Five Asia-Pacific Deals Put Capital Into Hotels and Mixed-Use

By Rebecca Stone

A HKD2.7 billion Hong Kong acquisition anchors five Asia-Pacific hospitality deals reported for the week ending October 23, 2026, across Hong Kong, Seoul, Singapore, Vietnam and Australia. The transactions range from operating hotels and investment funds to proposed resorts and an approved mixed-use precinct. Five deals, though not five completed transactions. Capital is moving, but conditions remain attached.

What is ParkCity buying in Hong Kong?

Malaysia-based Perdana ParkCity Sdn Bhd, known as ParkCity Group, has agreed through Oceanfront Hong Kong Limited to acquire two Tung Chung hotels from receivers acting for Hong Kong-based Shimao Group. The HKD2.7 billion consideration covers the 218-key Sheraton Hong Kong Tung Chung Hotel and the 1,001-key Four Points by Sheraton Hong Kong Tung Chung, plus both operating businesses, subject to adjustment. The price equals about HKD2.22 million per key across 1,219 rooms, and completion is expected by year-end 2026.

Completed in 2020, the dual-branded complex has about 56,671 square metres of gross floor area, meaning total building floor space. T Bay, its retail podium, contains restaurants, bars and shops. The hotels recorded blended occupancy, or combined room-fill rate, of close to 85% in the first quarter of 2026. The property is held under a 50-year land lease beginning November 19, 2014, in Tung Chung on Lantau Island near Hong Kong International Airport.

Who leads the Seoul bid?

An unnamed high-net-worth individual has been selected as preferred bidder, or leading candidate, for Mighty Building, with an offer exceeding KRW70 billion. Mastern Investment Management of South Korea and TPG Angelo Gordon of the United States are divesting the Myeongdong hotel and retail property. The bidder reportedly proposed closing by year-end 2026 and paying a hard deposit, an upfront sum, alongside the purchase price to secure its position.

At 199-13 Euljiro 2-ga in Seoul's Jung District, Mighty Building has about 4,384 square metres of gross floor area across nine above-ground storeys and two basement levels. The upper floors contain the 92-key Line Hotel Myeongdong; the lower floors house food and beverage outlets, including Outback Steakhouse and Haidilao. The property sits near Euljiro 1-ga and Myeongdong subway stations and the surrounding shopping district.

How does TAP expand without buying hotels?

Singapore-based The Assembly Place plans to invest up to SGD2.5 million in a living-sector fund targeting SGD300 million in capital commitments, meaning investor funds pledged to the vehicle. ICHAM Pte Ltd, a Singapore-based multi-family office, meaning an investment office serving multiple families, and alternative asset manager affiliated with the ICH Group, will manage it. The fund will target opportunities in Singapore and across Asia-Pacific, although specific assets, developments and timelines remain undisclosed.

TAP has also been proposed as property manager and operator of the fund's assets, potentially generating recurring management and operating fees without direct ownership. The asset-light model, managing and operating properties without owning them, reduces capital requirements while adding recurring income. It supports TAP's broader goal of more than 10,000 keys, meaning hotel rooms, by 2030.

What has been proposed in Vietnam?

Vietnam-based MBLand Danang JSC, a member company of Tasmania & Partners, has proposed VND10.5 trillion for two central Vietnam tourism developments. MBLand My Khe Paradise carries a VND5 trillion plan for a mixed-use tourism complex on an 11,465-square-metre site in Da Nang. Planned features include an 8,000-square-metre night-time entertainment area and a 10-storey hotel and office building with 400 rooms, plus dining, an event centre and contemporary art exhibition spaces.

MBLand will implement My Khe Paradise in three phases. The entertainment area is scheduled to open in April 2027, while construction of the hotel and office building is expected to begin that month. The second proposal, MBLand Retreat, assigns VND5.5 trillion to a high-end resort in the Dong Na–Ben Tre urban area of Hoi An Tay Ward. It combines accommodation with local cultural experiences. Both projects remain subject to relevant approvals and procedures.

What does Queensland approval unlock?

Australia-based Comiskey Group has secured approval for the AUD180 million North Lakes Town Centre development in the City of Moreton Bay, Queensland. The 25,000-square-metre mixed-use lifestyle precinct will occupy a 1.72-hectare site opposite Westfield North Lakes. It includes a 144-room, nine-storey five-star hotel and an approximately 2,000-square-metre signature hospitality venue, alongside premium and casual dining, retail, wellness, entertainment and landscaped public spaces.

The project targets a lifestyle and dining destination for a growing local population and visitors. Construction is scheduled to start in early 2027. Comiskey expects the finished development to strengthen the region's hospitality and tourism offerings ahead of the Brisbane 2032 Olympic and Paralympic Games.

When does the capital become operating reality?

HVS calls itself the world's leading consulting and services organization focused on hotels, mixed-use, shared ownership, gaming and leisure. Founded in 1980, it reports more than 4,500 assignments each year for hotel and real-estate owners, operators, investors, banks and developers worldwide, through roughly 60 offices and more than 300 professionals.

HVS also describes its principals as leading experts in their respective regions. The economics differ by deal. ParkCity has agreed to buy hotels with close to 85% occupancy; TAP seeks fee income without owning real estate; Seoul remains at the preferred-bidder stage, Vietnam awaits approvals, and Queensland awaits construction.

The next checkpoints are concrete: Hong Kong and Seoul completion by year-end 2026, Vietnam activity in April 2027, Queensland's early-2027 construction start, and TAP's pursuit of more than 10,000 keys by 2030.