HVS Asia Pacific Hospitality Newsletter - Week Ending 31 July 2026

IGIS Acquires Doosan Tower for Approximately KRW900 Billion with Hotel Repositioning Plan in Seoul, South Korea

South Korea-based IGIS Asset Management Co., Ltd. (“IGIS”) has completed the acquisition of Doosan Tower in Seoul’s Dongdaemun district from South Korea-based Mastern Investment Management Co., Ltd. (“Mastern”) for approximately KRW900 billion. Located in Jung District, one of Seoul’s major commercial and tourism areas, the mixed-use office and retail property comprises approximately 122,586 square metres ("sqm") of gross floor area across 33 floors above ground and seven basement levels. The acquisition was financed with participation from South Korea-based NH Investment & Securities Co., Ltd. and South Korea-based Hana Bank, while South Korea-based Doosan Corporation (“Doosan”) reportedly invested in the acquisition fund. The property was acquired by Mastern from Doosan in 2020 for approximately KRW800 billion. Mastern launched the sale process ahead of the maturity of its investment fund. Following the acquisition, IGIS is reportedly considering plans to reposition the property into a mixed-use development comprising hotel, office and retail components.

JD.com Acquires 218 Apartment for HKD280 million in Hong Kong

China-based JD.com Inc. (“JD.com”) has acquired the 59-key serviced apartment property, 218 Apartment, in Hong Kong from China-based Beijing Capital Development Co., Ltd. (“BCD”) for HKD280 million, or approximately HKD4.7 million per key. The property occupies a 202.5 sqm site in Wan Chai and comprises approximately 3,037.5 sqm of gross floor area. Originally developed as a commercial building, it was converted into serviced apartment in 2007 after BCD acquired it for HKD178 million. JD.com plans to reposition the property as student accommodation. The acquisition follows JD.com's purchase of the former 268-key Silka Seaview Hotel in Yau Ma Tei earlier this month, which is also being converted into student housing following refurbishment. The two transactions bring the company's total investment in acquiring and converting hospitality assets into student accommodation in Hong Kong to more than HKD1 billion.

Seoul Metropolitan Government Signs Implementation Agreement for KRW2.7 Trillion Jamsil Sports and MICE Complex in South Korea

The Seoul Metropolitan Government has signed an implementation agreement with Seoul Smart MICE Park, a consortium led by South Korea-based Hanwha Corporation’s Engineering & Construction Division, for the development of the Jamsil Sports and MICE Complex in Seoul. Upon completion, the complex is expected to be the largest MICE facility in Seoul, with a scale approximately 2.5 times that of COEX. The privately financed project, valued at approximately KRW2.7 trillion, will be developed on a 357,576 sqm site around the existing Jamsil Sports Complex. The development will comprise approximately 989,518 sqm of total gross floor area, including 89,000 sqm of exhibition space, 19,000 sqm of convention facilities, a 30,000-seat domed baseball stadium, an 11,000-seat sports complex, a swimming pool, and commercial, cultural and office facilities. Accommodation will comprise three properties totalling 841 keys: a 288-key five-star hotel connected to the exhibition and convention centre, a 306-key four-star business hotel linked to the domed stadium, and a 247-key four-star residence hotel integrated with the office facilities. The project is targeted for completion in 2032.

Wynn Macau Receives Approval for Major Wynn Palace Expansion

Wynn Macau Ltd (“Wynn Macau”), a subsidiary of US-based Wynn Resorts Ltd, has received approval from the Macau Government to amend the land concession for a site adjacent the land next to the 1,706-key Wynn Palace, allowing the company to proceed with a major expansion of the integrated resort in Cotai. The expansion will include a new 432-key all-suite luxury hotel, The Enclave at Wynn Palace, which will be directly connected to the existing resort via its east entrance. The project will also comprise a purpose-built theatre and entertainment venue, additional food and beverage outlets, retail offerings, and landscaped public spaces. The total gross floor areas planned of the new project span over 730,000 sqm. The expansion is expected to require an investment of approximately USD900-950 million, including a contract land premium payment of over MOP650 million and an additional deposit of approximately MOP9.48 million to the government. Construction is scheduled to commence in the second half of 2026, with completion targeted for 2029.