HVS Asia Pacific Hospitality Newsletter - Week Ending 9 October 2026 - Hospitality Net

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Malaysia-based **IOI Properties Group Berhad** (“IOI”) has entered into a conditional agreement, through its wholly owned subsidiaryBoulevard View Pte Ltd **,** to **acquire** **Shenton 101 Pte Ltd** (“Shenton 101”), the owner of **Shenton House** at [**3 Shenton Way**](https://www.google.com/maps/search/3+Shenton+Way+,++Singapore?entry=gmail&source=g), [**Singapore**,](https://www.google.com/maps/search/3+Shenton+Way+,++Singapore?entry=gmail&source=g) from its group CEO and major shareholder, Lee Yeow Seng, for **SGD593.3 million**. The acquisition involves a nominal SGD1 consideration, settlement of SGD217.1 million in shareholder advances and assumption of SGD376.2 million in existing borrowings. Completed in the **mid-1970s**, Shenton House is a **25-storey strata-titled commercial building** comprising approximately **20,276 square metres** (“sqm”) **of net lettable area** (“NLA”) on a **3,377sqm** **leasehold site** with approximately **42 years remaining on its existing lease**. The site has **a gross plot ratio**(“GPR”) **of** **11.2**, and may qualify for a **25% increase in gross floor area** under the **CBD Incentive Scheme, potentially raising the GPR to 14.0**. IOI plans to invest a further **SGD973.7 million** to **redevelop the property** into a **35-storey mixed-use tower** comprising a **165-key luxury hotel across 10 floors**, 12 office floors, a retail space in the basement and three carpark levels. Supporting facilities will include a swimming pool, food and beverage outlets and sky terraces. The redevelopment is expected to **increase NLA by approximately 80% to 36,528 sqm**. IOI also intends to **renew the site's lease** **to a fresh 99-year tenure**, subject to approvals and applicable premiums. Construction is expected to commence in the **first half of 2027,** with completion **targeted for late 2031**. The acquisition is expected to strengthen IOI’s presence in Singapore’s **Marina Bay financial district**, complementing its nearby IOI Central Boulevard Towers and Asia Square Tower 2.

**China Resources Longdation Co. Ltd** ("CR Longdation"), a subsidiary of Hong Kong-based **China Resources (Holdings) Co., Ltd.** has acquired two hotels for approximately **HKD440 million**, comprising the **160-key Hotel Ease Tsuen Wan Hotel** and **170-key Hotel Ease Access Hotel**, for a combined **330 keys**. The properties have a total Gross Floor Area of approximately **14,670 sqm**, reflecting an average consideration of approximately **HKD1.33 million per key** or **HKD29,984 per sqm**. The acquisitions form part of the group’s plans to convert the hotel assets into **student accommodation**, following its acquisition of the **583-key Hotel Cozi Oasis** for approximately **HKD953 million in March 2026**. The earlier acquisition is also being repositioned as student accommodation. The latest acquisitions bring the group’s hotel acquisitions in Hong Kong this year to **three properties totalling 913 keys and approximately HKD1.4 billion**.

Singapore-based **Coliwoo Holdings Limited** (“Coliwoo”), the coliving subsidiary of LHN Limited, has agreed to sell two freehold properties at **288 and** [**298 River Valley Road**](https://www.google.com/maps/search/298+River+Valley+Road?entry=gmail&source=g) to Singapore-based **Qing Feng Construction Pte Ltd** for a combined consideration of **SGD45.5 million**. The transaction comprises **SGD31.5 million for** [**288 River Valley Road**](https://www.google.com/maps/search/288+River+Valley+Road?entry=gmail&source=g), reflecting approximately SGD850k per key, and **SGD14.0 million for** [**298 River Valley Road**](https://www.google.com/maps/search/298+River+Valley+Road?entry=gmail&source=g), reflecting approximately SGD1.08 million per key. The properties comprise **37** and **13** serviced apartment **keys**, respectively. Following completion of the transaction, a Coliwoo subsidiary will lease both properties back for **three years** and continue operating them under the **Coliwoo brand**. The sale consideration of SGD45.5 million is approximately **8.6%** below the properties’ combined carrying value of **SGD49.8 million** as at **30 September 2025**.

Hong Kong-based **AB Capital Investment Limited** (“AB Capital”) has acquired **Gojoan**, a newly completed **46-key boutique** hotel in central **Kyoto**, Japan, through an off-market transaction. Completed in **March 2026**, the **10-storey** property is located approximately a **two-minute** **walk** from **Gojo Station** on the Kyoto Municipal Subway Karasuma Line and was acquired with vacant possession. AB Capital plans to undertake a **targeted refurbishment** and **rebranding** programme before **relaunching** the property as an **upscale boutique hotel** in partnership with Japan-based hospitality operator **K.K.** **Section L** (“Section L”). The project will mark Section L’s first hotel outside Tokyo and the debut of its new premium brand. Planned works include **integrating the ground-floor entrance** and **club lounges** into a more **open layout**, **refreshing common areas**, **adding extra beds** to **increase accommodation capacity**, and **converting underutilised upper-floor space into a reservable fitness facility**. The transaction represents AB Capital’s **16th** hotel acquisition in Japan and the final investment through **AB Capital Fund II**, which has now fully deployed its capital. The firm is preparing to launch its next opportunistic investment vehicle, **Fund III**, in **spring 2027**, continuing its focus on value-add hospitality investments in Japan.

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[Development](https://www.hospitalitynet.org/development) [Finance](https://www.hospitalitynet.org/finance) [Hotel Acquisition](https://www.hospitalitynet.org/search?tag=Hotel%20Acquisition) [Mixed-Use Development](https://www.hospitalitynet.org/search?tag=Mixed-Use%20Development) [Conversion Hotels](https://www.hospitalitynet.org/search?tag=Conversion%20Hotels) [Hotel Transactions](https://www.hospitalitynet.org/search?tag=Hotel%20Transactions) [Asia Pacific](https://www.hospitalitynet.org/asia) [Singapore](https://www.hospitalitynet.org/search?country=Singapore)

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