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HVS Asia Pacific – Select Markets Hotel Valuation Index 2026
By Chee Hok Yean
The Hotel Valuation Index analyses economic as well as hotel-market specific demand and supply dynamics to derive indicative values and future growth trends for the selected 18 hotel markets in 10 countries in the Asia Pacific region.
To view our HVI publication, please click here.
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Tokyo Capsule Hotel Sold to Daiwa House for JPY2.72 Billion, Japan
Bauhinia Hotels Group Japan 2, a joint-venture company of Optimal Trade Holdings Limited, indirectly owned by Hong Kong-based companies, Chinney Investments Limited (“CIL”) and Hon Kwok Land Investment Company Limited (“Hon Kwok”), has entered into an agreement to sell a capsule hotel in Tokyo, Japan, to Japan-based Daiwa House Industry Co., Ltd. (“Daiwa House”) for JPY2.72 billion on a vacant possession basis. The property comprises 161 capsules and five rooms, with a gross floor area of approximately 1,316 square metres (“sqm”), and reportedly generated rental income of around HKD3.6 million for the fiscal year 2025. The vehicle acquired the property in August 2023 for JPY1.57 billion, and the sale represents a 73.2% increase in value. The property is located within walking distance of Asakusa Station and Tawaramachi Station, providing connectivity to the wider parts of Tokyo.
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CREAL Acquires Prince Smart Inn Osaka Yodoyabashi in Osaka, Japan
Japan-based CREAL Inc. (“CREAL”) has acquired the 312-key Prince Smart Inn Osaka Yodoyabashi through a special purpose vehicle for an undisclosed amount. The property occupies a site of approximately 1,406 sqm and comprises a total gross floor area of 12,679 sqm across 19 levels, including three basement floors. On-site facilities include a restaurant and a self-service laundrette. Located at Yodoyabashi, the hotel is situated a one-minute walk from Yodoyabashi Station on the Osaka Metro Midosuji Line, providing direct connectivity to Osaka’s core business and commercial districts.
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South Korea Introduces Expanded Multiple-Entry Visas for Chinese Nationals
Effective 1 April 2026, the Korean Embassy in China has announced expanded visa policies for Chinese nationals visiting South Korea. Chinese travellers who have previously visited South Korea will now be eligible for a five-year multiple-entry visa. In addition, applicants residing in Beijing, Shanghai, Guangzhou, Shenzhen, and ten other major cities, as well as employees of companies that have invested at least USD1 million in South Korea, may apply for a 10-year multiple-entry visa. The policy is intended to encourage repeat visitation among Chinese travellers, whose repeat visit rate stood at 54.3% in Q4 2025, below that of Japan (76.5%) and Thailand (79.2%). It also aims to stimulate demand amid rising competition from Southeast Asian destinations and elevated airfares. The move builds on the recovery in Chinese outbound travel to South Korea, with arrivals reaching 5.48 million in 2025.
| | Absolute Share Price Performance, as of 10 April 2026 | | | Closing Share Price | 10 April 2026 | 3 April 2026 | % Change | | | | Australia Stock Exchange (ASX) | | | | Elanor Investors Group | 0.85 | 0.85 | 0.0%
| | Event Hospitality & Entertainment Ltd | 13.50 | 13.40 | 0.7%
| | General Property Group | 4.51 | 4.43 | 1.8%
| | Mirvac Group | 1.70 | 1.75 | -2.9%
| | | | Bangkok Stock Exchange (THB) | | | | Central Plaza Hotel Public Co Ltd | 35.00 | 33.00 | 6.1%
| | Dusit Thani Public Co Ltd | 10.20 | 10.30 | -1.0%
| | Grande Asset Hotels & Property Public Co Ltd | 0.03 | 0.03 | 0.0%
| | Laguna Resorts & Hotel Public Co Ltd | 36.75 | 36.75 | 0.0%
| | Minor International Public Co Ltd | 22.40 | 22.20 | 0.9%
| | S Hotels and Resorts Public Company Limited | 1.72 | 1.73 | -0.6%
| | The Erawan Group Public Co Ltd | 2.72 | 2.64 | 3.0%
| | | | China Shanghai Stock Exchange (RMB) | | | | BTG Hotels Group Co Ltd | 14.94 | 15.65 | -4.5%
| | Jinling Hotel Corporation Ltd | 8.22 | 8.33 | -1.3%
| | Shanghai Jin Jiang International Hotels Co., Ltd | 27.03 | 28.55 | -5.3%
| | | | China Shenzhen Stock Exchange (RMB) | | | | Huatian Hotel Group Co., Ltd. | 4.07 | 4.04 | 0.7%
| | Guangzhou Lingnan Group Holdings Company Limited | 11.03 | 10.83 | 1.8%
| | SSAW Hotels & Resorts Group Co., Ltd. | 27.03 | 27.18 | -0.6%
| | | | Hotel101 Global Holdings Corp | 6.28 | 7.77 | -19.2%
| | Huazhu Group Limited | 53.61 | 51.46 | 4.2%
| | | | Hong Kong Stock Exchange (HK$) | | | | Miramar Hotel & Investment Co Ltd | 10.74 | 10.79 | -0.5%
| | Regal Hotels International Holdings Ltd | 0.54 | 0.53 | 1.9%
| | Shangri-La Asia Limited | 4.56 | 4.54 | 0.4%
| | Sino Hotels Holdings Ltd | 1.69 | 1.65 | 2.4%
| | The Hong Kong & Shanghai Hotels Ltd | 6.05 | 6.00 | 0.8%
| | | | National Stock Exchange (INR) | | | | Apeejay Surrendra Park Hotels | 114.69 | 105.88 | 8.3%
| | Brigade Hotel Ventures | 63.47 | 58.1 | 9.2%
| | Chalet Hotels Ltd | 760.00 | 723.05 | 5.1%
| | EIH (Oberoi Hotels & Resorts) | 308.40 | 290.00 | 6.3%
| | IHCL (Taj Hotels, Resorts & Palaces) | 633.35 | 584.00 | 8.5%
| | ITC Hotels | 152.90 | 147.50 | 3.7%
| | Juniper Hotels | 217.4 | 206 | 5.5%
| | Lemon Tree Hotels Ltd | 113.98 | 108.70 | 4.9%
| | Mahindra Holiday & Resorts | 250.90 | 251.89 | -0.4%
| | Royal Orchid Hotels | 356.35 | 313.15 | 13.8%
| | SAMHI Hotels Limited | 155.08 | 138.65 | 11.8%
| | Schloss Bangalore Ltd | 425.70 | 406.80 | 4.6%
| | Ventive Hospitality | 609.00 | 574.25 | 6.1%
| | | | The Shilla | 48800.00 | 43450.00 | 12.3%
| | | | Singapore Stock Exchange (S$) | | | | Acrophyte Hospitality Trust (US$) | 0.26 | 0.25 | 4.1%
| | Banyan Tree Holdings Limited | 0.61 | 0.59 | 3.4%
| | CapitalLand Ascott Trust | 0.91 | 0.90 | 1.1%
| | CDL Hospitality Trusts | 0.83 | 0.81 | 1.9%
| | Coliwoo Holdings Limited | 0.50 | 0.50 | 1.0%
| | Far East Hospitality Trust | 0.58 | 0.57 | 1.8%
| | Hotel Grand Central Ltd | 0.74 | 0.73 | 1.4%
| | Hotel Properties Ltd | 4.52 | 4.51 | 0.2%
| | ProsperCap Corporation Ltd | 0.08 | 0.08 | 0.0%
| | Stamford Land Corporation Ltd | 0.48 | 0.47 | 1.1%
| | | | Taiwan Stock Exchange (NT$) | | | | Formosa International Hotels Corporation | 202.00 | 187.50 | 7.7%
| | The Ambassador Hotel, Ltd | 42.90 | 42.95 | -0.1%
| | | | Tokyo Stock Exchange (JPY) | | | | Hoshino Resorts REIT, Inc | 257800 | 253000 | 1.9%
| | Imperial Hotel, Ltd | 1521.00 | 1578.00 | -3.6%
| | Ichigo Hotel REIT Investment Corporation | 115500 | 111400 | 3.7%
| | Invincible Investment Corporation | 62400 | 60900 | 2.5%
| | Japan Hotel REIT Investment Corp. | 78500.00 | 76400.00 | 2.7%
| | Kasumigaseki Hotel REIT Investment Corp | 97800.00 | 98100.00 | -0.3%
| | Nippon Hotel & Residential Investment Corporation | 72200.00 | 70800.00 | 2.0%
| | Polaris Holdings | 177 | 178 | -0.6%
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