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Hoshino Resorts REIT to buy Japan property for ¥4B

Hoshino Resorts REIT Inc. agreed to buy a hotel real estate property in Osaka, Japan, for roughly ¥4.24 billion.

The lodging real estate investment trust said it will acquire the Hotel Androoms Osaka Hommachi on April 2. The property has 103 rooms and a leasable floor area of around 3,191 square meters. It is fully occupied by Osaka Hotel Management LLC.

The seller is Utsubo Property Specified Purpose Co. Sumitomo Mitsui Trust Bank Ltd. and Jones Lang LaSalle Inc. were the brokers.

As of March 16, US$1 was equivalent to about ¥106.11.