Commerz Real has acquired a hotel belonging to the “Onyado Nono” brand that was just completed in Kyōto, Japan, for $219 million for its open-ended real estate fund Hausinvest. The seller was fund manager PGIM.
The 472-room hotel is located in the central Shimogyō-ku district. It has a leasable area of approximately 181,000 square feet spread across 10 stories and has been awarded the Asian sustainability certificate CASBEE (Comprehensive Assessment System for Built Environment Efficiency). The central station, from which Tokyo can be reached in two hours using the Shinkansen high-speed train, is within easy walking distance.
Occupancy rate of hotels in Kyoto grew from 69.3 percent in 2014 to 75.7 percent in 2017, reported Statista in September 2019. In addition, the Japanese hotel market is expected to be $26.8 billion by the end of 2025, according to Research and Markets.
The continued growth in inbound demand is driving the development of new hotels acr
