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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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CLI Acquires ibis Hong Kong Central and Sheung Wan for HKD2.3 Billion in Hong Kong
Singapore-based CapitaLand Investment Ltd (“CLI”) has acquired the 550-key ibis Hong Kong Central and Sheung Wan from Hong Kong-based Butterfly Hospitality (HK) Limited for HKD2.3 billion. This translates to approximately HKD4.2 million per key. Located on Des Voeux Road West in Sheung Wan, the 34-storey property occupies a 1,380 square metre ("sqm"), 999-year leasehold site, with the hotel occupying 25 levels. The hotel is easily accessible via Sai Ying Pun MTR station, and features a restaurant and bar, fitness centre and meetings and events spaces. Upon acquisition, the property is expected to be converted into student accommodation under Singapore-based The Ascott Limited’s Adoor Suites brand.
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Star Asia Acquires KOKO Hotel Osaka Shinsekai for JPY3.926 Billion and Disposes Washington R&B Hotel Umeda East for JPY3.01 Billion in Japan
Star Asia Investment Management Co., Ltd., the asset manager of Japan-based Star Asia Investment Corporation (“Star Asia”) has acquired the 128-key KOKO HOTEL Osaka Shinsekai from Japan-based ML Estate Company, Limited for JPY3.926 billion, equivalent to approximately JPY30.7 million per key. Located in Osaka’s Shinsekai district, the nine-storey hotel occupies a 905 sqm site and has a GFA of 3,376 sqm. Completed in 2017, the hotel features a restaurant and laundry facilities. Furthermore, Star Asia has also disposed the 198-key Washington R&B Hotel Umeda East to an undisclosed buyer for JPY3.01 billion, translating to approximately JPY15.2 million a key. Completed in 2000, the property has a site area of 734 sqm and a GFA of 3,948 sqm. The property was renovated in 2025, and features a restaurant, laundry facilities, and a locker area. Star Asia has also invested JPY1.679 billion to acquire a 49.5% silent partnership equity interest in Japan-based Godo Kaisha Akatsuki. The company holds a real estate beneficiary interest in trust in the 42-key Former Kan’in-no-miya Gora Villa and its ancillary accommodation facilities. Located in Gora, the property has an appraised value of JPY16.4 billion.
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Banyan Group Acquires Newmark Hotels in a ZAR756 Million Deal
Singapore-based Banyan Tree Holdings Limited (“Banyan Group”) has entered into a strategic partnership with South Africa-based Newmark Hotels & Reserves (“Newmark Hotels”), initially acquiring a 70% stake in the company, with the remaining 30% to be acquired under a phased structure leading to full ownership. The transaction has a total value of approximately ZAR756 million. Newmark will join Banyan Group as a collection brand while retaining its existing name, management team, local operating model and relationships with property owners. The acquisition adds 26 managed hotels, lodges and reserves across seven African countries to Banyan Group’s portfolio. Notable properties include 107-key QWABI Private Game Reserve in South Africa’s Waterberg region, 15-key Motswari Private Game Reserve within the Greater Kruger ecosystem and 15-key Gorilla Heights Lodge adjoining Uganda’s Bwindi Impenetrable National Park. Following the transaction, Banyan Group’s portfolio will expand to nearly 130 hotels, resorts and reserves, alongside more than 30 branded residences and 140 spas and galleries, across 14 hospitality and residential brands in 28 countries.
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Megaworld Launches New Hospitality Group and Infuses New Asset to MREIT
Philippines-based Megaworld Corporation (“Megaworld”) has established Megaworld Global Hotels and Resorts to consolidate its expanding hospitality business as the group targets a portfolio of nearly 12,000 keys by 2032. MGHR will oversee the portfolio through the two groups: Megaworld Hotels & Resorts, responsible for hotel properties in Metro Manila, Boracay, Batangas and Cebu, and Megaworld Global Hospitality, which will oversee the 1,530-key Mövenpick Manila Bay Westside, Megaworld’s largest hotel, alongside other hotel properties in Palawan and Iloilo. Separately, MREIT Inc. (“MREIT”), has received approval from the Philippine Securities and Exchange Commission for a PHP27 billion asset infusion from Megaworld, marking its fifth asset-infusion exercise. The transaction comprises approximately 303,900 sqm of gross leasable area (“GLA”) across the 737-key Holiday Inn Express Manila Newport City, five lifestyle malls and six office properties. The injection will increase MREIT’s assets under management to approximately PHP122 billion, and expand its portfolio to around 950,000 sqm, comprising 77% office, 20% retail and 3% hotel assets. MREIT is also preparing a sixth asset-infusion exercise as it targets 1.0 million sqm of GLA by 2027.
| | Absolute Share Price Performance, as of 18 September 2026 | | | Closing Share Price | 18 September 2026 | 11 September 2026 | % Change | | | | Australia Stock Exchange (ASX) | | | | Kyron Capital Group | 0.04 | 0.04 | -2.5%
| | Event Hospitality & Entertainment Ltd | 13.25 | 13.15 | 0.8%
| | General Property Group | 4.41 | 4.44 | -0.7%
| | Mirvac Group | 1.74 | 1.78 | -2.0%
| | | | Bangkok Stock Exchange (THB) | | | | Central Plaza Hotel Public Co Ltd | 43.00 | 43.75 | -1.7%
| | Dusit Thani Public Co Ltd | 10.80 | 10.70 | 0.9%
| | Grande Asset Hotels & Property Public Co Ltd | 0.02 | 0.02 | 0.0%
| | Laguna Resorts & Hotel Public Co Ltd | 25.75 | 25.75 | 0.0%
| | Minor International Public Co Ltd | 21.50 | 21.80 | -1.4%
| | S Hotels and Resorts Public Company Limited | 1.56 | 1.59 | -1.9%
| | The Erawan Group Public Co Ltd | 3.70 | 3.80 | -2.6%
| | | | China Shanghai Stock Exchange (RMB) | | | | BTG Hotels Group Co Ltd | 11.37 | 11.36 | 0.1%
| | Jinling Hotel Corporation Ltd | 6.75 | 7.02 | -3.8%
| | Shanghai Jin Jiang International Hotels Co., Ltd | 18.51 | 18.95 | -2.3%
| | | | China Shenzhen Stock Exchange (RMB) | | | | Huatian Hotel Group Co., Ltd. | 4.00 | 5.00 | -20.0%
| | Guangzhou Lingnan Group Holdings Company Limited | 9.06 | 9.70 | -6.6%
| | SSAW Hotels & Resorts Group Co., Ltd. | 17.42 | 19.55 | -10.9%
| | | | Hotel101 Global Holdings Corp | 5.31 | 5.04 | 5.4%
| | Huazhu Group Limited | 42.98 | 43.30 | -0.7%
| | | | Hong Kong Stock Exchange (HK$) | | | | Miramar Hotel & Investment Co Ltd | 9.95 | 10.03 | -0.8%
| | Regal Hotels International Holdings Ltd | 0.45 | 0.46 | -2.2%
| | Shangri-La Asia Limited | 3.87 | 3.99 | -3.0%
| | Sino Hotels Holdings Ltd | 1.56 | 1.51 | 3.3%
| | The Hong Kong & Shanghai Hotels Ltd | 5.35 | 5.41 | -1.1%
| | | | National Stock Exchange (INR) | | | | Apeejay Surrendra Park Hotels | 107.05 | 111.00 | -3.6%
| | Brigade Hotel Ventures | 56.52 | 56 | 0.9%
| | Chalet Hotels Ltd | 845.00 | 865.00 | -2.3%
| | EIH (Oberoi Hotels & Resorts) | 304.00 | 283.90 | 7.1%
| | IHCL (Taj Hotels, Resorts & Palaces) | 725.85 | 712.75 | 1.8%
| | ITC Hotels | 154.99 | 153.85 | 0.7%
| | Juniper Hotels | 217 | 227.39 | -4.6%
| | Lemon Tree Hotels Ltd | 104.12 | 105.05 | -0.9%
| | Mahindra Holiday & Resorts | 195.00 | 195.00 | 0.0%
| | Royal Orchid Hotels | 303.40 | 305.15 | -0.6%
| | SAMHI Hotels Limited | 157.00 | 158.40 | -0.9%
| | Schloss Bangalore Ltd | 530.00 | 553.80 | -4.3%
| | Ventive Hospitality | 564.55 | 569.70 | -0.9%
| | | | Ananti Inc. | 5120.00 | 5260.00 | -2.7%
| | Grand Korea Leisure Co., Ltd. | 9030.00 | 9150.00 | -1.3%
| | Hotel Shilla Co., Ltd. | 40850.00 | 40850.00 | 0.0%
| | Lotte Tour Development Co., Ltd. | 11730.00 | 11960.00 | -1.9%
| | Paradise Co., Ltd. | 9660.00 | 9840.00 | -1.8%
| | Seobu T&D Co., Ltd. | 11050.00 | 10900.00 | 1.4%
| | Shinhan Seobu T&D REIT | 3845 | 3680 | 4.5%
| | | | Singapore Stock Exchange (S$) | | | | Acrophyte Hospitality Trust (US$) | 0.22 | 0.21 | 2.4%
| | Banyan Tree Holdings Limited | 0.50 | 0.50 | 1.0%
| | CapitalLand Ascott Trust | 0.83 | 0.84 | -0.6%
| | CDL Hospitality Trusts | 0.74 | 0.75 | -1.3%
| | Coliwoo Holdings Limited | 0.47 | 0.49 | -4.1%
| | Far East Hospitality Trust | 0.54 | 0.54 | 0.0%
| | Hotel Grand Central Ltd | 0.71 | 0.71 | 0.0%
| | Hotel Properties Ltd | 4.58 | 4.57 | 0.2%
| | ProsperCap Corporation Ltd | 0.08 | 0.08 | 0.0%
| | Stamford Land Corporation Ltd | 0.47 | 0.47 | 1.1%
| | | | Taiwan Stock Exchange (NT$) | | | | Formosa International Hotels Corporation | 178.00 | 177.50 | 0.3%
| | The Ambassador Hotel, Ltd | 46.15 | 45.25 | 2.0%
| | | | Tokyo Stock Exchange (JPY) | | | | Hoshino Resorts REIT, Inc | 236200 | 233400 | 1.2%
| | Imperial Hotel, Ltd | 955.00 | 937.00 | 1.9%
| | Ichigo Hotel REIT Investment Corporation | 110000 | 110800 | -0.7%
| | Invincible Investment Corporation | 62000 | 60700 | 2.1%
| | Japan Hotel REIT Investment Corp. | 84800.00 | 83100.00 | 2.0%
| | Kasumigaseki Hotel REIT Investment Corp | 97700.00 | 94600.00 | 3.3%
| | Nippon Hotel & Residential Investment Corporation | 67400.00 | 65200.00 | 3.4%
| | Polaris Holdings | 188 | 188 | 0.0%
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