2026/05/18 – 2026/05/31
Korea
- Goldman Sachs Acquires Seonyudo Union Hotel for Rebranding: U.S. investment bank Goldman Sachs has acquired the 96-key Seonyudo Union Hotel, part of the Union Place mixed-use development in Yeongdeungpo-gu, Seoul, for approximately KRW 53 billion, with plans to reposition and rebrand the property under Hilton’s Tapestry Collection and expand its room count to 146 keys through an extension. The acquisition of this tourist hotel, located within walking distance of Seonyudo Station on Seoul Subway Line 9, marks Goldman Sachs’ second direct investment in Seoul’s tourist hotel market, following its acquisition of the Mercure Ambassador Seoul Hongdae last year, signaling a more assertive move by the global investment bank into Korean lodging assets.
- All Three H1 Tourist Hotel Bids in Seoul Successfully Closed: Tourist hotel transaction activity in Seoul’s real estate investment market has been notably robust in 2026. All three tourist hotel bids advanced in the city this year — Voco Seoul Myeongdong, Nine Tree Dongdaemun Hotel, and Orakai Daehakro Hotel — have been awarded and are progressing smoothly, with global institutional investors including GIC, CPPIB, Blackstone, and CapitaLand competing alongside major Korean conglomerates. As multiple large-scale deals are anticipated in the second half of the year as well, a competitive dynamic between global and domestic capital for Seoul tourist hotel assets appears to have become firmly established.
APAC
- Ichigo Hotel REIT Divests Hotel Livemax Nihombashi-Hakozaki in Tokyo: Japan’s Ichigo Hotel REIT has agreed to sell the 48-key Hotel Livemax Nihombashi-Hakozaki in Tokyo to an undisclosed Japanese company for JPY 1.58 billion — approximately 1.3 times its book value and above its most recent appraised value of JPY 1.44 billion. As J-REITs continue to restructure their portfolios, small-scale tourist hotels in central Tokyo are consistently transacting above appraisal values, reflecting a market environment where investment demand for Japanese lodging properties outstrips supply, underpinned by strong inbound tourism and a weak yen.
- Japan Hotel Investment Posts Double-Digit Growth in Q1 2026: According to CBRE, Japan’s commercial real estate investment volume rose 2% year-on-year to JPY 20.43 trillion in Q1 2026, setting a record high for any first quarter. The onset of the Middle East conflict had only a limited impact on investment activity, with overseas investors continuing to pursue large-scale acquisitions actively; the hotel sector in particular posted double-digit growth, reaching a record quarterly high. This stands in contrast to year-on-year declines in office and retail investment, illustrating the concentrated investor preference for Japanese lodging assets.
Americas
- KSL Capital Pursues USD 890 Million CMBS Refinancing for 12-Hotel Portfolio: KSL Capital Partners is advancing a USD 890 million CMBS deal secured by a 12-hotel portfolio comprising Marriott-, Hilton-, and Hyatt-affiliated brands as well as independent boutique hotels, targeting a closing date of June 15. The transaction is structured to refinance USD 779.2 million in existing debt and return approximately USD 52.2 million in equity to the sponsor, carrying a floating rate of SOFR plus 3.1% with a two-year initial term and three one-year extension options. The outcome of this large-scale refinancing is expected to serve as a bellwether for the broader hotel CMBS maturity refinancing environment in 2026.
- Former Hotel Bossert in Brooklyn Formally Converted to Luxury Residential: As New York-based developer SomeraRoad advances its plans to convert the former Hotel Bossert in Brooklyn Heights (282 keys, 12 stories) into luxury residential units, Danny Meyer’s Union Square Hospitality Group has signed a lease for a new restaurant concept in 3,200 square feet of ground-floor space. The project represents a notable case of urban lodging asset repurposing through the pathway of loan default — special servicing — foreclosure — change of use, with the pre-leasing of an F&B anchor emerging as a key strategy for value realization in the residential conversion.
Europe
- Covivio Acquires 440-Key Hotel in Torremolinos, Spain: French real estate investment group Covivio, through its subsidiary Covivio Hotels, has acquired the three-star, 440-key Tent Torremolinos hotel on Spain’s Costa del Sol from UK-based private equity firm Zetland Capital for EUR 43.5 million, entering into a 20-year lease agreement with Spanish operator Fergus Group that carries a guaranteed minimum yield of 7.1% and a target yield of over 8% including variable rent. The lodging property, renovated in 2023 and located a ten-minute drive from Málaga Airport, sits at the heart of one of Spain’s premier leisure destinations.
- Select Group Acquires Three UK Golf Resort Hotels from KKR and Baupost: Dubai-based real estate investment firm Select Group has acquired a portfolio of three Delta Hotels-branded golf resort properties in the United Kingdom from New York-based KKR and Baupost Group, comprising the 148-key Delta Hotels St. Pierre Country Club in Chepstow, Wales; the 120-key Delta Hotels Tudor Park Country Club in Maidstone, Kent; and the 112-key Delta Hotels Breadsall Priory Country Club in Ilkeston, Derbyshire. The acquisition brings Select Group’s portfolio of UK golf resort hotels to five properties.
