Travel Market Insights
Insights from HVS Asia Pacific Hospitality

Weekly Hotel Industry Asia Pacific News Roundup from HVS
CLAS to Divest Citadines Central Shinjuku Tokyo for JPY25 Billion in Japan
CapitaLand Ascott Trust (“CLAS”), the largest lodging trust in Asia Pacific, managed by wholly owned subsidiaries of Singapore-based CapitaLand Investment Limited, has proposed the divestment of Citadines Central Shinjuku Tokyo for JPY25 billion or approximately JPY121.4 million per key. The 206-key property, completed in 2008, is located approximately a 10-minute walk from JR Shinjuku Station, one of Tokyo’s major transport hubs served by five railway operators. The proposed sale represents around a 100% premium over the property’s book value and a 40.4% premium to the average of two independent valuations. The exit earnings before interest, taxes, depreciation, and amortisation (“EBITDA”) yield is approximately 3.2%, with the divestment expected to generate a net gain of JPY5.7 billion after tax and net proceeds of around JPY21 billion. The buyer is ML Estate Co. Ltd., a wholly owned subsidiary of Japan-based Mizuho Leasing Co., Ltd. The transaction is expected to be completed in the fourth quarter of 2025.
Hotel Ease Mong Kok Sold for HKD435 Million for Student Housing Redevelopment in Hong Kong
Harmonia Crest Limited, a joint venture company owned 15% by Prime Resonance, an indirect wholly owned subsidiary of Hong Kong-based developer, Wang On Properties, and 85% by ADPF Oregon, a fund indirectly managed by US-based investment manager, TPG Angelo Gordon, has acquired Hotel Ease Mong Kok for HKD435 million. This translates to approximately HKD2.2 million per key for the 199-key property. It is understood that the property was previously owned by Hong Kong-based Stan Group (Holdings) Limited. Located in the heart of Kowloon, the asset is next to Yau Ma Tei MTR Station and is surrounded by a dense mix of commercial, retail, and residential developments. Completed in 2014, the 30-storey property spans approximately 4,552 square metres of gross floor area, and offers seven different room types, and a car park. The new buyer plans to convert it into an international post-secondary education hub, capitalising on the site’s strong transport connectivity and proximity to major academic institutions and cultural amenities in the Yau Tsim Mong District.
Ichigo Hotel REIT Acquires Two Hotels for JPY5.7 Billion in Okinawa and Toyama, Japan
Japan-based Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel REIT”) has acquired two hotels in Okinawa and Toyama for a total of JPY5.7 billion. The assets include the 135-key Smile Hotel Miyakojima (“SHM”) in Okinawa, acquired from Japan-based First Brothers Capital Co., Ltd. (“First Brothers Capital”) for JPY2.3 billion, and the 227-key Hotel Enoe Toyama (“HET”), acquired from an undisclosed third-party Japanese company for JPY3.4 billion. This translates to approximately JPY17 million per key and JPY15 million per key for SHM and HET, respectively. SHM, originally completed in 1992 with a new building added in 2021, is located along Nishizato Dori, a popular tourist thoroughfare near Miyakojima’s beaches and just a 15-minute drive from Miyako Airport. HET, built in 2004, is centrally located in Toyama City and within walking distance of Aramachi tram station and close to government offices and commercial amenities. Both properties are freehold and will be leased to a single tenant under a master lease agreement. Post-acquisition, Ichigo Hotel REIT’s portfolio will comprise 31 hotels with a total acquisition value of JPY73.4 billion.
HVS is the world’s leading consulting and valuation services organization focused on the hotel, restaurant, shared ownership, gaming, and leisure industries. Established in 1980, the company performs more than 4,500 assignments per year for virtually every major industry participant. HVS principals are regarded as the leading professionals in their respective regions of the globe. Through a worldwide network of over 50 offices staffed by 300 experienced industry professionals, HVS provides an unparalleled range of complementary services for the hospitality industry. For further information regarding our expertise and specifics about our services, please visit www.hvs.com.
Travel Market Insights
South Korea Offers Visa-Free Entry for Chinese Group Tours from September

South Korea is ready to roll out the welcome mat for Chinese tour groups this fall. Starting September 29 and running through June 30, next year, Chinese visitors traveling in organized groups will no longer need a visa to enter the country, the prime minister’s office announced on Wednesday.
The move comes just under a year after China lifted its own visa rules for South Korean nationals. It marks the broadest easing of entry rules for Chinese travelers since the pandemic, and offers a clear sign that both capitals are looking to deepen ties through tourism.
It’s unclear the duration for which the tourists can stay visa free in the country as the government has yet to announce the maximum duration for group tourists under the new policy.
In November 2024, China surprised many by adding South Korea to its visa-free list for stays up to 15 days. “With Korea’s inbound tourism market recovering rapidly, the new visa waiver policy is expected to generate additional demand from Chinese tourists and contribute to revitalizing regional economies and boosting domestic demand,” a government statement said.
Earlier, Chinese group travelers could only visit Jeju Island visa-free, and only for up to 30 days. A brief window of exemptions for group tours during the 2018 Winter Olympics in Gangwon Province offered limited scope. But this new policy applies nationwide, no matter how visitors arrive.
According to Skift Research’s 2025 Travel Outlook Survey, travelers from India and China lead in plans to spend on travel.
Tourism by the Numbers
Tourism is staging a strong comeback for South Korea. Last year, the country welcomed 16.37 million international visitors, a 48% increase over 2023, though still 6.5% below its pre-pandemic peak. Chinese tourists led the way with 4.6 million arrivals.
In the first half of 2025, 8.83 million overseas visitors came to Korea, almost 15% more than a year earlier and already above pre-pandemic levels. Of these, Chinese tourists made up the biggest share with 2.53 million arrivals. Seoul hopes to draw 5.36 million Chinese visitors this year, closing in on the 6.02 million recorded in 2019.
A World Travel & Tourism Council report released last year said the tourism industry in South Korea was projected to account for 4.3% of the nation’s economy. In 2024, foreign visitors spent more money than ever, pouring 9.26 trillion won ($6.9 billion) into the local economy in 2024, around 43% more compared to the year before.
The Bank of Korea estimates that every additional million Chinese tourists could lift GDP by up to 0.08 percentage points. Incheon Airport data show that routes between Korea and China saw 4.68 million passengers in the first five months of 2025, a nearly 25% jump compared to last year.
The top-visited destinations for Chinese travelers are Singapore, Japan, and South Korea, according to China Trading Desk’s second quarter survey released in June.
More than 100 countries enjoy visa-exemption privileges in South Korea, under pacts based on reciprocity or national interest. Depending on the country, stays range from 30 days to up to six months for countries like Canada.
More Than Just Visas
South Korea isn’t stopping at visa waivers. It plans to speed up immigration for key visitors to conferences, trade shows, and exhibitions. Under the new plan, any international event with at least 300 foreign participants (down from 500) will qualify attendees for fast-track lanes at immigration. This should help Korea’s push to be a top-tier destination for meetings, incentives, conferences and exhibitions.
Medical tourism is getting a boost too. Agencies that refer 500 or more foreign patients will now be able to handle electronic visas.
Korean carriers are boosting capacity across Asia, launcing new routes and adding flights to Japan, China and Southeast Asia. This month, Korean Air increased its weekly China service from 188 to 194 flights, this is about 90% of its pre-pandemic schedule. Since May, Asiana has added 26 weekly flights to China. Low-cost carrier Jeju Air now offers seven weekly services to China.
South Korea’s foreigners-only casinos have also been witnessing a significant rise in their sales revenue with the return of high rollers from China and Japan. Paradise Co, the largest such operator in Korea, saw its casino revenues climb by more than 50% in March 2025 compared to the year before, posting 81 billion won ($58 million) in casino revenue, according to the Korea Economic Daily.
The travel industry’s top event returns this fall.
September 16-18, 2025 – NEW YORK CITY
Travel Market Insights
Online Travel Market Innovative Technology, Revenue Growth

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Top Companies Covered In This Report:
OpenTable, Sky Park Secure, Viator, FancyHands, Routehappy, Adioso, Tripit, Eater, Euan’s Guide, Hipmunk, Skyscanner, Owners Direct, and Accuweather.
Key Region/Countries are classified as Follows:
North America (U.S., Canada, Mexico)
Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
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Customized regional/country reports as per request and country-level analysis.
Potential & niche segments and regions exhibiting promising growth are covered.
Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)
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This release was published on openPR.
Travel Market Insights
Booking’s Credit Card, Marriott’s Slower Growth and Spain’s Rental Crackdown

Good morning from Skift. It’s Wednesday, August 6. Here’s what you need to know about the business of travel today.
Booking.com has soft-launched its first credit card in the U.S., the Booking.com Genius Rewards Visa Signature Credit Card, reports Executive Editor Dennis Schaal.
Schaal writes the rewards card should help Booking.com increase direct bookings and build its U.S. business. The card issues travel credits instead of offering points and miles, common with airline and hotel co-branded cards.
Cardholders would receive 6% in travel credits for hotels and short-term rental stays booked via the Booking.com app, and 5% on all other travel purchased on Booking.com.
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Next, Marriott has trimmed its full-year forecast after a sluggish second quarter, writes Senior Hospitality Editor Sean O’Neill.
The company’s overall global growth for revenue per available room was only 1.5% while it was flat in the U.S. and Canada. O’Neill notes Marriott’s main drag was a weak U.S., which was partly the result of uncertainty from the Trump tariffs and partly because of when Easter fell this year. Marriott also saw a drop in government travel.
Marriott now projects between 1.5% and 2.5% revenue per available room growth for the full year, down from its previous forecast of up to 3.5% growth.
Finally, Spanish authorities are preparing to delist thousands of unregistered short-term rentals, writes Contributor Ian Mount.
Spain’s housing ministry will soon enforce a 2024 law requiring all short-term rentals to display a unique rental registration number. Properties that don’t comply will be removed from major platforms like Airbnb. The first listings will be removed from platforms in mid-August after property owners are given a 10-day grace period to appeal.
Mount notes that many owners appear to have delayed applying for their rental registration number until the last minute, creating processing backlogs.
The travel industry’s top event returns this fall.
September 16-18, 2025 – NEW YORK CITY
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