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Japan Hotel REIT targets 2 hospitality assets for ¥65.1B

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Japan Hotel REIT targets 2 hospitality assets for ¥65.1B

Japan Hotel REIT Investment Corp. decided to acquire and lease two hotel properties in Japan through its asset management company, Japan Hotel REIT Advisors Co. Ltd., for an aggregate consideration amounting to nearly ¥65.14 billion.

The real estate investment trust is planning to buy the limited-service Hotel Oriental Express Osaka Shinsaibashi in the Minami area of Osaka for approximately ¥2.74 billion and the Hilton Tokyo Odaiba full-service hotel in Tokyo for ¥62.40 billion, according to a news release.

The Osaka asset encompasses 2,710.55 square meters of leasable area and fully let to KK Hotel Oriental Express. It is being bought from an unnamed domestic joint company.

Meanwhile, the Tokyo property, which has 64,907.76 square meter of leasable space, is being sold by Hulic Co. Ltd. and is occupied by Tokyo Humania Enterprise Inc.

The agreements for the properties are respectively scheduled to be settled Feb. 1 and April 8, Japan Hotel REIT added.

As of Jan. 8, US$1 was equivalent to ¥108.58.