AP Hospitality Bulletin Asia Pacific - December 2025

‍Deal Watch. 2025 Wrap

CitizenM

In April 2025 Marriott announced the takeover of the brand CitizenM from GIC and APG for a total of US$355 million. This Transaction did not include any real estate and the seller continued to operate its 8 properties under a long-term franchise agreement.

APG is the largest shareholder of citizen. GIC, the Singaporean sovereign wealthfund, acquired a 25% stake in the business in 2019 at a valuation of US$2.3 billion. CitizenM raised a further US$1 billion in 2021 from GIC, Dutch pensionfund APG Asset Management, and investment firm KKR Capital.

Wanda Hotels & Resorts

Also in April 2025, the Chinese OTA group Tongcheng announced the acquisition of the Wanda Hotels & Resorts brand for US$347 million. The sale comes with 204 hotels counting over 40,200 keys and 376 more properties in the pipeline. Wanda Group reportedly disposed its assets to reduce its debt load.

Ace Hotel

In September 2025, Japan’s Seibu Holdings acquired the Ace Hotel brand for a total of US$90 million. The brand was first founded in 1999 in Seattle and operated 8 properties in 5 different countries with 1 property in the pipeline at the time of sale. This acquisition is a strategic move from the Seibu Prince Hotels Worldwide as the group is looking for a moreaggressive global expansion.

Mandarin Oriental

Also in September 2025, Jardine Matheson, a Hong Kong based multinational conglomerate, announced its acquisition of the remaining 11.96% of publicly traded shares of Mandarin Oriental to privatize the hotel group.

Jardine Matheson intends to pay US$ 3.35 per share, which values the hotel group at approximately US$4.2 billion compared to a trading price of US$3.27 at the time the deal was announced. The expected completion ofthe transaction will be on 28 February 2026.

At the time, the group operated 43 hotels, 12 residences, and 26 exclusive homes in 27 countries. A notablenumber of the properties are owned by the group.‍

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‍Transactions that matter. -December

Ritz Sanya

The Hong Kong listed company that specializes in property development and management in Mainland China, China Jinmao Holdings Group Limited, has sold their subsidiary Jinmao Sanya Tourism which owns the 446-key Ritz-Carlton Sanya.

China Jinmao Holdings Group has reached an agreement with Sanya Luanmao on 23 December, 2025 to sell 100% of the equity for the property for US$302 million or US$677,000 perkey.

Wanda Vista Zhengzhou

The 292-key Wanda Vista Zhengzhou, owned by R&F Properties, was sold for RMB328 million (US$46.4 million) at an auction on 9 December, 2025 and was bought by the Henan Zhengfeng Zhengyun Hotel Management Co.. The property was sold at around 30% below the original value price of RMB469 million (US$67 million).