{"id":26241,"date":"2026-07-12T14:04:45","date_gmt":"2026-07-12T05:04:45","guid":{"rendered":"https:\/\/lobin.co\/insight\/article\/lobin-weekly-update-052\/"},"modified":"2026-07-12T21:13:00","modified_gmt":"2026-07-12T12:13:00","slug":"lobin-weekly-update-052","status":"publish","type":"article","link":"https:\/\/lobin.co\/en\/insight\/article\/lobin-weekly-update-052\/","title":{"rendered":"Lodging Market Weekly Update 052"},"content":{"rendered":"<style>li {margin-bottom: 10px;} h6 {border-top: 1px dashed #999999; padding-top: 15px;}<\/style>\n<p>2025\/07\/07 &#8211; 2026\/07\/12<\/p>\n<div style=\"padding: 15px 20px; background: #f4f4f4; border: 1px solid #eaeaea; border-radius: 5px; text-align: justify;\">Over the past year, the <strong>Lodging Market Weekly Update<\/strong> has documented the shifts in capital, brands, operations, and policy across the lodging industry in four regions\u2014Korea, Asia, the Americas, and Europe\u2014through 51 regular issues and five special briefings. In Issue 52, we look back on the structural changes that individual transactions alone did not reveal, organizing the six major currents that ran through those 51 issues. To sum up the year in a single sentence: <strong>capital shifted from ownership toward operation, demand diverged by region under the influence of geopolitics, and the Korean market entered a phase in which global capital began to arrive in earnest.<\/strong>  <\/div>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">1. Capital: Who Bought, and Who Sold?<\/h5>\n<p><strong>The most pronounced trend of the past year was that global private equity and sovereign wealth funds drove market liquidity by repeatedly buying and selling lodging properties.<\/strong> Blackstone surfaced again and again\u2014across Village Hotels, the Four Seasons San Francisco (repurchased for the first time since the pandemic), and Accor&#8217;s Essendi stake\u2014while Goldman Sachs made direct investments in Korean tourist hotels, following the Mercure Ambassador Hongdae with the Seonyudo Union Hotel. From Bain Capital (Dalata, Pullman Montparnasse, Westin Grand Central), Brookfield (Generator Hostels, Atlantis, Hotel Gajoen Tokyo), KKR, Baupost, and Apollo (Soho House), to LVMH&#8217;s acquisition of Cap-Estel on the French Riviera at a record price per key, the nationality and character of capital grew ever more varied. <\/p>\n<p>The presence of sovereign wealth funds and pension funds also expanded. Singapore&#8217;s GIC, the Abu Dhabi Investment Authority (ADIA), Canada&#8217;s CPPIB, and Australia&#8217;s AustralianSuper targeted both European gateway cities and Korean tourist hotels. In particular, CPPIB&#8217;s KRW 500 billion partnership with the domestic manager BlueCove, and GIC&#8217;s acquisition of Feyto Samsung and Feyto Gangnam alongside Pacific Asset Management, <strong>read as signals of long-term capital entering the Northeast Asian lodging market.<\/strong>  <\/p>\n<p><strong>REITs showed three different faces across three regions.<\/strong> In Korea, NH Nonghyup, Shinhan Seobu T&#038;D, Koramco, and Lotte REIT either incorporated or monetized hotel assets. In Japan, beginning with NIPPON REIT&#8217;s first hotel acquisition, JHR, United Urban, Ichigo, and Hoshino REIT continued to transact at prices above appraised value, against a backdrop of the inbound boom and a weak yen. U.S. REITs, by contrast, focused on the opposite\u2014disposals. Ashford Hospitality Trust filed sale disclosures in nearly every issue, Service Properties Trust divested 112 hotels over the year, and Braemar sold its entire luxury portfolio and converted to a self-managed REIT.  <\/p>\n<p>Ownership strategy split in two directions. <strong>Many global brands deepened their asset-light approach.<\/strong> Accor sold its Essendi stake and converted it into a 20-year franchise, while Hyatt handed off 15 all-inclusive properties from Playa Hotels for $2 billion. Yet countervailing moves also emerged. Kempinski directly acquired its Prague hotel for the first time in 55 years, Whitbread decided to develop, own, and operate Premier Inn directly in Ireland, and Juventus FC secured ownership of the J Hotel next to its home stadium.   <strong>Just as asset-light was being treated as the settled answer, a reaction toward &#8220;re-integrating operation and ownership&#8221; was observed at the same time.<\/strong><\/p>\n<p><strong>Meanwhile, distress and refinancing became a constant undercurrent of the market.<\/strong> In Korea, this took the form of The Botanic Seun&#8217;s refinancing, Parnas Hotel&#8217;s liquidity defense, and the relay of bonds and commercial paper by Hotel Lotte, whose liquidity plans were disrupted when the sale of Lotte Rental fell through. In the U.S., large refinancings followed one after another\u2014the Boca Raton Resort (USD 1.15 billion), the St. Regis Chicago, and the PUBLIC Hotel\u2014yet maturity pressure also became visible, as a USD 650 million CMBS secured by the New York Edition failed to clear its maturity and was transferred to special servicing. <\/p>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">2. Brands: Lifestyle, Collections, and Conversions<\/h5>\n<p><strong>Across the brand landscape, M&#038;A around lifestyle assets stood out.<\/strong> CitizenM was absorbed by Marriott, Ovolo by Wyndham, Soho House by MCR, Ace Hotels by Japan&#8217;s Seibu, and The Standard and Bunkhouse by Hyatt, while IHG acquired the European-based Ruby. The trend was clear: rather than surviving independently, individual lifestyle brands moved inside the loyalty programs and distribution networks of large platforms. <\/p>\n<p><strong>At the same time, new collections and soft brands were launched in succession.<\/strong> Series by Marriott, IHG&#8217;s 21st brand Noted Collection, Minor&#8217;s Colbert Collection, and Greece&#8217;s Mitsis Canvas all debuted, and Marriott partnered with Italy&#8217;s Lefay to create the first luxury wellness brand in its portfolio, taking on Hyatt&#8217;s Miraval and IHG&#8217;s Six Senses. These conversion-oriented brands\u2014which allow independent hotels to retain their own identity while gaining the support of global distribution, revenue management, and loyalty\u2014dovetailed with a strategy that made <strong>conversion (rebranding of existing assets)<\/strong> the growth engine rather than new development. In IHG&#8217;s case, 84% of its European room openings and 61% of its new signings in 2025 came through conversion.  <\/p>\n<p><strong>At the top of the spectrum, ultra-luxury and branded residences expanded.<\/strong> In Seoul, the Mandarin Oriental, Rosewood, Aman Cheongdam, and Maison Delano were announced, and Lotte launched its high-end &#8220;The Grand Lotte&#8221; for the first time in nine years since Signiel. In the Americas, Four Seasons Private Residences in Las Vegas, Austin, and Jackson Hole, and the Mandarin Oriental Miami through redevelopment, thickened the branded-residence pipeline. With luxury demand holding firm, Hilton&#8217;s LXR broadened its Japan pipeline across Kyoto, Tokyo, Hakone, Hiroshima, and Niseko.  <\/p>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">3. Alternative Lodging: Blurring Boundaries<\/h5>\n<p><strong>The past year was one in which the boundary between lodging and residence blurred structurally.<\/strong> Co-living and serviced apartments became investment targets side by side with conventional lodging properties. In Singapore, Coliwoo received preliminary listing approval and the Centurion Accommodation REIT went public with worker and student housing in its portfolio; in Korea, Nuveen and Weave Living developed the Weave Suites serviced apartments in Seoul, and the Mangrove co-living assets held by IGIS were sold to foreign capital. <\/p>\n<p><strong>Reverse conversions\u2014turning existing hotels back into other uses\u2014were also active.<\/strong> Hong Kong&#8217;s Hotel COZi Oasis and Regal Oriental Hotel were converted into student housing, while New York&#8217;s Stewart Hotel and Brooklyn&#8217;s Hotel Bossert were converted into rental housing and high-end residences, respectively. Conversely, cases of retail space turned into lodging property also appeared (First Cabin&#8217;s capsule hotel at Noon Square Myeongdong), so that the flexible reshaping of asset use in response to demand was observed in both directions. <\/p>\n<p><strong>The most notable domestic development in this context was the easing of regulation on residential lodging.<\/strong> By granting a special exception that lowered the lodging-business registration threshold from 30 keys or more to a single key, the government made it possible for owners of small residential lodging to operate legally. This is regarded as a turning point that could fundamentally change the character of the residential-lodging asset class, long bound up in enforcement penalties and disputes over building use. <\/p>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">4. Operations: Diverging Cycles by Region<\/h5>\n<p>Operating performance diverged clearly by region.<\/p>\n<p><strong>The Americas were in a slowdown.<\/strong> CBRE, Nareit, and CoStar successively lowered their 2025\u20132026 RevPAR forecasts, occupancy stayed soft, and ADR did what it could to defend performance. In particular, the CMBS delinquency rate for limited-service hotels surged from 3.5% in 2022 to 8.4%, intensifying pressure on the owner side. That said, as signs of a demand rebound emerged in February 2026, the contrast between franchisors&#8217; record earnings and owners&#8217; deteriorating profitability\u2014the &#8220;value-chain debate&#8221;\u2014became a theme of the special briefings.  <\/p>\n<p><strong>Europe was polarized.<\/strong> The reverse base effect from sports events such as the UEFA Champions League final and the Euros weighed on some cities, and Germany sat at an inflection point with RevPAR still 11% below 2019. By contrast, Southern Europe\u2014Spain, Greece, Portugal, and Italy\u2014showed strength on beach and North American inbound demand. European hotel investment in 2025 rebounded 4.8% year over year to EUR 23.6 billion, yet asset-value growth came in at just 0.2%, making it a year in which &#8220;transactions rose but value stalled.&#8221;  <\/p>\n<p><strong>Asia, and Japan in particular, was booming.<\/strong> Against a weak yen and strong inbound demand, J-REITs bought city-center hotels at prices above appraised value, and Japanese hotel investment in the first quarter of 2026 set a new record on a quarterly basis. In China, chain-hotel keys surged by 760,000 in a single year to reach 7.83 million, a rapid supply expansion. <\/p>\n<p><strong>Korea was in recovery.<\/strong> With arrivals reaching 18.9 million in 2025, the pricing power of tourist hotels strengthened to an unusual degree, and on Lobin&#8217;s estimates, 2025 average occupancy, ADR, and RevPAR were all forecast to rise sharply year over year (estimated RevPAR up 15.2% year over year as of end-September). The character of this recovery is explained by Lobin&#8217;s structural indicators. Within Korean lodging demand, domestic guests offer high stability but limited upside in a boom, whereas foreign guests carry high volatility but lift returns substantially in a recovery. The past year&#8217;s rebound was <strong>a phase in which a weak won and the recovery of Chinese arrivals stimulated foreign demand and pushed up growth, and the government&#8217;s expansion of multiple-entry visas for Chinese nationals supported this trend<\/strong>. However, the fact that a rising share of foreign demand also raises vulnerability to external shocks connects directly to the geopolitical risk in the next section.    <\/p>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">Geopolitics and Mega-Events: Exogenous Shocks to Demand<\/h5>\n<p><strong>The single largest variable dominating the latter half of the past year was the U.S.\u2013Iran (Israel) war.<\/strong> Its impact was significant enough that five special briefings addressed the subject. Dubai&#8217;s occupancy fell to 22.8% on March 14, 2026, its lowest since the early pandemic; the GCC region was projected to see an annual decline of 8\u201319 million tourists and losses of USD 13\u201332 billion; and some assets, such as Anantara World Islands Dubai, entered permanent closure. By contrast, as luxury demand once bound for the Middle East shifted to European gateways such as London and Paris and to Southeast Asia and Japan, a spillover effect appeared in which RevPAR in Paris&#8217;s luxury and upper-upscale segments rose sharply. Saudi Arabia, grounded in religious tourism and domestic demand, maintained relative resilience.   <\/p>\n<p>Mega sporting and cultural events each left different results. <strong>The 2026 Milan Winter Olympics pushed five-star hotel rates up an average of 87%, demonstrating the high profitability of the short-stay market. By contrast, the 2026 FIFA World Cup (North America) saw bookings fall short of expectations. <\/strong> Booking rates in U.S. host cities lagged well behind Mexico (Guadalajara at 73%), and CoStar characterized the tournament as &#8220;an event marked more by rising room rates than by occupancy.&#8221;<\/p>\n<p><strong>Domestically, the BTS world tour drove lodging demand in Goyang and Busan to explosive levels, but as price gouging by some lodging establishments became a matter of public controversy, it prompted the Ministry of Culture, Sports and Tourism to strengthen the price-gouging deduction in the hotel grading assessment from 10 points to 30.<\/strong> It was a textbook case of local supply-demand linkage, in which a surge in demand for one type of lodging establishment spread into supply shortages and price distortions across all nearby types.<\/p>\n<h5 style=\"font-size: 17px; margin-top: 20px; padding-bottom: 10px; border-bottom: 1px dashed #000000;\">6. The Korean Market: A Simultaneous Shift in Policy and Capital<\/h5>\n<p><strong>Finally, the past year was one in which the Korean lodging-business environment itself shifted on both the policy and capital fronts.<\/strong><\/p>\n<p><strong>On policy, a series of measures followed: allowing single-key registration for residential lodging, cutting the traffic congestion charge for four- and five-star tourist hotels (by up to 37%), strengthening the grading deduction for price gouging, and expanding multiple-entry visas for Chinese nationals.<\/strong> As deregulation and demand stimulus aligned in a single direction, new development and rebranding investment gained momentum. On funding, while diversification of development finance through project REITs was attempted, the capital-market access of large conglomerate affiliates such as Lotte, Hanwha, and Shilla instead turned more conservative, with a marked increase in the number of lead managers when issuing bonds and commercial paper. <\/p>\n<p><strong>Above all, the clearest change was the boom in Seoul&#8217;s tourist-hotel transaction market and the full-fledged entry of global institutions.<\/strong> All three tourist-hotel tenders pursued in Seoul in the first half of 2026 (voco Myeongdong, Nine Tree Dongdaemun, and Orakai Daehangno) were awarded, and a structure took hold in which global capital\u2014GIC, CPPIB, Goldman Sachs, Blackstone, and CapitaLand\u2014bid alongside major domestic groups. It is a sign that Korean tourist hotels have now been incorporated as standing investment targets for global institutional investors. <\/p>\n<div style=\"padding: 15px 20px; margin-bottom: 25px; background: #f4f4f4; border: 1px solid #eaeaea; border-radius: 5px; text-align: justify;\">Looking back on the past year, <strong>the center of gravity of the lodging industry shifted from &#8220;owning the building&#8221; to &#8220;controlling the brand and operation,&#8221; and the gap in between was filled by the capital of private equity, sovereign wealth funds, and REITs.<\/strong> Demand diverged by region in the face of exogenous variables such as war and events, and amid that volatility, the Korean market experienced recovery and opening at once. Beyond Issue 52, in the year ahead, Lobin will continue to document the changes in the lodging market from a perspective that reads the structure behind individual transactions. <\/div>\n\t\t<div data-elementor-type=\"section\" data-elementor-id=\"22788\" class=\"elementor elementor-22788 elementor-22771\" data-elementor-post-type=\"elementor_library\">\n\t\t\t<div data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-element elementor-element-685e57f e-con-full e-flex e-con e-parent\" data-id=\"685e57f\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8b60e79 elementor-widget elementor-widget-wpforms\" data-id=\"8b60e79\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"wpforms.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"wpforms-container wpforms-render-modern\" id=\"wpforms-22767\"><form id=\"wpforms-form-22767\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"22767\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/en\/wp-json\/wp\/v2\/article\/26241\" data-token=\"c143e3aced679c14292edefde1b9390d\" data-token-time=\"1785538353\"><noscript class=\"wpforms-error-noscript\">Please enable JavaScript in your browser to complete this form.<\/noscript><div id=\"wpforms-error-noscript\" style=\"display: none;\">Please enable JavaScript in your browser to complete this form.<\/div><div class=\"wpforms-field-container\">\t\t<div id=\"wpforms-22767-field_5-container\"\n\t\t\tclass=\"wpforms-field wpforms-field-text\"\n\t\t\tdata-field-type=\"text\"\n\t\t\tdata-field-id=\"5\"\n\t\t\t>\n\t\t\t<label class=\"wpforms-field-label\" for=\"wpforms-22767-field_5\" >Name Email Layout<\/label>\n\t\t\t<input type=\"text\" id=\"wpforms-22767-field_5\" class=\"wpforms-field-medium\" name=\"wpforms[fields][5]\" >\n\t\t<\/div>\n\t\t<div id=\"wpforms-22767-field_1-container\" class=\"wpforms-field wpforms-field-content\" data-field-type=\"content\" data-field-id=\"1\"><div id=\"wpforms-22767-field_1\" class=\"wpforms-field-large wpforms-field-row\" aria-errormessage=\"wpforms-22767-field_1-error\"><h4><i class=\"fa-solid fa-envelope-circle-check\"><\/i> Sign Up for the Lodging Market Weekly Update!<\/h4>\n<p>The email and name submitted will be used only for sending the newsletter, and you can cancel your subscription at any time using the unsubscribe link in the newsletter.<\/p>\n<div class=\"wpforms-field-content-display-frontend-clear\"><\/div><\/div><\/div><div id=\"wpforms-22767-field_2-container\" class=\"wpforms-field wpforms-field-layout\" data-field-type=\"layout\" data-field-id=\"2\"><div class=\"wpforms-field-layout-rows wpforms-field-large\"><div class=\"wpforms-layout-row\"><div class=\"wpforms-layout-column wpforms-layout-column-50\"><div id=\"wpforms-22767-field_3-container\" class=\"wpforms-field wpforms-field-email\" data-field-type=\"email\" data-field-id=\"3\"><label class=\"wpforms-field-label wpforms-label-hide\" for=\"wpforms-22767-field_3\" aria-hidden=\"false\">Email <span class=\"wpforms-required-label\" aria-hidden=\"true\">*<\/span><\/label><input type=\"email\" id=\"wpforms-22767-field_3\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][3]\" placeholder=\"example@example.com\" spellcheck=\"false\" aria-errormessage=\"wpforms-22767-field_3-error\" required><\/div><\/div><div class=\"wpforms-layout-column wpforms-layout-column-50\"><div id=\"wpforms-22767-field_4-container\" class=\"wpforms-field wpforms-field-name\" data-field-type=\"name\" data-field-id=\"4\"><label class=\"wpforms-field-label wpforms-label-hide\" for=\"wpforms-22767-field_4\" aria-hidden=\"false\">Name <span class=\"wpforms-required-label\" aria-hidden=\"true\">*<\/span><\/label><input type=\"text\" id=\"wpforms-22767-field_4\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][4]\" placeholder=\"John Doe\" aria-errormessage=\"wpforms-22767-field_4-error\" required><\/div><\/div><\/div><\/div><\/div><script>\n\t\t\t\t( function() {\n\t\t\t\t\tconst style = document.createElement( 'style' );\n\t\t\t\t\tstyle.appendChild( document.createTextNode( '#wpforms-22767-field_5-container { position: absolute !important; 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2026\/07\/12 Over the past year, the Lodging Market Weekly Update has documented the shifts in capital, brands, operations, and policy across the lodging industry in four regions\u2014Korea, Asia, the Americas, and Europe\u2014through 51 regular issues and five special briefings. In Issue 52, we look back on the structural changes that individual transactions alone [&hellip;]<\/p>\n","protected":false},"featured_media":22813,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}}},"tags":[127,130,88,128],"class_list":["post-26241","article","type-article","status-publish","has-post-thumbnail","hentry","tag-global-en","tag-lobin","tag-lodging-market-en","tag-newsletter-en"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"2025\/07\/07 - 2026\/07\/12 Over the past year, the Lodging Market Weekly Update has documented the shifts in capital, brands, operations, and policy across the lodging industry in four regions\u2014Korea, Asia, the Americas, and Europe\u2014through 51 regular issues and five special briefings. 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