Japan Hotel REIT buys property for $141m
Japan Hotel REIT has purchased the Active-Inter City Hiroshima for $140.8 million from Wakakussa City GK.
The full-service hotel is a relatively new, large complex facility, comprised of a 238-room Sheraton hotel, an office building and a commercial zone.
The occupancy rate of tenants in the office building and the commercial zone is 100 percent as of Nov. 30, 2015.
Construction of a pedestrian deck between the hotel and JR Hiroshima Station is under way to directly connect the station and the second floor of the hotel.
The hotel had an average daily rate of approximately 18,000 yen ($146.73) for January to September in 2015, succeeding in attracting the high-end customer segment in Hiroshima city.
JHR aims to further improve its portfolio by acquiring highly competitive assets like Active-Inter City Hiroshima.
Active-Inter City Hiroshima is located in a growing market. The total number of tourists in Hiroshima Prefecture in