Three Deals, Three Asset Plans
The HVS Asia Pacific newsletter for the week ending 2 October 2026 names three hotel trades. Each entry carries a price, a key count and a plan for the property after the handover.
Singapore: Capri by Fraser Sells for SGD330 Million
YTL Hotels and Properties Sdn Bhd, the hospitality arm of Malaysia's YTL Corporation Berhad, and a private fund managed by BlackRock Inc. jointly acquired the 304-key Capri by Fraser, China Square at 181 South Bridge Road for SGD330 million, or about SGD1.1 million per key.
The 16-storey property takes the Hotel Stripes Singapore Chinatown flag under Marriott's Autograph Collection. The site holds a 99-year leasehold that runs to 2 February 2096. The purchase is the second joint Singapore buy for the pair, after the 299-key Oakwood Premier Raffles Place.
Okinawa: One REIT Buys 19.3 Percent Below Appraisal
One REIT Inc. agreed to buy the 300-key Okinawa Grand Mer Resort for 5,555 million yen against a 6,880 million yen appraisal, a gap of 1,325 million yen. The price sits 19.3 percent under the valuation.
The seller is undisclosed. The purchase agreement is dated 29 September 2026 and settlement 30 September 2026, through a trust beneficiary interest. The property runs 100 percent occupied and the appraisal NOI yield is 7.63 percent.
The asset completed in 1992 with 14 storeys and about 24,243 square metres of floor area, roughly 50 minutes by car from Naha Airport. One REIT plans 400 million yen of work: 40 Japanese-style rooms convert to Western style, six suites are renovated, a children's playroom is added and the indoor pool is refurbished. The operator is KPG Hotel and Resort Co., Ltd.
Two filings disagree on the facility list. The newsletter reads two food and beverage outlets, meeting areas, a lounge, an indoor pool, a gym and a retail shop. One REIT's own materials read large restaurants, two large banquet halls, a lounge, an indoor pool and a gym.
Seoul: 260 Keys Inside Lotte Castle SKY-L65
Hyundai HAIM Asset Management completed the acquisition of about 260 keys inside Lotte Castle SKY-L65 in Seoul's Dongdaemun District, with Hong Kong's Phoenix Property Investors as investment participant.
The hotel takes about 22,489 square metres of gross floor area across floors of a mixed-use tower with residential, office and retail components. The tower completed in July 2024 and the hotel sits near Cheongnyangni Station.
The digest words the brand line as a plan: the hotel was originally planned to operate under Lotte Hotels and Resorts' L7 brand. The previously announced facilities are a buffet restaurant, a lounge and bar, an indoor swimming pool, a fitness centre and a jacuzzi.
A Fourth Item: Holland Road Goes Co-Living
The same digest carries one adaptive-reuse award. Singapore Land Authority awarded the 362 Holland Road tender to Trans-Orient Services, which will convert the former Holland Road Maternal and Child Health Centre into a co-living residence for working professionals and students.
The site runs 2,285 square metres with about 685 square metres of gross floor area. Communal lounges, co-working areas and resident-led activities are planned under a three-year master lease with two further three-year renewal options.