2026/10/19 – 2026/11/01
Korea
- Mighty Building in Myeongdong Selects Preferred Bidder: A high-net-worth individual has been selected as the preferred bidder for the Mighty Building at Euljiro 2-ga, Jung-gu, Seoul, which Mastern Investment Management and TPG Angelo Gordon have been marketing for sale. The offer exceeds KRW 70 billion, and a hard deposit arrangement was proposed alongside it with the aim of closing the transaction by year-end. Completed in 2022, the asset has a gross floor area of 4,384 sqm across two basement levels and nine floors above ground, with the upper floors operating as the 92-key Line Hotel Myeongdong and the lower floors occupied by tenants including Outback Steakhouse. This is the second sale attempt, relaunched after last year’s transaction fell through.
- Asset Transfer Agreement Signed for Jeju Healthcare Town: On October 28, the Jeju Free International City Development Center (JDC) and Greenland Jeju signed an asset transfer agreement covering holdings within Jeju Healthcare Town. The agreement covers nine project sites totaling 204,917 sqm and two unfinished buildings, at a transaction value of KRW 148 billion. Greenland Jeju has committed to reinvesting more than 50% of the proceeds into the remaining sites, including seven wellness mall parcels spanning 38,225 sqm, and is targeting a construction restart in the first half of 2027 and completion in 2029. JDC plans to pursue development plan amendment approvals from 2027 and to establish a path forward for the unfinished Healing Spiral Hotel.
APAC
- Perdana ParkCity Acquires Two Hong Kong Hotels: Malaysia’s Perdana ParkCity, through its Hong Kong subsidiary Oceanfront Hong Kong, is acquiring 1,219 keys in Tung Chung, Hong Kong, comprising the 218-key Sheraton Hong Kong Tung Chung Hotel and the 1,001-key Four Points by Sheraton. The transaction value is HKD 2.7 billion including the operating businesses, or approximately HKD 2.22 million per key, with the sell side being the receivers acting for Shimao Group. Completed in 2020, the asset recorded blended occupancy approaching 85% in the first quarter of this year, and the transaction is scheduled to close by year-end.
- IHG Signs Its First Ruby Hotel in Asia Pacific: On October 29, IHG Hotels & Resorts signed a development agreement for a 184-key Ruby-branded hotel in Bangkok’s Sathorn central business district. It marks Ruby’s first entry into Asia Pacific, targeting upper-midscale lifestyle demand with the brand’s so-called lean luxury model, which minimizes space outside the guestrooms. On the same day, IHG announced that a 100-key Garner Hotel will open in Tashkent, Uzbekistan in September 2027, continuing its brand expansion centered on Asia’s emerging markets.
Americas
- Gencom Acquires the InterContinental Miami: On October 30, Gencom, together with White Bridge Capital, acquired the 652-key InterContinental Miami from Strategic Hotels & Resorts. Neither party disclosed the price, though Bloomberg reported approximately USD 300 million. The hotel had been valued at USD 517.4 million within a 15-asset portfolio transaction in 2016, meaning it has now changed hands at a price well below that level. The buyers are expected to pursue value creation through repositioning.
- InterContinental Orlando Secures Construction Financing: On October 29, Civitas Capital Group provided USD 386 million in senior construction financing for the 700-key InterContinental Orlando being developed by Flag Luxury Group and Unicorp National Developments. The project will rise on International Drive, with vertical construction scheduled to begin in the first quarter of 2027 and completion targeted for the third quarter of 2029. The deal illustrates that construction financing is once again flowing to large-scale hotel development in the Americas.
Europe
- Pandox Divests Seven Hotels in Denmark and Sweden: Pandox has sold seven hotels totaling 1,248 keys across Denmark and Sweden in two separate transactions. In Denmark, Alma Property Partners’ Alma IV fund, together with Midstar, acquired five hotels totaling 928 keys for DKK 1,155 million, comprising the 200-key Motel One Copenhagen and four Scandic-branded hotels with 728 keys. In Sweden, Västerkulla Hotell is acquiring two Scandic hotels with 320 keys for SEK 369 million, with closing expected during the fourth quarter. All of the assets are let on long-term leases to Scandic and Motel One.
- Sunday PropTech Acquires Fletcher Hotels of the Netherlands: On October 26, Sunday PropTech agreed to acquire 100% of Fletcher Hotels, the largest hotel group in the Netherlands, from Egeria and the management team. The target comprises 170 hotels across the Netherlands, Germany, and Belgium, consisting of 130 directly operated properties and 40 partner hotels, with approximately 5,800 employees. The transaction value was not disclosed and the deal is subject to customary closing conditions. Backed by PRISM, the parent company of OYO, the buyer is rapidly scaling its European platform following its September investment in Sircle Collection.
