City Developments Limited (CDL), through its indirect wholly owned subsidiary, M&C Sakura TMK, has entered into a purchase and sale agreement with real estate funds managed by Blackstone to divest the Bespoke Hotel Osaka Shinsaibashi in Japan for JPY 14 billion ($88.9 million), or JPY 54.7 million ($347,000) per key. The proposed divestment will be completed in December 2025.
Opened in 2019, this 256-room freehold lifestyle hotel is located in Osaka’s Shinsaibashi commercial district. It is a five-minute walk to Midosuji Avenue, lined with major international luxury brands as well as the Parco and Daimaru department stores. The popular Shinsaibashi-suji shopping street is also nearby, with Nagahoribashi and Shinsaibashi stations within a four-minute and a six-minute walk, respectively.
CDL acquired the hotel for JPY 8.5 billion or JPY 33.2 million ($54 million or $210,000) per key in August 2023, less than a year after Japan reopened its borders to visa-fre
