Sekisui House REIT Sold St. Regis Hotel Osaka for JPY 21.35 Billion

Japan-based Sekisui House REIT, Inc. have sold a 100% stake in the hotel portion of the Hommachi Garden City building, of which the sole tenant is the St. Regis Hotel Osaka, to an undisclosed buyer for a planned disposition price of JPY 21.35 billion. The 160-key property has a total floor area of 49,163.16 square metres, and boasts six food and beverage outlets, a total of 454 square metres event space, and a spa and fitness centre. 

Fortress Acquired Phoenix Seagaia Resort in Kyushu from Sega Sammy

US-Based Fortress Investment Group LLC (“Fortress”) is acquiring the Japan-based Phoenix Seagaia Property from Japan-based Sega Sammy Holdings Inc (“Sega Sammy”). Sega Sammy will transfer all its common shares of Phoenix Resort Co. Ltd. to a Fortress unit with an expected gain on the disposal of roughly JPY 8.5 billion after initially acquiring Phoenix Seagaia for JPY 5.8 billion in 2012. Accommodations offered by the resort are the 45-story, 743-key Sheraton Grande Ocean Resort hotel, 142-key Luxze Hitotsuba serviced-apartment complex, and 72-key Cottage Himuka cottage complex. Phoenix Seagaia also offers a Banyan-Tree Spa, and the Shosenkyu Onsen hot spring. The property has 22 food and beverage offerings on-site, along with one department store and one club house shop; two golf courses, one golf academy; two fitness centers; one horse riding club; cycling and walking trails; and three convention & conference halls composed of 38 venues ranging from 12 to 2,603 square meters in area. The fiscal year ended March 2024 marks the second year of profitability for the resort, with a posted revenue of JPY 11.6 billion and net profit of JPY 80.6 million.

ARA H-Trust to Sell Two Hyatt House properties to GHM Properties for USD 31 Million

Singapore-based ARA US Hospitality Trust (“ARA H Trust”) has entered into conditional purchase and sale agreements through its wholly owned subsidiary ARA USH Chicago to sell two Hyatt House hotels to US-based GHM Properties for a total of USD 31 million. The two properties being sold are the 131-key Hyatt House Philadelphia Plymouth Meeting and the 127-key Hyatt House Shelton. Both properties sit on a freehold land, and feature one on-site dining area and one fitness center, meeting room, and outdoor pool each.

Hanoi’s Noi Bai airport’s International Terminal is Undergoing a USD 196 Million Expansion

The international terminal (T2) of Hanoi’s Noi Bai International Airport (“NBIA”), Vietnam’s second-largest and busiest international airport, is currently undergoing expansion. The USD 196 million expansion plan will increase the annual capacity of the international terminal from 10 million passengers to 15 million passengers. The project is expected to be completed in December 2025. The international terminal has been in operation since 2015 but has exceeded its original capacity of 10 million passengers since 2018. NBIA is expected to serve 60 million passengers by 2030 and 100 million passengers by 2050.

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