Nomura Real Estate Master Fund Inc. said Nomura Real Estate Asset Management Co. Ltd. is acquiring the 72-room Watermark Hotel Sapporo in Japan from Watermark Hotel Japan Co. Ltd. for ¥3.60 billion.
The licensed investment trust management company, which the fund retained to provide asset management services, will also start the asset management of hotels.
Nomura said Watermark Hotel Japan will be replaced by Vista Hotel Management Co. Ltd. as the hotel operator. The fund also plans to lease the property to Vista Hotel and expects it to rebrand the asset.
The acquisition of the hotel, set to close March 5, 2018, will be funded with cash on hand.
As of Dec. 19, US$1 was equivalent to ¥112.98.
