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HVS (Asia Pacific – Select Markets) Hotel Valuation Index 2025
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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IHG Acquires a New Urban Lifestyle Hotel Brand – Ruby for EUR110.5 Million
UK-based InterContinental Hotels Group PLC (“IHG”) has acquired the premium European urban lifestyle hotel brand Ruby and its related intellectual property for EUR110.5 million. Ruby currently operates 20 hotels (3,483 keys) across major European cities and has 10 additional hotels in the pipeline (2,235 keys). The brand’s ‘Lean Luxury’ concept focuses on space-efficient design, high operational standards, and a flexible, cost-effective hotel model. The initial franchise fees are anticipated to be approximately USD8 million in 2028. IHG plans to expand Ruby globally, targeting over 120 hotels within the next decade and more than 250 hotels within the next 20 years.
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Hon Kwok Acquires Ave Tennoji Osaka Hotel for JPY1.22 Billion in Japan
Hong Kong-based Hon Kwok Land Investment Company, Limited (“Hon Kwok”) acquired a hotel property in Osaka for JPY1.22 billion through its joint venture entity, The Bauhinia Hotels Group Japan 5, from Japan-based T&M Company Limited. The property, identified as the 101-key Ave Tennoji Osaka, comprises 59 rooms and 42 capsule units. The acquisition price translates to approximately JPY12.08 million per key. The ten-storey hotel, with a total gross floor area of approximately 1,569 square metres, is strategically located adjacent to Tennoji Station. The property features a communal area, a laundrette, a public bathhouse, and a sauna. Upon completion of the acquisition, the property will be delivered in vacant possession, undergo renovations and upgrades to reposition it as a premium boutique hotel, after which it will be leased to an independent hotel operator in Japan.
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Quest Yelverton Kalgoorlie, Sold to a Joint Venture in Australia
A joint venture between Sam Alshandoghly, an existing Quest franchisee, and first-time owner Gaurav Raheja has recently acquired the Quest Yelverton Kalgoorlie franchise, a 50-key apartment hotel in Australia at an undisclosed sum. Situated on a 4,500 square metres site in the centre of Kalgoorlie’s main business district, the property is currently under a long-term lease with expiry in 2046, with options to extend. Facilities include an outdoor swimming pool, kitchen and laundry. Quest Yelverton Kalgoorlie has achieved a three-year average of 83% occupancy, with a high corporate client ratio of 75%.
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Johor Bahru Eyes a MYR2.6 Billion Integrated Development at the Future Bukit Chagar RTS Link station
Malaysia-based conglomerate Sunway Berhad has partnered with public-entity Malaysia’s Mass Rapid Transit Corporation Sdn. Bhd. in a MYR2.6 billion mixed-use development comprising residential, retail, hotel, healthcare, and education components. A multi-storey park-and-ride facility that can accommodate 1,550 cars and 1,015 motorcycles will also be built within the development. Construction of the mixed-use development is expected to commence in March 2025 and slated to be completed by the end of 2033. The 17,100-square-metre development will be integrated with the upcoming Johor Bahru-Singapore Rapid Transit System (RTS) Link, and Johor Bahru’s immigration complex. Situated adjacent to the Bukit Chagar RTS Link station, the development will be connected with other transportation options in Johor Bahru, including the KTM electric train service, city buses, and a future intra-city Autonomous Rail Rapid Transit (“ART”).
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Absolute Share Price Performance, as of 21 February 2025 | |
| Closing Share Price | 21 February 2025 | 14 February 2025 | % Change | | |
| Australia Stock Exchange (ASX) | | |
| Elanor Investors Group | 0.85 | 0.85 | 0.0%
| | Event Hospitality & Entertainment Ltd | 12.12 | 12.37 | -2.0%
| | General Property Group | 4.72 | 4.64 | 1.7%
| | Mirvac Group | 2.11 | 2.13 | -0.9%
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| Bangkok Stock Exchange (THB) | | |
| Central Plaza Hotel Public Co Ltd | 29.50 | 28.50 | 3.5%
| | Dusit Thani Public Co Ltd | 9.10 | 8.80 | 3.4%
| | The Erawan Group Public Co Ltd | 3.28 | 3.28 | 0.0%
| | Grande Asset Hotels & Property Public Co Ltd | 0.05 | 0.05 | 0.0%
| | Laguna Resorts & Hotel Public Co Ltd | 42.75 | 37.75 | 13.2%
| | Minor International Public Co Ltd | 28.50 | 26.75 | 6.5%
| | S Hotels and Resorts Public Company Limited | 2.02 | 2.02 | 0.0%
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| China Shanghai Stock Exchange (RMB) | | |
| Jinling Hotel Corporation Ltd | 6.73 | 6.82 | -1.3%
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| China Shenzhen Stock Exchange (RMB) | | |
| Huatian Hotel Group Co.,Ltd. | 3.07 | 3.22 | -4.7%
| | Guangzhou Lingnan Group Holdings Company Limited | 9.54 | 9.70 | -1.6%
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| Huazhu Group Limited | 37.12 | 36.17 | 2.6%
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| Hong Kong Stock Exchange (HK$) | | |
| Miramar Hotel & Investment Co Ltd | 8.63 | 8.88 | -2.8%
| | Regal Hotels International Holdings Ltd | 2.10 | 2.24 | -6.3%
| | Sino Hotels Holdings Ltd | 1.33 | 1.33 | 0.0%
| | The Hong Kong & Shanghai Hotels Ltd | 5.86 | 5.96 | -1.7%
| | Shangri-La Asia Limited | 4.60 | 5.28 | -12.9%
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| National Stock Exchange (INR) | | |
| Chalet Hotels Ltd | 712.35 | 673.00 | 5.8%
| | IHCL (Taj Hotels, Resorts & Palaces) | 765.45 | 741.90 | 3.2%
| | EIH (Oberoi Hotels & Resorts) | 323.50 | 340.00 | -4.9%
| | Hotel Leela Ventures | 14.40 | 14.30 | 0.7%
| | Lemon Tree Hotels Ltd | 132.74 | 134.88 | -1.6%
| | Mahindra Holiday & Resorts | 321.25 | 319.45 | 0.6%
| | Royal Orchid Hotels | 376.00 | 355.70 | 5.7%
| | SAMHI Hotels Limited | 152.22 | 160.90 | -5.4%
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| The Shilla | 41100.00 | 39650.00 | 3.7%
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| Singapore Stock Exchange (S$) | | |
| Amara Holdings Ltd | 0.57 | 0.58 | -1.7%
| | ARA Htrust (US$) | 0.22 | 0.22 | 0.0%
| | Ascott Residence Trust | 0.88 | 0.88 | -0.6%
| | Banyan Tree Holdings Limited | 0.34 | 0.34 | 0.0%
| | CDL Hospitality Trusts | 0.81 | 0.82 | -1.2%
| | Far East Hospitality Trust | 0.56 | 0.60 | -6.7%
| | Frasers Hospitality Trust | 0.53 | 0.55 | -3.7%
| | Hotel Grand Central Ltd | 0.71 | 0.72 | -0.7%
| | Hotel Properties Ltd | 3.55 | 3.57 | -0.6%
| | Mandarin Oriental International Ltd (US$) | 1.76 | 1.79 | -1.7%
| | Stamford Land Corporation Ltd | 0.37 | 0.37 | -1.4%
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| Taiwan Stock Exchange (NT$) | | |
| Formosa International Hotels Corporation | 196.50 | 197.00 | -0.3%
| | The Ambassador Hotel, Ltd | 55.70 | 55.00 | 1.3%
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| Tokyo Stock Exchange (JPY) | | |
| Japan Hotel REIT Investment Corp. | 68200.00 | 69000.00 | -1.2%
| | Imperial Hotel, Ltd | 905.00 | 914.00 | -1.0%
| | Red Planet Japan Inc | 6390.00 | 5850.00 | 9.2%
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