Hilton Grand Vacations Announces New Acquisition in Kyoto
Vacation ownership industry leader expands presence with third property in Japan
Hilton Grand Vacations Inc. (NYSE:HGV) the premier vacation ownership and experiences company, today announced it has purchased the Citadines Kyoto Karasuma-Gojo in Kyoto, Japan. This will be the company’s first property in Kyoto and its third property in Japan.
“Building on our history as the leading vacation ownership company in Japan, we’re thrilled to expand our portfolio to offer even more vacation experiences to our members,” says Mark Wang, CEO, Hilton Grand Vacations. “Kyoto is a world-famous cultural destination for travelers, filled with history, heritage and elegance, and we’re excited to engage with new members and guests seeking cultural immersion.”
Kyoto Prefecture is an internationally-renowned destination for travelers from around the world. In 2023, Kyoto saw a record 75 million tourists, representing a 13% increase from the previous year and comparable to Orlando’s 74 million annual visitors. It is further expected that 2024 will set a new record for visitors to Kyoto.
Ideally situated in the historic Kyoto tourism and business district, HGV plans to fully renovate the property into 63 modern one-bedroom timeshare units, each equipped with kitchens. Planned resort amenities include a fitness center. Restaurants, shopping, entertainment and must-see historic landmarks are a short walk from the property, making it an ideal base to explore Kyoto and its UNESCO World Heritage Sites.
Renovation is anticipated to begin in the second quarter of 2025, with project completion expected in the first quarter of 2026. The start of sales for the property is expected to begin in the second quarter of 2025.
Purchasing Citadines Kyoto Karasuma Gojo project is part of HGV’s continued efforts to expand its presence in Japan. This project will demonstrate the company’s ongoing commitment to investing in Japan. Since 2012, HGV has seen year-over-year member growth, with the current member exceeding 72,000 in Japan. While Hawaii remains a highly sought-after destination among Japanese members, this property will also appeal to those who prefer domestic destinations.
HGV’s most recent property in Japan was The Beach Resort Sesoko, a Hilton Club, which opened in October 2021. Its first property in Japan, The Bay Forest Odawara, Hilton Club, opened in 2018.
JLL assisted in brokering the transaction.
