HVS Asia Pacific Hospitality Newsletter - Week Ending 23 October 2026

ParkCity Group Acquires Sheraton Hong Kong Tung Chung Hotel and Four Points by Sheraton Hong Kong Tung Chung for a combined consideration of HKD2.7 Billion

Malaysia-based Perdana ParkCity Sdn Bhd (“ParkCity Group”), through Oceanfront Hong Kong Limited, has agreed to acquire the 218-key Sheraton Hong Kong Tung Chung Hotel and 1001-key Four Points by Sheraton Hong Kong Tung Chung from receivers acting on behalf of Hong-Kong based Shimao Group for a combined consideration of HKD2.7 billion, equivalent to approximately HKD2.22 million per key across the combined 1,219-room complex. The transaction covers both the hotel properties and their operating businesses, with the agreed consideration subject to adjustment. Completed in 2020, the dual-branded complex has a gross floor area of approximately 56,671 square metres (“sqm”) and includes T Bay, a retail podium with restaurants, bars and shops. The two hotels have recorded a blended occupancy of close to 85% in the first quarter of 2026. Located in Tung Chung on Lantau Island, near Hong Kong International Airport, the property is held under a 50-year land lease commencing on 19 November 2014. The transaction is expected to be completed by the end of 2026.

Private Investor Selected as Preferred Bidder for Mighty Building with Bid Exceeding KRW70 Billion in Seoul, South Korea

A high-net-worth individual has been selected as the preferred bidder for Mighty Building, a hotel and retail mixed-use property in Seoul’s Myeongdong district, with an offer exceeding KRW70 billion. The property is being divested by South Korea-based Mastern Investment Management and US-based TPG Angelo Gordon. Located at 199-13 Euljiro 2-ga in Seoul’s Jung District, the building comprises approximately 4,384 sqm of gross floor area across nine storeys above ground and two basement levels. The upper floors accommodate the 92-key Line Hotel Myeongdong, while the lower floors house food and beverage outlets, including Outback Steakhouse and Haidilao. The property benefits from convenient access to Euljiro 1-ga and Myeongdong subway stations and the surrounding shopping district. The preferred bidder reportedly proposed transaction completion by the end of 2026 and a hard deposit, alongside the purchase price, to secure the preferred bidder position.

The Assembly Place Pursues Asset-Light Expansion Through Living-Sector Fund Investment

Singapore-based The Assembly Place (“TAP”) plans to invest up to SGD2.5 million in a living-sector investment fund targeting SGD300 million in capital commitments. The fund will be managed by ICHAM Pte Ltd (“ICHAM”), a Singapore-based multi-family office and alternative asset manager affiliated with the ICH Group. The fund will target living-sector investment opportunities in Singapore and the wider Asia-Pacific region, although specific assets, developments and investment timelines have yet to be disclosed. TAP has also been proposed as the property manager and operator of the fund’s assets, potentially generating recurring management and operating fee income without requiring direct ownership of the underlying properties. The arrangement would support TAP’s expansion through an asset-light operating model, reducing capital requirements while providing additional recurring income streams. It also aligns with the company’s broader target of expanding its operating portfolio to more than 10,000 keys by 2030.

MBLand Danang JSC Proposes VND10.5 Trillion Investment in Two Tourism Developments in Central Vietnam

Vietnam-based MBLand Danang JSC, a member company of Tasmania & Partners, has proposed a combined investment of VND10.5 trillion in two tourism developments in central Vietnam. The first, MBLand My Khe Paradise, involves an investment of VND5 trillion to develop a mixed-use tourism complex on an 11,465 sqm site in Da Nang. Planned facilities include an 8,000 sqm night-time entertainment area, a 10-storey hotel and office building comprising 400 rooms, dining venues, an event centre and contemporary art exhibition spaces. The project will be implemented in three phases, with the night-time entertainment area scheduled to commence operations in April 2027 and construction of the hotel and office building expected to begin in April 2027. Separately, MBLand Retreat involves a proposed investment of VND5.5 trillion to develop a high-end resort in the Dong Na–Ben Tre urban area in Hoi An Tay Ward, incorporating accommodation and local cultural experiences. Both projects remain subject to the relevant approvals and procedures.

Comiskey Group Secures Approval to Develop AUD180 Million Hotel and Mixed-use Project in Queensland, Australia

Australia-based Comiskey Group has secured approval for the AUD180 million development of North Lakes Town Centre, a 25,000 sqm mixed-use lifestyle precinct on a 1.72-hectare site opposite Westfield North Lakes in the City of Moreton Bay, Queensland. The development will feature a 144-room, nine-storey five-star hotel, an approximately 2,000 sqm signature hospitality venue, premium and casual dining, retail, wellness, entertainment and landscaped public spaces. The project aims to establish a new lifestyle and dining destination serving the growing local population and visitors. Construction is scheduled to commence in early 2027, with the project expected to enhance the region's hospitality and tourism offerings ahead of the Brisbane 2032 Olympic and Paralympic Games.