AP Hospitality Bulletin Asia Pacific - September 2025

New AP article: Hotels - going Branded vs Independent?

One of the critical decisions hotel developers and investors have to make is whether to affiliate their property with a brand or go independent. Both bear challenges and opportunities and not every property matches a brand. In this article we discuss the 5 key considerations in the decision making process.. Click the link here to download the article.

Deal Watch.

Hyatt has partnered up with Kiraku, Takenaka Corporation, and other investors to secure 22 billion yen ($US 149 million) to establish the Atona Impact Fund. The fund will develop luxury onsen ryokan under the Atona Brand. Properties under the brand will feature 30-50 rooms and natural hot springs with local scenery. The brand plans to compete directly with the Japanese hotel brand “Hoshino Resorts” who owns more than 60 properties along wiht its REIT spanning across Japan with additional properties in China, Taiwan, Bali, and Guam. Atona has already announced three upcoming properties in Yufuin, Yakushima, and Hakone. In light of the elevated construction costs in Japan it will be interesting to see how successfully the fund can roll out new projects.

Transactions that matter.

Wanda VIsta Changha

• The 424-Key Wanda Vista five-star hotel, owned by R&F Properties, located in Changsha was sold for 514 million yuan (US$ 72 million) in a court-ordered auction.
• The price was nearly 30% below what R&F originally paid and even below its last appraisal value of 642 million yuan.
• A newly established company, Hunan Lichi Consulting Management Co., purchased the hotel at its opening bid.

The Connaught Hong Kong

• We first wrote about this property a year ago: "The owners of the 52-room The Connaught at Sai Ying Pun, Hong Kong, recently lowered the asking price from HKD1 billion to HKD600 million (USD77 million). The price equals to HKD11.5 million (USD1.5 million) per key. Featuring unblocked sea view and a short drive to the CBD, the property has potential to convert to co-living space. It is reported that the property is valued at HKD950 million. Clearly, Hong Kong valuations are not worth much these days."‍
• The property finally sold this month for around HKD410 million or USD52.7 million, less than half of its valuation a year ago. Go figure. Angelo Gordon must breath a sigh of relief to have this one off the books. Their investors? Perhaps not so much.