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Japan Hotel REIT to buy 3 Japanese hotels for ¥47.18B

Japan HotelREIT Investment Corp. plans to acquire three Japanese hotels for anaggregate price of around ¥47.18 billion.

The company plans to buy GK APOLLO's Hotel Vista Grande Osakain Chuo-ku, Osaka-shi, for ¥27.00 billion; GK HN Project's Hilton Nagoya inNagoya-shi, Aichi, for ¥15.25 billion; and Godo Kaisha Tenjin 1's Hotel AscentFukuoka in Fukuoka-shi, Fukuoka, for around ¥4.93 billion.

Hotel Vista Grande Osaka has a land area of 2,428.47 squaremeters and a total floor space of 11,501.10 square meters. The deal has a caprate of 4.5%.

Hilton Nagoya's land area spans 6,723.59 square meters,while its total floor space covers 46,368.99 square meters. The transaction hasa cap rate of 4.2%.

Hotel Ascent Fukuoka's land area spans 1,482.13 squaremeters, including leased land, and a total floor area of 8,600.22 squaremeters. The deal has a cap rate of 4.9%.

In addition, Japan Hotel REIT plans to issue 428,260 newinvestment units in a public offering and 11,740 investment units in asecondary offering.

The REIT plans to use a portion of the proceeds to fund theacquisition of the three hotels.

As of July 7, US$1 wasequivalent to ¥100.76.