Mizuho Leasing has sold the 206-room Citadines Central Shinjuku Tokyo in Japan for an undisclosed price about nine months after acquiring it.
Bangkok-based news site Mingtiandi reports the buyer is Singapore-based SC Capital Partners, which is 40% owned by Temasek Holdings. Temasek, in turn, owns the majority stake in real estate investment trust CapitaLand Ascott Trust, the former owner of the Citadines Central Shinjuku Tokyo hotel.
In October, Mizuho Leasing acquired the property for 25 billion Japanese yen ($154 million) from CapitaLand Ascott Trust.
A renovation and repositioning of the hotel have been hinted. The Citadines Central Shinjuku Tokyo first opened in 2008.
According to CoStar data, CapitaLand Ascott Trust acquired the Citadines hotel in October 2014 via its division Ascott Residence Trust for approximately $70 million from Tokyo-based Kabushiki Kaisha Oumi. At that time, the hotel was affiliated with Best Western Hotels & Resorts.
Japan is increasingly a target for international capital due to its weak currency coupled with robust hotel fundamentals.
Mingtiandi reports that the Japanese yen “has slid roughly 9% against the U.S. dollar in the 11 months since CapitaLand Ascott unveiled the disposal to Mizuho Leasing, which has often acted as an intermediary on major Japan property deals.”
Last month, CapitaLand Ascott sold another of its hotels, the 336-room Robertson House by The Crest Collection in Singapore, for 360 million Singapore dollars ($278 million).
As of the end of March, CapitaLand Ascott has 106 hotels and approximately 19,000 hotels in 45 cities in 16 countries.
Since its founding in 2010, SC Capital’s Japan Hospitality Fund has invested more than $1.3 billion in the market in 60 hotels with approximately 13,000 keys, Yahoo Finance reports.
SC Capital owns almost 90% in Japan Hotel Real Estate Investment Trust Advisors, the parent firm of the Japan Hotel REIT Investment Corp., which has a portfolio of 52 hotels and 14,842 rooms. The total worth of that portfolio is valued at more than $5.3 billion.