HVS Asia Pacific Hospitality Newsletter - Week Ending 2 October 2026

YTL Hotels and BlackRock Acquire Capri by Fraser, China Square for SGD330 Million in Singapore

YTL Hotels & Properties Sdn Bhd (“YTL Hotels”), the hospitality arm of Malaysia-based YTL Corporation Berhad, and a private fund managed by US-based BlackRock Inc. (“BlackRock”) have jointly acquired the 304-key Capri by Fraser, China Square at 181 South Bridge Road, Singapore, for SGD330 million, or approximately SGD1.1 million per key. The 16-storey property will be repositioned and rebranded as Hotel Stripes Singapore Chinatown, Autograph Collection following the acquisition, marking the debut of YTL Hotels’ Hotel Stripes brand in Singapore, and the third Autograph Collection hotel in Singapore for US-based Marriott International. The property occupies a 99-year leasehold site with the lease expiring on 2 February 2096, representing approximatively 69 years of remaining tenure. The hotel features a food and beverage outlet, meeting spaces, an outdoor rooftop swimming pool, a fitness centre, a laundrette, and a social lounge with flexible workspace. The acquisition represents the second joint Singapore hospitality investment by YTL Hotels and BlackRock, following their acquisition of the former Citadines Raffles Place in 2025, which has since been repositioned as the 299-key Oakwood Premier Raffles Place Singapore.

One REIT Inc. Acquires Okinawa Grand Mer Resort for JPY5.555 Billion in Japan

Japan-based One REIT Inc. will acquire the 300-key Okinawa Grand Mer Resort in Okinawa for JPY5.555 billion, reflecting approximately JPY18.5 million per key, from an undisclosed seller. Completed in 1992, the 14-storey hotel has a total floor area of around 24,243 square metre ("sqm") and is situated approximately 50 minutes by car from Naha Airport. The property features two food and beverage outlets, meeting areas, a lounge, indoor pool, gym and a retail shop. It is currently fully leased to KPG Hotel & Resort Co., Ltd., a subsidiary of Japan-based Kato Pleasure Group. Planned renovations include converting 40 Japanese-style rooms into Western-style rooms, refurbishing six suites, adding a children’s playroom and upgrading the pool.

Hyundai HAIM Asset Management Acquires Approximately 260-Key Cheongnyangni Hotel in Seoul, South Korea

South Korea-based Hyundai HAIM Asset Management (“Hyundai HAIM”) has completed the acquisition of a hotel property comprising approximately 260 keys within Lotte Castle SKY-L65 in Seoul’s Dongdaemun District, with investment participation from Hong Kong-based Phoenix Property Investors. Located near Cheongnyangni Station, the property comprises approximately 22,489 sqm of gross floor area across multiple floors of the landmark tower, which forms part of a mixed-use development featuring residential, office and retail components. Completed in July 2024, the hotel was originally planned to operate under South Korea-based Lotte Hotels & Resorts’ L7 brand. Previously announced hotel facilities include a buffet restaurant, lounge and bar, indoor swimming pool, fitness centre and jacuzzi.

362 Holland Road Tender Awarded for Use as Co-Living Residence, Singapore

The Singapore Land Authority has awarded the tender for 362 Holland Road to Singapore-based automotive company, Trans-Orient Services, which plans to adaptively reuse the former Holland Road Maternal and Child Health Centre as a co-living residence for working professionals and students. The 2,285 sqm site, with a gross floor area of approximately 685 sqm, will feature communal lounges, co-working areas, refreshed shared spaces and biophilic elements, complemented by resident-led social and recreational activities. The property will be operated under a three-year master lease, with two further three-year renewal options. The Holland Road project marks the company's entry into the co-living and accommodation sector. 362 Holland Road was previously operated as Assemblage, a 37-room student hostel managed by Singapore-based logistics company, Cogent Holdings.