with OKO Group’s experience in luxury hospitality and residential real estate. The agreement marks Shinsegae Property’s expansion into international hospitality development. Aman Group currently operates 36 hotels, resorts and residences across 21 destinations worldwide.

JHR Sells The Beach Tower Okinawa for JPY30.9 Billion and Acquires Candeo Hotels Osaka Namba for JPY14.3 Billion, Japan

Japan-based Japan Hotel REIT Investment Corporation (“JHR”) has sold 280-key The Beach Tower Okinawa in Okinawa, to Japan-based Mihama Terroir TMK for JPY30.9 billion, equivalent to approximately JPY110.4 million per key. Completed in 2004, the 24-storey resort hotel, has a total floor area of approximately 20,140 square metres (“sqm”) and is situated on a site of approximately 10,242 sqm. The property is located in the Mihama area of Chatan, and features a range of facilities including three food and beverage outlets, a swimming pool, a natural hot spring facility, spa and wellness facilities, event spaces, laundrette, retail shops. As part of the same asset replacement transaction, JHR acquired 496-key Candeo Hotels Osaka Namba in Osaka from Japan-based GK Hikari Hotel, for JPY14.3 billion, equivalent to approximately JPY28.9 million per key. Completed in 2017, the 17-storey hotel has a total floor area of approximately 14,095 sqm. The property is located in Osaka's Minami district, approximately a five-minute walk from Osaka Metro Nipponbashi Station and a ten-minute walk from Osaka Metro Namba Station. The hotel features a restaurant, rooftop open-air bath, public baths, sauna and a laundrette. 

Star Resorts Acquires Namyu the Place on Miyako Island in Japan

Japan-based Star Resorts Co., Ltd. (“Star Resorts”) has acquired Namyu the Place, a luxury boutique resort on Miyako Island in Okinawa, Japan, for an undisclosed price. Opened in 2021, the property is situated on a 2,644.69 sqm site and comprises approximately 504 sqm of gross floor area. The resort features five private villas, each with its own terrace and infinity pool, as well as an onsite restaurant. Perched on a clifftop overlooking the ocean, the property is located approximately 25 minutes by car from Miyako Airport and 50 minutes from Shimojishima Airport. The resort is currently temporarily closed for renovation and is expected to reopen under a new brand later this year. Star Resorts intends to implement its value-add strategy to enhance the property's performance, which the property recorded an occupancy rate of around 30% and an average daily rate exceeding JPY200,000 before the acquisition and renovation. The acquisition follows several recent hotel investments by Star Resorts on Miyako and neighbouring Irabu Island, including the former seven-villa Ayanna Miyakojima.

SHR Plans for New Debenture Issuance to Refinance Debt and Support Hotel Renovations

Thailand-based S Hotels & Resorts Public Company Limited (“SHR”), the hospitality arm of Thailand-based Singha Estate Public Company Limited, plans to issue a new series of 2-year and 9-month unsecured debentures, with an indicative annual coupon of 4.40% to 4.60%. The offering is expected to be open for subscription from 14 to 16 September 2026, subject to regulatory approval, with the final interest rate to be determined closer to the offering period. Proceeds will be used primarily to refinance existing debt obligations and fund renovation works across selected hotels within SHR's portfolio. SHR currently owns and operates a portfolio of 33 hotels comprising approximately 4,035 keys across Thailand and international markets, including the Maldives, Fiji, Mauritius and the United Kingdom. The portfolio includes properties operated under SHR's own SAii brand as well as international hotel brands. 

SkyCity Entertainment Group Divesting The Grand by SkyCity in New Zealand

New Zealand-based SkyCity Entertainment Group Limited has entered into a non-binding heads of agreement to sell the freehold interest in the 312-key The Grand by SkyCity in Auckland, to an overseas buyer for an undisclosed price. Located at 90 Federal Street in the heart of Auckland's CBD, the hotel is within the SkyCity Auckland entertainment precinct, offering direct internal access to the New Zealand International Convention Centre and situated minutes away from the future Te Waihorotiu station on City Rail Link project. The property comprises approximately 47,595 sqm of total floor area and features two restaurants, a wellness centre, a gym, sauna and swimming pool, as well as 83 car parking spaces. The hotel also benefits from its proximity to the Sky Tower, SkyCity Casino, theatres and other dining and entertainment offerings within the integrated precinct. The proposed disposal forms part of SkyCity's asset monetisation programme, with sale proceeds intended to repay debt and provide greater financial flexibility.