Conrad Seoul Back on the Market for $750 Million

STR reported China hotel data for the week ended September 23rd. Hotel RevPAR was up 46.7% year over year, up against a 5.1% comp in 2022. Compared with 2019, RevPAR for the week in China was up 14%. Investment specialists at the Australia-New Zealand edition of the Hotel Investment Conference Asia Pacific said market conditions are stressing hotel owners and operators in Australia, according to a report by CoStar. CBRE Hotels thinks the worst is almost over for Australian hoteliers, with the worst including high-interest rates and the perception of higher risk in hotel investment and development. CBRE said stress on hotel owners and operators is coming from several directions. Colliers said there are pockets of stress and pockets that are not distressed in Australia’s hotel transactions market, with distress often associated with difficulty in meeting financial obligations, such as loan payments, that results in owners selling hotels at discounted prices. JLL said debt is causing the most stress, primarily in new developments, as they have been hit with cost escalation through the construction phase and, in some cases, are new players in the marketplace. There is uncertainty from a banking perspective on how these new players are going to cope with the current headwinds in the cycle. Some believe investors are sitting on the sidelines expecting more distress. JLL said the Australian hotel sector expected deals to top A$2 billion in 2023, which would be the second year in a row with transaction vo