Japan Hotel REIT plans to acquire two full-service Okinawa properties and two budget hostelries in Tokyo’s Shinjuku ward for a total of JPY 56.2 billion ($352 million), according to a release.
The sellers were undisclosed in the filing.
The assets are the 352-room Okinawa Harborview Hotel, with a sales price of JPY 21.5 billion($135 million), located in Naha; the 448-room Southern Beach Hotel & Resort Okinawa, located in Itoman, with a JPY 16.2 billion ($102 million) sales price; Mimaru Tokyo Shinjuku West, with a sales price of JPY 9.7 billion ($60 million) and Hotel Amanek Shinjuku-Kabukicho, with a sales price of JPY 8.8 billion ($55 million).
JHR already owns four hotels in the Okinawa prefecture. JHR aims to expand its portfolio there, an area with potential high growth, by acquiring large hotels in the Naha area and resort areas nearby Naha to capture tourist demand through
