Weekly Hotel Industry Asia Pacific News Roundup from HVS

Furama Group Acquires Skye Suites Sydney from Crown Group for AUD68 Million in Australia

Singapore-based Furama Hotels International (“Furama Group”) has acquired Skye Suites Sydney and its adjoining Our Skittle Place retail precinct from Australia-based Crown Group Holdings Pty Limited (“Crown Group”) for AUD68 million. The transaction includes the 73-key serviced apartment property and six retail shops, with a total gross floor area of 918 square metres on the ground floor. Opened in 2018, Skye Suites Sydney is located within the 25-storey Strata development, The Arc by Crown Group, which also comprises 173 residential units. The mixed-use development features shared amenities such as a rooftop courtyard and lounge, a gymnasium, and an indoor pool. Skye Suites Sydney offers a minimum room size of 45 square metres and enjoys a prime location on Kent Street in the heart of the Central Business District – placing guests within a five-minute walk of Barangaroo’s waterfront precinct. This acquisition marks one of the largest serviced apartment transactions in Sydney for 2025, underscoring Furama Group’s strategic expansion into the Australian market. 

Best Louis Hamilton Hotel Gwangan Branch Sold at KRW12 Billion in Busan, South Korea

The Best Louis Hamilton Hotel Gwangan Branch, a 50-key property overlooking Gwangalli Beach, has been sold for KRW12 billion, recovering from KRW11.8 billion in 2021 and approaching its KRW14.2 billion sale price in 2019. The most recent sales price translates to approximately KRW240 million per key (84.5% of the 2019 level). The buyer and seller were undisclosed. Perched on a corner boulevard, the hotel offers convenient access to Gwangalli Beach and seaside cafés. This transaction reflects renewed strength in South Korea’s mid- to lower-tier hotel segment. In April 2025, foreign arrivals to South Korea reached 104.4% of April 2019 volumes—a 16.7% year-on-year increase. Busan’s inbound traffic surged by 60.9% in 2024, now exceeding its 2019 peak by approximately 9.0%. These trends underscore the strong demand for well-located, transit-oriented assets in Busan, drawing yield-seeking investors back into the market. 

Ayala Acquires New World Makati Hotel to Expand Hospitality Portfolio in Philippines

Philippines-based Ayala Land Inc. (“Ayala”) has acquired the New World Makati Hotel from Hong Kong-based New World Development Company Limited (“NWD”) for an undisclosed sum, further strengthening its hospitality portfolio in the Makati Central Business District. The hotel comprises 578 guestrooms and features a wide range of amenities, including five food and beverage outlets, a full-service spa, an outdoor swimming pool, a fitness centre, and multiple event spaces. Strategically located just steps from the Greenbelt and Glorietta malls, the property offers seamless access to premier shopping, dining, and entertainment destinations, as well as to nearby office towers and the Makati Stock Exchange. This acquisition aligns with Ayala’s PHP28 billion expansion strategy to grow its hotel portfolio from 4,000 to 7,500 rooms by 2030. Complementing this effort is the ongoing development of the 276-key Mandarin Oriental Makati, slated to open in 2026. 

Belluna Acquires Two Hot Spring Resorts in Tohoku, Japan

Japan-based Belluna Co., Ltd. (“Belluna”) has acquired two hot spring resort properties from Japan-based Karakami Hotels & Resorts Co., Ltd. (“Karakami”) for an undisclosed sum. The assets – the 131-key Hotel Zuiho and the 140-key Akiu Grand Hotel – are both located in Akiu Onsen, one of the Tohoku region’s most prominent hot spring destinations. Positioned approximately 30 minutes by car from JR Sendai Station, both properties offer extensive wellness and leisure amenities. Hotel Zuiho features two food and beverage outlets, a souvenir shop, six open-air baths, banquet halls, an indoor swimming pool, a chapel, a spa and salon, and other entertainment facilities. Akiu Grand Hotel offers two food and beverage outlets, a souvenir shop, four types of hot spring baths, banquet halls, and several entertainment venues. Hotel Zuiho and Akiu Grand Hotel have gross floor areas of approximately 36,284 square metres and 17,647 square metres, respectively. The deal supports Belluna’s continued expansion in Japan’s regional hospitality market.

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