Three hotel trades in the Asia Pacific weekly record
HVS’s Asia Pacific hospitality newsletter for the week ending 2 October 2026 records three named hotel transactions. Two carry a published price. The largest sits in Singapore, where YTL Hotels and a private fund managed by BlackRock acquired the 304-key Capri by Fraser, China Square at 181 South Bridge Road for SGD330 million, or approximately SGD1.1 million per key. HVS describes the 16-storey property as the subject of a repositioning and rebrand to Hotel Stripes Singapore Chinatown, under Marriott International’s Autograph Collection, and calls it the debut of YTL’s Hotel Stripes brand in Singapore.
The Singapore price rests on market reporting
Neither buyer published a figure. YTL Hotels’ own release of 1 October 2026 announces the acquisition, the repositioning and the brand change, and states no price. The SGD330 million and the per-key figure come from market reporting published while the deal sat in due diligence. The Business Times reported on 15 June 2026 that BlackRock was in exclusive due diligence and that the pricing was about S$330 million, or about S$1.1 million per key. Mingtiandi reported the same pair on 3 October 2026 and put the US dollar equivalent at $257.9 million. Both outlets attributed the figure to market sources.
Mingtiandi places the agreed price about 5.7 percent below the S$350 million that EQT Private Capital Asia had considered several months earlier, and The Business Times reported EQT’s later exit from the process. The leasehold runs to February 2096. The Business Times puts the balance at about 69.5 years and the newsletter at approximately 69 years. The vendor is the Frasers Property group, and JLL’s hotels and hospitality group managed the sale. Julien Naouri, JLL’s head of investment sales Asia, said the sale drew interest from private, institutional, regional and global capital. Neither party disclosed how ownership of the hotel is split.
YTL’s second Singapore purchase alongside BlackRock
YTL Hotels calls the acquisition its second major Singapore hospitality investment with BlackRock in less than 18 months. The first was the 299-unit Citadines Raffles Place in May 2025, rebranded this year as Oakwood Premier Raffles Place Singapore. The release states that the property transitions to new management on 1 October 2026, and the newsletter records the acquisition itself as completed.
One REIT agrees to buy the Okinawa Grand Mer Resort
One REIT agreed to acquire the 300-key Okinawa Grand Mer Resort for JPY5.555 billion, or approximately JPY18.5 million per key, from an undisclosed seller. One REIT’s own notice of 28 September 2026 confirms the 5,555 million yen planned price and discloses an appraisal value of 6,880 million yen, from a valuation dated 1 September 2026 by Daiwa Real Estate Appraisal. The agreed price sits 19.3 percent below the appraised value. The notice gives a purchase agreement date of 29 September 2026 and an acquisition date of 30 September 2026, for a trust beneficiary interest. The seller holds no special interest relationship with One REIT.
The appraisal yield and the funding
One REIT states the asset’s appraisal NOI yield at 7.63 percent, against a portfolio NOI yield of 5.17 percent for the fiscal period ended February 2026, and expects the purchase to lift the portfolio yield. After completion office assets account for 72.4 percent of the portfolio and hotels 27.6 percent. One REIT funds the purchase from borrowings and cash on hand. Its separate borrowing notice of 28 September 2026 records a 5,000 million yen short-term loan from Mizuho Bank, drawn under an uncommitted credit facility dated 31 July 2025, and takes interest-bearing debt from 80,394 million yen to 85,394 million yen.
The asset and the renovation programme
The property stands in Okinawa City, about 50 minutes by car from Naha Airport. It holds 24,243.44 square metres of floor space across 14 floors above ground and one basement, in a steel-reinforced concrete structure completed in March 1992. One REIT records the property 100 percent leased to KPG HOTEL & RESORT Co., a Kato Pleasure Group company, and names JLL Retail Management as the planned property manager. Planned work covers the conversion of 40 Japanese-style rooms to Western style, the renovation of six suites, a new children’s playroom and refurbishment of the pool. One REIT lists large restaurants, two large banquet halls, a lounge, an indoor pool and a gym, and the newsletter adds a retail shop to that set.
The Cheongnyangni acquisition in Seoul
Hyundai HAIM Asset Management completed the acquisition of approximately 260 keys within Lotte Castle SKY-L65 in Seoul’s Dongdaemun District, with investment participation from Hong Kong-based Phoenix Property Investors. The newsletter puts the gross floor area at approximately 22,489 square metres across multiple floors of a mixed-use tower that carries residential, office and retail components. No price is published for this transaction. The newsletter states that the hotel element was completed in July 2024 and that it was originally planned to operate under Lotte Hotels and Resorts’ L7 brand.
The market record on that plan runs deeper. Chosunbiz reported on 15 April 2025 that Lotte Hotel and Resort would open L7 Cheongnyangni by Lotte the following month, inside the SKY-L65 landmark tower, with 260 guest rooms on floors 18 to 25. The Maeil Business Newspaper reported on 24 February 2025 that the hotel would run under consignment, the first such arrangement among Lotte Hotels’ domestic properties, with a separate operator, Seoul Investa, responsible for construction and operation. Real Estate Asia reported on 24 March 2026 that JLL had recorded no significant new hotel supply in Seoul in the fourth quarter of 2025 after the postponement of L7 Cheongnyangni by Lotte, which was originally scheduled to open with 260 keys.
The rest of the edition
The newsletter also records the Singapore Land Authority’s award of the 362 Holland Road tender to Trans-Orient Services for adaptive reuse as a co-living residence. The 2,285 square metre site carries a three-year master lease with two further three-year renewal options, and the building last operated as Assemblage, a 37-room student hostel managed by Cogent Holdings.