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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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HVS Guide To Third-Party Operators: Asia-Pacific
The publication provides hotel owners, investors, and industry stakeholders with a comprehensive understanding of the evolving Third-Party Operators (TPO) landscape across the region. It explores the different operating models, key growth drivers, and the role TPOs can play in creating value across diverse hotel assets and operating structures. The guide also examines the advantages and considerations of engaging TPOs, outlines key criteria for selecting the right operator, and highlights emerging trends shaping the future of third-party hotel operations.
To view and purchase the full article, please click here.
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GIC Acquires a 16-Hotel Portfolio in Japan from KKR for JPY200 Billion
Singapore-based GIC Private Limited (“GIC”) has acquired a portfolio of 16 Four Points Flex by Sheraton hotels across 11 Japanese cities from US-based KKR & Co. Inc. (“KKR”) for approximately JPY 200 billion. While the individual assets were not disclosed, the portfolio spans major business and tourism destinations, including Greater Tokyo, Osaka, Kyoto and Fukuoka. KKR acquired the core portfolio from Japan-based Unizo Holdings Company, Limited in 2024 as part of Unizo’s restructuring. The initial portfolio comprised 14 hotels with more than 3,600 keys across 10 cities. KKR subsequently partnered with US-based Marriott International to introduce the Four Points Flex by Sheraton brand and undertook renovations and operational repositioning. The portfolio was later expanded to the 16 assets included in the transaction. Following the sale, KKR-owned KJR Management will remain as the asset manager, while K+ Hospitality Management Co., Ltd. will continue to operate the hotels. The transaction further expands GIC’s exposure to Japan’s hospitality sector, following its acquisition of 31 hospitality and leisure assets from Japan-based Seibu Holdings Inc. in 2022 for an estimated JPY 150 billion.
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Pebblestone Signs MOU to Acquire Hyde Park Myeongdong with a KRW500 Billion Bid in South Korea
South Korea-based Pebblestone Asset Management Co., Ltd. (“Pebblestone”) has signed a memorandum of understanding (“MOU”) to acquire Hyde Park Myeongdong, a mixed-use commercial property in Seoul’s Jung District, following its selection as the preferred bidder with an offer of approximately KRW500 billion. Located at 84 Namdaemun-ro, the property comprises approximately 26,700 square metres ("sqm") of gross floor area ("GFA") across 19 storeys above ground and three basement levels. The lower floors accommodate Apple Myeongdong and retail facilities, while the upper floors house the 243-key Stanford Hotel Myeongdong, which features three food and beverage outlets, fitness centre, business centre and a laundrette. The property also accommodates dermatology and aesthetic medical clinics targeting international visitors. Completed in 2021, the complex was developed by South Korea-based Mastern Investment Management and US-based TPG Angelo Gordon on the former KB Kookmin Bank headquarters site.
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Shorea Capital Enters Hong Kong Living Sector with the Acquisition and Planned Conversion of The Pemberton
Singapore-based real estate investment manager Shorea Capital Pte Ltd (“Shorea Capital”), backed by families related to Singapore-based Wing Tai Holdings Limited, Singapore-based Hwa Hong Corporation Limited, and other Asian family offices, has acquired The Pemberton, a 24-storey commercial building at 22–26 Bonham Strand in Sheung Wan, Hong Kong, marking its entry into the city’s living sector. The acquisition price was not disclosed, although market sources subsequently indicated a purchase price of approximately HKD430–440 million. Completed in 1990, The Pemberton comprises approximately 5,388 sqm of GFA on a 355 sqm site and is held on a 999-year leasehold tenure. Shorea Capital plans to apply for conversion of the property into high-quality living accommodation, with market sources indicating that the intended use is student housing. The property is located approximately 2 kilometres from the University of Hong Kong and within a one-minute walk of Sheung Wan MTR Station. The Pemberton was sold to a company controlled by Hong Kong-based Octa Capital Partners Limited in 2017 by Hong Kong-based Pioneer Global Group, a company controlled by the Gaw Family, for HKD1 billion. It is understood that the property was placed under receivership and subsequently sold to Shorea Capital by the appointed receivers through a public tender.
| | Absolute Share Price Performance, as of 25 September 2026 | | | Closing Share Price | 25 September 2026 | 18 September 2026 | % Change | | | | Australia Stock Exchange (ASX) | | | | Kyron Capital Group | 0.03 | 0.04 | -23.1%
| | Event Hospitality & Entertainment Ltd | 13.71 | 13.25 | 3.5%
| | General Property Group | 4.38 | 4.41 | -0.7%
| | Mirvac Group | 1.72 | 1.74 | -1.1%
| | | | Bangkok Stock Exchange (THB) | | | | Central Plaza Hotel Public Co Ltd | 44.00 | 43.00 | 2.3%
| | Dusit Thani Public Co Ltd | 10.80 | 10.80 | 0.0%
| | 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 | 21.60 | 21.50 | 0.5%
| | S Hotels and Resorts Public Company Limited | 1.57 | 1.56 | 0.6%
| | The Erawan Group Public Co Ltd | 3.70 | 3.70 | 0.0%
| | | | China Shanghai Stock Exchange (RMB) | | | | BTG Hotels Group Co Ltd | 11.15 | 11.37 | -1.9%
| | Jinling Hotel Corporation Ltd | 6.76 | 6.75 | 0.1%
| | Shanghai Jin Jiang International Hotels Co., Ltd | 18.38 | 18.51 | -0.7%
| | | | China Shenzhen Stock Exchange (RMB) | | | | Huatian Hotel Group Co., Ltd. | 4.15 | 4.00 | 3.8%
| | Guangzhou Lingnan Group Holdings Company Limited | 8.94 | 9.06 | -1.3%
| | SSAW Hotels & Resorts Group Co., Ltd. | 17.90 | 17.42 | 2.8%
| | | | Hotel101 Global Holdings Corp | 4.71 | 5.31 | -11.3%
| | Huazhu Group Limited | 41.96 | 42.98 | -2.4%
| | | | Hong Kong Stock Exchange (HK$) | | | | Miramar Hotel & Investment Co Ltd | 9.84 | 9.95 | -1.1%
| | Regal Hotels International Holdings Ltd | 0.45 | 0.45 | 0.0%
| | Shangri-La Asia Limited | 3.71 | 3.87 | -4.3%
| | Sino Hotels Holdings Ltd | 1.46 | 1.56 | -6.4%
| | The Hong Kong & Shanghai Hotels Ltd | 5.56 | 5.35 | 3.9%
| | | | National Stock Exchange (INR) | | | | Apeejay Surrendra Park Hotels | 105.25 | 107.05 | -1.7%
| | Brigade Hotel Ventures | 56.11 | 56.52 | -0.7%
| | Chalet Hotels Ltd | 894.00 | 845.00 | 5.8%
| | EIH (Oberoi Hotels & Resorts) | 295.15 | 304.00 | -2.9%
| | IHCL (Taj Hotels, Resorts & Palaces) | 726.10 | 725.85 | 0.0%
| | ITC Hotels | 164.80 | 154.99 | 6.3%
| | Juniper Hotels | 220.29 | 217 | 1.5%
| | Lemon Tree Hotels Ltd | 106.80 | 104.12 | 2.6%
| | Mahindra Holiday & Resorts | 200.00 | 195.00 | 2.6%
| | Royal Orchid Hotels | 304.70 | 303.40 | 0.4%
| | SAMHI Hotels Limited | 158.25 | 157.00 | 0.8%
| | Schloss Bangalore Ltd | 525.00 | 530.00 | -0.9%
| | Ventive Hospitality | 572.70 | 564.55 | 1.4%
| | | | Ananti Inc. | 5100.00 | 5120.00 | -0.4%
| | Grand Korea Leisure Co., Ltd. | 8870.00 | 9030.00 | -1.8%
| | Hotel Shilla Co., Ltd. | 40250.00 | 40850.00 | -1.5%
| | Lotte Tour Development Co., Ltd. | 11730.00 | 11730.00 | 0.0%
| | Paradise Co., Ltd. | 9560.00 | 9660.00 | -1.0%
| | Seobu T&D Co., Ltd. | 10600.00 | 11050.00 | -4.1%
| | Shinhan Seobu T&D REIT | 3910 | 3845 | 1.7%
| | | | Singapore Stock Exchange (S$) | | | | Acrophyte Hospitality Trust (US$) | 0.22 | 0.22 | 0.0%
| | Banyan Tree Holdings Limited | 0.50 | 0.50 | -1.0%
| | CapitalLand Ascott Trust | 0.83 | 0.83 | 0.0%
| | CDL Hospitality Trusts | 0.73 | 0.74 | -1.4%
| | Coliwoo Holdings Limited | 0.45 | 0.47 | -4.3%
| | Far East Hospitality Trust | 0.53 | 0.54 | -1.9%
| | Hotel Grand Central Ltd | 0.71 | 0.71 | 0.0%
| | Hotel Properties Ltd | 4.61 | 4.58 | 0.7%
| | ProsperCap Corporation Ltd | 0.08 | 0.08 | 0.0%
| | Stamford Land Corporation Ltd | 0.47 | 0.47 | 0.0%
| | | | Taiwan Stock Exchange (NT$) | | | | Formosa International Hotels Corporation | 177.00 | 178.00 | -0.6%
| | The Ambassador Hotel, Ltd | 45.20 | 46.15 | -2.1%
| | | | Tokyo Stock Exchange (JPY) | | | | Hoshino Resorts REIT, Inc | 235500 | 236200 | -0.3%
| | Imperial Hotel, Ltd | 955.00 | 955.00 | 0.0%
| | Ichigo Hotel REIT Investment Corporation | 106400 | 110000 | -3.3%
| | Invincible Investment Corporation | 61000 | 62000 | -1.6%
| | Japan Hotel REIT Investment Corp. | 82600.00 | 84800.00 | -2.6%
| | Kasumigaseki Hotel REIT Investment Corp | 97400.00 | 97700.00 | -0.3%
| | Nippon Hotel & Residential Investment Corporation | 66900.00 | 67400.00 | -0.7%
| | Polaris Holdings | 191 | 188 | 1.6%
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