Invincible Investment Corp. will acquire trust beneficial interest in four Japanese hotels for a sum of about ¥12.43 billion from affiliates of Fortress Investment Group LLC.
The company will pay roughly ¥5.33 billion to buy the 165-room Hotel MyStays Yokohama Kannai in Yokohama, Kanagawa, from Ginga Tokutei Mokuteki Kaisha, and ¥2.77 billion for the 198-room Art Hotel Joetsu in Joetsu, Niigata, being sold by HL Investments Tokutei Mokuteki Kaisha.
In addition, the 134-room Art Hotel Hirosaki City in Hirosaki, Aomori, will be acquired from Monza Tokutei Mokuteki Kaisha for ¥2.72 billion, and the 145-room Hotel MyStays Oita in Oita, Oita, will be purchased from Suisei Tokutei Mokuteki Kaisha for ¥1.60 billion.
The Japan-based real investment trust will fund the acquisitions using proceeds from the sale of assets made in December 2017 and in January.
Invincible said it will lease MyStays Yokohama Kannai and Hotel MyStays Oita to MyStays Hotel Management Co. Ltd., and Art Hotel Joetsu to HL investments Co. Ltd. Art Hotel Hirosaki City will be leased to Hirosaki Hotel Management Godo Kaisha.
As of Feb. 2, US$1 was equivalent to ¥110.39.
