Invincible Investment Corp. on Sept. 21 closed the acquisition of a 49.0% preferred equity interest in the Sheraton Grande Tokyo Bay Hotel and trust beneficiary interests in four hotels in Japan.
The company paid ¥17.8 billion for its stake in the Sheraton Grande Tokyo Bay Hotel. The asset was acquired in a joint venture with Singapore's GIC.
The company also settled the purchase of four Japanese hotels it agreed to acquire in September for a total of ¥39.60 billion. The deal involved Hotel MyStays Shin Osaka Conference Center in Osaka, Hotel MyStays Premier Omori in Tokyo, Beppu Kamenoi Hotel in Oita and Hotel MyStays Sapporo Station in Hokkaido.
As of Oct. 12, US$1 was equivalent to ¥112.30.