HVS Asia Pacific Hospitality Newsletter - Week Ending 14 August 2026

Goldman Sachs-IGIS Consortium Selected as Preferred Bidder for Timewalk Myeongdong with KRW535 Billion Bid in Seoul, South Korea

A consortium comprising US-based Goldman Sachs and South Korea-based IGIS Asset Management Co., Ltd. (“IGIS”) has been selected as the preferred bidder for Timewalk Myeongdong, a mixed-use commercial property in Seoul’s Jung District, with a proposed purchase price of approximately KRW535 billion based on a share deal. The property is held through IGIS Strategic Fund No. 1, whose major investors include South Korea’s National Pension Service and Korea Post. Timewalk Myeongdong comprises approximately 37,286 square metres (“sqm”) of gross floor area across 19 storeys above ground and four basement levels, with hotel, office and retail components. The upper floors accommodate the 279-key ibis Ambassador Seoul Myeongdong, which features two food and beverage outlets, two meeting rooms, a gym, hot bath, business centre, and coin laundromat. IGIS acquired the asset in 2019 for approximately KRW405 billion.

BreakFree on Broadway was Acquired for AUD19 Million in Sydney, Australia

The 48-key BreakFree on Broadway has been acquired by a local private investor for approximately AUD19 million, translating to approximately AUD404,255 per key and a net passing yield of 7.1%. The seller was Mr Sachin Sabharwal. The property occupies an 828 sqm site and comprises a three-storey building, with the hotel occupying the upper two levels and three retail tenancies located on the ground floor. The asset is subject to a 10-year lease with Australia-based Celestial Capital and France-based Accor S.A., and is operated under the BreakFree brand pursuant to a franchise agreement. The apartment-style hotel features facilities including a breakfast lounge, meeting room, guest laundry and on-site parking. Located opposite Broadway Shopping Centre, the property is positioned between the University of Sydney and the University of Technology Sydney, on the fringe of Sydney’s central business district. The property has also secured development approval for an 86-pod capsule hotel at basement level.

Staybridge Suites Bangkok Sukhumvit Acquired for Undisclosed Price, Thailand

Thailand-based Savetsomphob family, which also owns Thailand-based Sino-Pacific Trading (Thailand) Co., Ltd. has acquired the 411-key Staybridge Suites Bangkok Sukhumvit from Thailand-based Origin Hotel PLC for an undisclosed price. The hotel was jointly developed by Origin Hotel PLC and Japan-based Nomura Real Estate Development Co., Ltd. Opened in early 2023, the hotel comprises a mix of studio, one-bedroom and two-bedroom suites catering to both short- and extended-stay guests. Facilities include an all-day dining restaurant, lobby lounge, outdoor swimming pool, fitness centre, Japanese-style onsen, and meeting facilities. The property is situated at Sukhumvit Soi 24, within walking distance of Phrom Phong BTS Station and major lifestyle destinations, including Emporium, EmQuartier and Emsphere, providing convenient access to Bangkok's key commercial, retail and leisure precincts.

Best Western Hotel Fino Tokyo Akasaka Acquired in Japan

Japan-based ICHIKEN Co., Ltd. has agreed to sell the trust beneficiary interest in the 87-key Best Western Hotel Fino Tokyo Akasaka in Tokyo, Japan, to an undisclosed buyer for an undisclosed amount. The property comprises an approximately 444 sqm site and a total gross floor area of approximately 2,385 sqm, with a 13-storey building and one basement level. The hotel features a restaurant, a business centre and laundrette facilities. Opened in 2020, the hotel is located in Akasaka, Minato-ku, approximately a three-minute walk from Akasaka and Akasaka-Mitsuke stations, providing access to the Tokyo Metro Chiyoda, Ginza and Marunouchi lines. 

South Korea Designates Gyeongju and Haeundae as Global Tourism Special Zones with KRW3 Billion Each in Government Funding

South Korea’s Ministry of Culture, Sports and Tourism has designated Gyeongju Tourism Zone and Haeundae Tourism Zone as the country’s first Global Tourism Special Zones. Under the two-year programme, each region will receive KRW3 billion in government funding to strengthen tourism branding, regional content and visitor infrastructure. Gyeongju plans to expand nighttime tourism programmes incorporating Silla Dynasty heritage and UNESCO World Heritage sites, alongside culinary experiences, foreign-language tourist taxi services, circular sightseeing buses and digital mobile payment systems. Haeundae plans to develop an integrated tourism offering combining marine leisure, MICE and shopping, supported by daytime and nighttime programmes, an open transportation payment system and a certified accommodation program. The initiative aims to disperse international tourism demand beyond Seoul and Jeju, encourage longer stays and increase tourism spending in regional destinations.