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HVS Guide To Hotel Management Contracts: Asia-Pacific
The publication presents the findings of an extensive review of hotel management agreements conducted across the Asia Pacific regions excluding India, and provides an in-depth analysis of the key commercial terms and contractual provisions of such agreements. It examines seven principal areas critical to owner-operator negotiations: management contract term, territorial restrictions, operator fees, operator performance tests, budget, owner rights and termination rights.
In addition, the publication features exclusive HVS insights into key contractual provisions, along with detailed factsheets covering 18 hotel operators. The survey draws on a sample of 260 hotel management contracts, representing more than 40,000 hotel rooms.
To view and purchase the full article, please click here.
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Sansiri PLC Launches Luxury Hospitality Fund, acquiring The Lake Como EDITION in Italy
Thailand-based Sansiri Public Company Limited (“Sansiri PLC”) has established a private equity fund, Sansiri Capital, focused on investments in luxury hospitality assets. The fund will reportedly target ultra-luxury trophy assets in global gateway cities and high-demand leisure destinations with limited supply. As part of this strategy, Sansiri Capital has agreed to acquire the 148-key The Lake Como EDITION, a waterfront hotel in Cadenabbia, Italy, from US-based Bain Capital, LP and UK-based Omnam UK Ltd. The acquisition deal is expected to be completed by the end of September 2026. The property is reportedly valued at more than EUR200 million and currently records an occupancy rate of over 70% and an average daily rate (“ADR”) exceeding EUR1,500 during the peak travel season in July and August this year. After four years of renovation, the hotel reopened in March 2026 with its room count reduced from nearly 300 to 148. The redevelopment also introduced a dedicated spa and wellness building, a floating pool and a beach club. Other guest facilities include fitness centre, indoor and outdoor swimming pools, four food and beverage outlets and three meeting rooms. Sansiri Capital’s current portfolio spans more than 1,042 keys across eight properties, including the 62-key The StandardX Bangkok, 196-key The Standard Hua Hin and 179-key The St. Regis Aspen.
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CMC REIT, BGO, and Welkin Links Acquired The Quad for HKD528.5 million in Hong Kong
China-based China Merchants Commercial REIT (“CMC REIT”) and a fund backed by US-based BentallGreenOak (“BGO”) and Hong Kong-based Welkin Links Capital Group (“Welkin Links”), have agreed to acquire The Quad, an operating student accommodation property in Hung Hom, Kowloon, from Hong Kong-based Easyknit International Holdings Limited for HKD528.5 million. The acquisition is being undertaken through a joint venture, with CMC REIT holding a 55% interest and the BGO-Welkin fund holding the remaining 45%. Located at 470–478 Chatham Road North, The Quad is a 29-storey property comprising 184 rooms and 205 beds across approximately 3,890.3 square metres (“sqm”) of gross floor area. The transaction reflects approximately HKD2.58 million per bed and HKD135,850 per sqm. Completed in 2025, the property is currently fully occupied and generated approximately HKD18.9 million in revenue during the 12 months ended March 2026. The acquisition represents CMC REIT’s second investment in Hong Kong student accommodation.
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JDA Collective Acquires Headlands Hotel for AUD44 Million in Australia
Australia-based hospitality group JDA Collective has acquired the Headlands Hotel in Austinmer, on the NSW South Coast, from the Australia-based property development group, The Stevens Group for AUD44 million. This translates to approximately AUD733,000 per key. Developed by The Stevens Group and opened in 2016 following its redevelopment, the property occupies a 2,550 sqm clifftop site overlooking the Pacific Ocean and comprises a two-level hotel and hospitality venue with 60 serviced apartments. Facilities include multiple bars and dining areas, a gaming room with 14 electronic gaming machines, events and conference facilities, and underground parking. The property offers panoramic views across the Pacific Ocean and surrounding beaches and is located approximately 15 km north of Wollongong.
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Cheonghwi Building, Home to Sotetsu Fresa Inn Seoul Myeong-dong, was Sold in South Korea
The sale of Cheonghwi Building, a hotel and retail mixed-use property in the heart of Myeongdong, Seoul, has been completed for an undisclosed sum. The property comprises approximately 5,944 sqm of gross floor area and accommodates the 152-key Sotetsu Fresa Inn Seoul Myeong-dong on its upper floors under a long-term lease agreement, while the lower floors comprise retail spaces primarily occupied by Korean cosmetic brands. Located in one of Seoul’s key tourism and retail districts, the property can be accessed with a five-minute walk from both Myeongdong Station and Euljiro 1(il)-ga Station, providing convenient access to the wider Seoul metropolitan area. The property also benefits from increasing international visitor traffic and Myeongdong’s established retail demand. Opened in 2019, the hotel features self-service lockers and a laundromat.
| | Absolute Share Price Performance, as of 11 September 2026 | | | Closing Share Price | 11 September 2026 | 4 September 2026 | % Change | | | | Australia Stock Exchange (ASX) | | | | Kyron Capital Group | 0.04 | 0.04 | 14.3%
| | Event Hospitality & Entertainment Ltd | 13.15 | 14.40 | -8.7%
| | General Property Group | 4.44 | 4.62 | -3.9%
| | Mirvac Group | 1.78 | 1.84 | -3.5%
| | | | Bangkok Stock Exchange (THB) | | | | Central Plaza Hotel Public Co Ltd | 43.75 | 42.75 | 2.3%
| | Dusit Thani Public Co Ltd | 10.70 | 10.80 | -0.9%
| | Grande Asset Hotels & Property Public Co Ltd | 0.02 | 0.02 | 0.0%
| | Laguna Resorts & Hotel Public Co Ltd | 25.75 | 30.75 | -16.3%
| | Minor International Public Co Ltd | 21.80 | 22.00 | -0.9%
| | S Hotels and Resorts Public Company Limited | 1.59 | 1.56 | 1.9%
| | The Erawan Group Public Co Ltd | 3.80 | 3.64 | 4.4%
| | | | China Shanghai Stock Exchange (RMB) | | | | BTG Hotels Group Co Ltd | 11.36 | 11.68 | -2.7%
| | Jinling Hotel Corporation Ltd | 7.02 | 7.00 | 0.3%
| | Shanghai Jin Jiang International Hotels Co., Ltd | 18.95 | 19.05 | -0.5%
| | | | China Shenzhen Stock Exchange (RMB) | | | | Huatian Hotel Group Co., Ltd. | 5.00 | 4.26 | 17.4%
| | Guangzhou Lingnan Group Holdings Company Limited | 9.70 | 10.11 | -4.1%
| | SSAW Hotels & Resorts Group Co., Ltd. | 19.55 | 19.86 | -1.6%
| | | | Hotel101 Global Holdings Corp | 5.04 | 5.30 | -4.9%
| | Huazhu Group Limited | 43.30 | 46.14 | -6.2%
| | | | Hong Kong Stock Exchange (HK$) | | | | Miramar Hotel & Investment Co Ltd | 10.03 | 10.08 | -0.5%
| | Regal Hotels International Holdings Ltd | 0.46 | 0.46 | 0.0%
| | Shangri-La Asia Limited | 3.99 | 4.09 | -2.3%
| | Sino Hotels Holdings Ltd | 1.51 | 1.53 | -1.0%
| | The Hong Kong & Shanghai Hotels Ltd | 5.41 | 5.70 | -5.1%
| | | | National Stock Exchange (INR) | | | | Apeejay Surrendra Park Hotels | 111.00 | 114.25 | -2.8%
| | Brigade Hotel Ventures | 56 | 58.95 | -5.0%
| | Chalet Hotels Ltd | 865.00 | 890.00 | -2.8%
| | EIH (Oberoi Hotels & Resorts) | 283.90 | 292.65 | -3.0%
| | IHCL (Taj Hotels, Resorts & Palaces) | 712.75 | 730.00 | -2.4%
| | ITC Hotels | 153.85 | 161.00 | -4.4%
| | Juniper Hotels | 227.39 | 215 | 5.8%
| | Lemon Tree Hotels Ltd | 105.05 | 105.24 | -0.2%
| | Mahindra Holiday & Resorts | 195.00 | 208.00 | -6.3%
| | Royal Orchid Hotels | 305.15 | 298.00 | 2.4%
| | SAMHI Hotels Limited | 158.40 | 152.59 | 3.8%
| | Schloss Bangalore Ltd | 553.80 | 564.45 | -1.9%
| | Ventive Hospitality | 569.70 | 594.45 | -4.2%
| | | | Ananti Inc. | 5260.00 | 5640.00 | -6.7%
| | Grand Korea Leisure Co., Ltd. | 9150.00 | 9570.00 | -4.4%
| | Hotel Shilla Co., Ltd. | 40850.00 | 42450.00 | -3.8%
| | Lotte Tour Development Co., Ltd. | 11960.00 | 12610.00 | -5.2%
| | Paradise Co., Ltd. | 9840.00 | 10190.00 | -3.4%
| | Seobu T&D Co., Ltd. | 10900.00 | 11280.00 | -3.4%
| | Shinhan Seobu T&D REIT | 3680 | 3930 | -6.4%
| | | | Singapore Stock Exchange (S$) | | | | Acrophyte Hospitality Trust (US$) | 0.21 | 0.21 | 0.0%
| | Banyan Tree Holdings Limited | 0.50 | 0.51 | -2.9%
| | CapitalLand Ascott Trust | 0.84 | 0.85 | -1.8%
| | CDL Hospitality Trusts | 0.75 | 0.76 | -1.3%
| | Coliwoo Holdings Limited | 0.49 | 0.49 | -1.0%
| | Far East Hospitality Trust | 0.54 | 0.55 | -2.7%
| | Hotel Grand Central Ltd | 0.71 | 0.71 | -0.7%
| | Hotel Properties Ltd | 4.57 | 4.60 | -0.7%
| | ProsperCap Corporation Ltd | 0.08 | 0.08 | 0.0%
| | Stamford Land Corporation Ltd | 0.47 | 0.47 | 0.0%
| | | | Taiwan Stock Exchange (NT$) | | | | Formosa International Hotels Corporation | 177.50 | 180.00 | -1.4%
| | The Ambassador Hotel, Ltd | 45.25 | 45.95 | -1.5%
| | | | Tokyo Stock Exchange (JPY) | | | | Hoshino Resorts REIT, Inc | 233400 | 240500 | -3.0%
| | Imperial Hotel, Ltd | 937.00 | 978.00 | -4.2%
| | Ichigo Hotel REIT Investment Corporation | 110800 | 110900 | -0.1%
| | Invincible Investment Corporation | 60700 | 62200 | -2.4%
| | Japan Hotel REIT Investment Corp. | 83100.00 | 84400.00 | -1.5%
| | Kasumigaseki Hotel REIT Investment Corp | 94600.00 | 96400.00 | -1.9%
| | Nippon Hotel & Residential Investment Corporation | 65200.00 | 66000.00 | -1.2%
| | Polaris Holdings | 188 | 190 | -1.1%
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