2026/07/27 – 2026/08/09
Korea
- IGIS Asset Management Acquires Doosan Tower: IGIS Asset Management acquired Doosan Tower in Seoul’s Dongdaemun district from Mastern Investment Management for approximately KRW 900 billion. Located in Jung District, one of Seoul’s major commercial and tourism hubs, the mixed-use office and retail asset comprised approximately 122,586 square meters of gross floor area across 33 floors above ground and seven basement levels. The acquisition was financed with participation from NH Investment & Securities and Hana Bank, while Doosan reportedly invested in the acquisition fund. Mastern launched the sale ahead of its fund’s maturity, and IGIS is understood to be reviewing a repositioning of the asset into a mixed-use complex combining hotel, office, and retail components.
- Bluecove Asset Management Pursues Acquisition of Polstein Nonhyeon: Bluecove Asset Management is pursuing a project to acquire Polstein Nonhyeon in Nonhyeon-dong, Gangnam-gu, Seoul, and convert it back into a hotel. Formerly the 210-key GLAD Live Gangnam hotel, the building was acquired by developer Terra & Partners for approximately KRW 106.1 billion in 2021 and redeveloped into high-end residences; however, weak presales amid a residential market cooled by rising interest rates left the lenders pursuing a sale to recover their debt. Bluecove plans to return the residential units to guestrooms and introduce IHG’s lifestyle brand, Hotel Indigo.
APAC
- Wynn Macau Secures Approval for Major Wynn Palace Expansion: Wynn Macau, a subsidiary of Wynn Resorts, received approval from the Macau government to amend the land concession for a site adjacent to the 1,706-key Wynn Palace in Cotai, allowing it to proceed with a major expansion. The project includes The Enclave at Wynn Palace, a 432-key all-suite luxury hotel connected directly to the existing resort via its east entrance. Total investment is estimated at approximately USD 900–950 million, with construction scheduled to begin in the second half of 2026 and completion targeted for 2029.
- JD.com Acquires Hong Kong Serviced Apartment: China-based JD.com acquired the 59-key serviced apartment 218 Apartment in Wan Chai, Hong Kong, from Beijing Capital Development for HKD 280 million. Occupying a 202.5-square-meter site with approximately 3,037.5 square meters of gross floor area, the property was converted from commercial use into a serviced apartment in 2007. JD.com plans to reposition it as student housing, following its acquisition of the former Silka Seaview Hotel in Yau Ma Tei earlier the same month, bringing its total investment in converting Hong Kong lodging assets into student housing to more than HKD 1 billion.
Americas
- Blackstone Acquires Hyatt Regency San Francisco: Sunstone Hotel Investors entered into an agreement to sell the 821-key Hyatt Regency San Francisco to funds affiliated with Blackstone Real Estate for a total of USD 279 million. The price represented a 21.4x multiple on trailing-twelve-month Hotel Adjusted EBITDAre and a 3.5% cap rate on NOI. The transaction was expected to close in late July or early August, and Sunstone planned to deploy approximately USD 70 million of the proceeds into repurchases of its common and preferred stock. The deal marked another Blackstone bet on San Francisco’s market recovery.
- Blue Owl Capital Refinances New York’s Lowell Hotel: Kensico Properties secured USD 106 million in financing to refinance existing debt on the Lowell Hotel, a 74-key luxury boutique hotel on Manhattan’s Upper East Side. The senior loan was provided by Blue Owl Capital, with CBRE’s Matthew Klauer arranging the transaction on behalf of the borrower. Opened in 1927, the 17-story hotel sits on East 63rd Street near Madison Avenue; Kensico acquired and redeveloped the asset in 1984.
Europe
- Radisson Collection Debuts in Southwest China: Radisson Hotel Group, together with Jin Jiang International, opened the Radisson Collection Hotel, Hi-Tech Zone Chengdu, marking the flagship brand’s first entry into southwest China. Located on floors 31 to 46 of the Cloud Yunduan Tower in Chengdu and set within the Business & Innovation Centre for China-Europe Cooperation, the 178-key hotel blends contemporary European design with elements of Sichuan culture. The opening illustrated the expansion of a European-based brand across Asia.
- Meliá Brings Meliá Collection to Vietnam for the First Time: Meliá Hotels, in partnership with Nam Chau Tourism JSC, signed a development agreement for the 187-key Ocaria Retreat Mui Ne, Member of Meliá Collection, on the beachfront in Mui Ne, Vietnam. Comprising 156 guestrooms and 31 villas, the five-star resort will be Vietnam’s first Meliá Collection property and is targeted to open in 2029. With six additional projects underway, Meliá strengthened its position in a core Asia-Pacific market. The signing illustrated the Asian expansion of a Spain-based brand.
