HVS Asia Pacific Hospitality Newsletter - Week Ending 30 October 2026

SC Capital Founder Secures Approval to Acquire Royal Orchid Sheraton Bangkok for THB5.3 Billion, Thailand

Suchad Chiaranussati, founder and chairman of Singapore-based SC Capital Partners (“SC Capital”), through his investment vehicle Orchid Hospitality Company Limited (“Orchid Hospitality”), secured unitholder approval to acquire the 726-key Royal Orchid Sheraton Riverside Hotel Bangkok in Bangkok, Thailand, for THB5.3 billion, or approximately THB7.3 million per key, from Thailand-based Grande Royal Orchid Hospitality Real Estate Investment Trust, managed by ONE Asset Management. Opened in 1984, the 28-storey hotel occupies an 8,660 square metre (“sqm”) freehold site along the Chao Phraya River in Bangkok's Bang Rak district, comprising approximately 69,593 sqm of gross floor area. Guest facilities include fives food and beverage outlets, a spa, fitness centre, two swimming pools, an executive lounge, a ferry pier with shuttle boat services, and more than 4,000 sqm of meeting and event space. The consideration represents a 1.7% premium over the independent valuation and is approximately THB800 million higher than the property's previous transacted price of THB4.5 billion in 2021. Orchid Hospitality also owns the 533-key Millennium Hilton Bangkok along the Chao Phraya River.

Koramco and Hanwha Galleria Selected as Preferred Bidders for Boryung Building in Seoul, South Korea

South Korea-based Koramco REITs Management and Trust (“Koramco”) and South Korea-based Hanwha Galleria Corporation (“Hanwha Galleria”) have been selected as the preferred bidders to acquire Boryung Building in Seoul’s Jongno District from South Korea-based Korea Real Estate Investment & Trust Co., Ltd. (“KOREIT”), for a reported consideration of approximately KRW200 billion. Hanwha Galleria is expected to participate as an equity investor. Completed in 1993, the building is located along Changgyeonggung-ro, and comprises approximately 30,601 sqm of gross floor area on a 2,663 sqm site, spanning 18 storeys above ground and seven basement levels. The property was acquired by KOREIT through a REIT in June 2024 for approximately KRW160 billion under a sale-and-leaseback arrangement with Boryung. Boryung subsequently shortened its lease term from seven to three years, providing greater flexibility for potential redevelopment. The consortium is reportedly considering converting the property into a hotel, although no development plan has been finalised. The property is located near Jongmyo Shrine, Changdeokgung Palace and Changgyeonggung Palace.

Oriental Holdings Bhd Acquires Three Bayview Hotels for MYR411 Million Ahead of Rebranding Programme, Malaysia

Malaysia-based Oriental Holdings Bhd has completed its acquisition of three Bayview-branded hotels in Penang and Langkawi for a total consideration of MYR411 million, comprising the 365-key Bayview Beach Resort Penang for MYR167 million, 340-key Bayview Hotel Georgetown for MYR153 million and 282-key Bayview Hotel Langkawi for MYR91 million. The Georgetown transaction also includes Wisma Boon Siew, an adjoining 15-storey office and showroom building. The properties will undergo an estimated MYR211 million refurbishment and rebranding programme with Singapore-based The Ascott Limited. Upon completion, Bayview Beach Resort Penang will be rebranded as Ascott Batu Ferringhi Penang Resort, Bayview Hotel Georgetown as Oakwood Georgetown Penang, and Bayview Hotel Langkawi as FOX Hotel Langkawi. The refurbishment programme will include upgrades to guest rooms, restaurants, swimming pools, wellness facilities and meeting spaces, with the properties targeting different leisure, corporate and MICE segments. All three hotels have ceased operations ahead of the refurbishment, with phased reopenings expected from early 2028. 

Worldwide Hotels Acquires Holiday Inn West Perth for AUD26.75 Million in Perth, Australia

Singapore-based Worldwide Hotels acquired the 101-key Holiday Inn West Perth in West Perth, Australia, for AUD26.75 million from Australia-based Australian Development Capital Pty Ltd. This translates to approximately AUD265k per key. Completed in 2016, the property comprises a 13-storey hotel tower integrated with a restored heritage building dating from the early 20th century. The hotel has a total floor area of approximately 4,884 sqm and features a food and beverage outlet, a fitness centre, and meeting and event spaces. The property is located within West Perth’s corporate precinct, as well as Kings Park. Initially operated under the Sage Hotel brand, the hotel was rebranded and leased to UK-based InterContinental Hotels Group plc for an initial 20 years with two five-year renewal option in 2021. Worldwide Hotels also owns the 186-key Holiday Inn Perth City Centre, which was acquired in 2018 for AUD65 million.

Ovolo Divests Laneways by Ovolo in Melbourne for AUD20.1 Million, Australia

Hong Kong-based Ovolo Hotels Group (“Ovolo”) has divested the 43-key Laneways by Ovolo, an apartment hotel in Melbourne, Australia, to Australia-based EMKC Cubed Pty Ltd for AUD20.1 million, or approximately AUD467,400 per key. The transaction was undertaken through Ovolo’s Australian corporate entity, First Asset Pty Ltd. Ovolo acquired the property, formerly known as Somerset Gordon Heights from Singapore-based Ascott Residence Trust (now CapitaLand Ascott Trust) for AUD11.7 million in 2012, and subsequently refurbished and rebranded it as an Ovolo apartment hotel that marked the group’s first international expansion outside Hong Kong. The divestment forms part of Ovolo’s broader transition towards an asset-light operating model, reducing direct property ownership while focusing on hotel operations and brand management. Ovolo is also reportedly considering the sale of another Melbourne property, the 123-key Ovolo South Yarra, a Wyndham Hotel, which is estimated to be worth more than AUD60 million. However, further details regarding the potential transaction have yet to be disclosed.