Read the latest news from around the Asia-Pacific region.
Japanese REIT Acquires Two Tokyo Hotels For $115 Million
Tokyo-based real estate investment trust Japan Hotel REIT Investment Corp. bought two Tokyo hotels for approximately $115 million, reports HNN's Terence Baker.
Japan Hotel REIT paid about 9.6 billion Japanese yen ($60 million) for the 76-room Mimaru Tokyo Shinjuku West and about 8.8 billion yen ($55 million) for the 169-room Amanek Shinjuku-Kabukicho. The Mimaru opened in 2020, and the Amanek in 2023.
Japan REIT has a portfolio of 49 hotels with 12,516 rooms.
SLH Exec Sees Opportunities for Owners, Travelers at Launch of Hilton Partnership
Hilton's loyalty partnership with Small Luxury Hotels of the World has gone live, allowing travelers to book at hundreds of SLH properties across the world through Hilton's booking channels, writes HNN contributor Harvey Chipkin.
SLH has 20 locations in China and 15 in Japan, and the company has plans for further expansion in Asia. Europe remains the core destination, with 81 hotels in Italy alone, and it plans to add more hotels in the U.S., Africa and eastern Europe.
The Americas and Asia-Pacific Show Growth in Hotel Pipeline Activity
June 2024 data from CoStar shows that two world regions had year-over-year growth in hotel pipeline activity at the end of the second quarter: the Americas and the Asia-Pacific.
The pipeline data shows 503,770 rooms in the in construction phase, a 4.4% year-over-year increase. There were 91,282 rooms in the final planning phase, a 22.9% decrease. Rooms in the planning phase grew by 16.5% to 323,931. The number of total rooms under contract grew by 4.5% to 918,983.
China led the region in total rooms in construction with 319,012. Vietnam followed with 36,521.
Deals, Developments, People on the Move
- Yuyuan, a subsidiary of China-based Fosun International sold nearly 100% of its subsidiary company, which owns three hotels in Tomamu, Japan, to Japan's YCH16 for 40 billion yen. The Hoshino Resorts Tomamu include the 353-key Tomamu The Tower; the 192-key Risnare Tomamu; and the 341-key Club Med Tomamu Hokkaido.
- Australia's Mahil Group bought the 50-key Ibis Budget Windsor in Brisbane, Australia, for an undisclosed amount.
- Hong Kong Metropolitan University bought the 255-key Urbanwood Hung Hom hotel to convert it to student housing.
- Japan's Loadstar Capital plans to invest in LD1 Godo Kaisha to make it a subsidiary and then have Ld1 Godo Kaisha borrow 17 billion yen to buy six hotels from an undisclosed seller.
- Singapore-based Acrophyte acquired full ownership of the two companies that manage Singapore-based ARA US Hospitality Trust REIT from Singapore-based ARA Asset Management.