HVS Asia Pacific Hospitality Newsletter - Week Ending 6 November 2026

QT Singapore Sold for over SGD260 Million in Singapore 

A consortium comprising Sunray Singapore, a Tan-family-controlled investment company linked to Singapore-based Sunray Woodcraft Construction Pte Ltd (“Sunray”), Singapore-based NINECO+ Pte Ltd. (“Nineco”) and other shareholders, has reportedly sold the 134-key QT Singapore to an undisclosed family office for over SGD260 million, translating to more than SGD1.94 million per key. Housed in a conserved heritage building dating back to the 1920s, the property occupies a 1,860 square metres ("sqm") site with a gross floor area of approximately 7,450 sqm across six floors. The property features two food and beverage outlets, an outdoor pool, and a fitness centre. The hotel has approximately 45 years remaining on its 60-year lease commencing in 2011. The consortium acquired the property, then operating as Hotel Telegraph, for an estimated SGD170 million to SGD180 million in October 2023, before Sunray delivered a full-property refurbishment that spans over SGD15 million. It reopened in September 2024 under QT Hotels & Resorts, owned by Australia-based hospitality group EVT Limited, marking the brand's first hotel outside Australia and New Zealand. Singapore-based High Street Holdings Singapore, and Nineco have driven the operating performance as the property’s asset manager.

Shinsegae-Josun Consortium Acquires 427-Key Ramada Plaza by Wyndham Dolsan Yeosu in South Korea

South Korea-based Shinsegae Property Investment Management and South Korea-based Josun Hotels & Resorts (“Josun Hotels”) have completed the acquisition of the 427-key Ramada Plaza by Wyndham Dolsan Yeosu in Yeosu, South Jeolla Province, with ownership transferred on 29 October 2026. Opened in 2020, the hotel features three food and beverage outlets, alongside swimming pools, a fitness centre, rooftop zip track and meeting and event facilities. The acquisition was structured through a project real estate investment trust (“REIT”), separating property ownership from hotel operations, with Josun Hotels participating as an equity investor and operator. The reported total investment of approximately KRW120 billion includes the hotel acquisition, associated refurbishment and surrounding land acquisition costs. The consortium also completed the acquisition of the 232-key Orakai Daehakro Hotel in Seoul's Jongno District in June 2026. The Yeosu acquisition marks Josun Hotels' first entry into South Korea's Honam region, with both newly acquired properties targeted to reopen under Josun Hotels' brands in the first half of 2027. Josun Hotels plans to further expand its domestic portfolio into key regional destinations, including Cheongna and Andong, with the aim of operating a total of 14 hotels across South Korea by 2030.

Westmont Acquires YOTEL Tokyo Ginza from Frasers Property Limited in Tokyo, Japan

Canada-based Westmont Hospitality Group (“Westmont”) acquired the 244-key YOTEL Tokyo Ginza in Tokyo, Japan, from Singapore-based Frasers Property Limited for an undisclosed consideration. Completed in 2024, the 14-storey hotel features a restaurant and bar, a fitness centre, and co-working spaces, while guest rooms range from approximately 13 to 29 sqm. The property is located in Shimbashi, within walking distance of the Ginza shopping district and approximately three minutes from Shimbashi Station. Westmont has also announced that the property will be affiliated with US-based Hilton Worldwide Holdings Inc. to unlock its full potential.

SC Capital Partners And BEI Group Founders Invest in Hong Kong Student Housing Operator iRENT

Suchad Chiaranussati, founder and chairman of Singapore-based SC Capital Partners, and Collin Lau, founder and CEO of Hong-Kong based BEI Group, have jointly made a strategic investment in Hong Kong-based student and youth accommodation operator, iRENT, for an undisclosed sum. The two investors collectively own a majority stake in the company, while iRENT's founder and CEO, Owen Xu, remains an important shareholder and will continue to oversee its day-to-day operations. Founded in 2014, iRENT currently manages 30 buildings with nearly 3,000 beds across Hong Kong. The investment will support the platform's expansion, with plans to grow its managed portfolio to over 50 buildings and more than 5,000 beds within the next two years. The partnership will also focus on revitalising existing properties, standardising accommodation offerings, enhancing digital leasing systems and customer services, and laying the groundwork for regional expansion across Asia. The investment comes amid rising demand for student accommodation in Hong Kong, following an increase in the non-local student admission quota at publicly funded universities from 40% to 50% of the local student quota from the 2026/27 academic year.

East Kazakhstan Invests in Road and Airport Infrastructure to Boost Tourism

East Kazakhstan is undertaking infrastructure improvements to support tourism development across its Altai region. Key initiatives include the upgrading of a 13-km highway section leading to Rakhmanov Springs and the construction of a new airport in Katon-Karagai District, featuring a 2,200-metre runway and a terminal designed to accommodate 150 passengers per hour. The airport is scheduled for completion by end-2026, while improved road access and trekking routes are expected to facilitate access to the region’s mountain landscapes, nature-based attractions and cultural sites. East Kazakhstan received more than 446,000 tourists in 2025, with appoximately 26,000 visitors to Katon-Karagai National Park. Tourism investment in Kazakhstan’s tourism sector has also exceeded USD4.8 billion over the past two years.