Japan Hotel REIT Investment Corp. has agreed to sell The Beach Tower Okinawa for ¥30.9 billion ($190.4 million) and acquire Candeo Hotels Osaka Namba for ¥14.32 billion ($88.2 million) as part of its capital recycling strategy.
The Beach Tower Okinawa, a resort hotel acquired by the REIT in 2006, will be sold to Mihama Terroir TMK on July 31. The transaction is expected to generate a gain of approximately ¥24.07 billion ($148.3 million), with proceeds being used toward the Osaka acquisition, future property investments, hotel renovations and other growth initiatives.
Japan Hotel REIT plans to acquire Candeo Hotels Osaka Namba from GK Hikari Hotel on Aug. 3. The 496-room, limited-service hotel was completed in 2017 and is located in Osaka’s Namba area, near Dotonbori and other major tourism and commercial destinations.
The property operates under a fixed-rent lease with Candeo Hospitality Management and has maintained 100 percent occupancy based on leased ar
