TPGAG and Kenedix to Purchase Grand Nikko Tokyo Daiba in Japan for JPY106 Billion

US-based TPG Angela Gordon (“TPGAG”) is partnering with Japan-based Kenedix in a joint venture to purchase the 882-key Grand Nikko Tokyo Daiba hotel from Japan-based Hulic Co., Limited for JPY106 billion. This translates to approximately JPY129 million per key. This acquisition represents one of the Asia Pacific region’s largest hospitality investments of the year. Situated on a 20,870.35 square metre site directly connected to the Daiba station in Tokyo Bay area, the 29-storey property offers six dining venues, a fitness centre, a spa and event spaces. The hotel is well-positioned for growth, as East Japan Railway Company plans to extend its transit line to Haneda airport in the coming years, which could boost connectivity and visitor traffic. Additionally, its proximity to Tokyo’s cruise terminal and Disney’s expansion of its cruise business in Japan may further enhance its appeal to tourists. 

Ichigo Hotel to Sell Valie Hotel Hiroshima in Japan for JPY1.785 Billion

Japan-based Ichigo Hotel REIT Investment Corporation (“Ichigo Hotel”) has announced the sale of 171-key Valie Hotel Hiroshima in Japan to a third-party Japanese company for JPY1.785 billion. This translates to approximately JPY10.44 million per key. Situated on a land of 1,090.97 square metres, the freehold property is conveniently located just a 15-minute walk from JR Hiroshima Station and a 3-minute walk from Jogakuin-Mae Station on the Hiroshima Electric Railway. The property has an annual minimum guaranteed rent of approximately JPY66 million for its leasable area of 4,332.5 square metres. The sale is expected to yield a gain of JPY230 million for Ichigo Hotel.

EVT Sold Rydges Hobart in Tasmania, Australia

Australia-based EVT Limited (“EVT”) has sold the 64-key Rydges Hobart in Tasmania, Australia to a Singapore-based investor for an undisclosed sum. The acquisition includes a large vacant building, originally a broom factory, suitable for adaptive reuse or redevelopment. Despite the change in ownership, EVT will continue managing the property under a hotel management agreement. Located two kilometers from the Hobart Central Business District, the recently refurbished property sits on a 11,860 square-metre site next to a sports venue, North Hobart Oval. The facilities include a manager’s residence, a restaurant and bar, a swimming pool, meeting rooms, and a gym.

Roma Explorers Inn Sold in Queensland, Australia

The 89-key Roma Explorers Inn in Queensland, Australia has been acquired by a syndicate led by Judy and Damien Kennedy, previous owners of the 57-key Longreach Motor Inn and the 44-key Saltbush Retreat, in Longreach, western Queensland for an undisclosed sum. This freehold property offers various amenities, including a kids’ playroom, undercover parking, a restaurant with seating for 150 and meeting spaces capable of accommodating up to 400 guests. Situated on the Warrego Highway, the hotel is about a six-hour drive northwest of Brisbane, making it a strategic stop for travelers and a valuable asset in the region.

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