Japanese REIT acquires six hotels for $400m
Invincible Investment Corporation, a Tokyo-listed hospitality and residential REIT, has agreed to acquire six hotels in Japan from affiliates of the trust’s sponsor, Fortress Investment Group, for a total of JPY 57.2 billion ($400 million), according to a release.
The largest of the six properties is Fusaki Beach Resort Hotel & Villas, located on Okinawa’s Ishigaki Island. The remaining are on the island of Honshu: Tateshina Grand Hotel Takinoyu in Nagano, Hotel MyStays Okayama, Hotel MyStays Aomori Station in Aomori, Hotel MyStays Soga Chiba and Tazawako Lake Resort & Onsen in Akita.
INV believes that they are all high-quality hotels with great facilities that are close to traffic hubs or major tourism areas. The number of Japanese hotel guests has recovered to the 2019 level from January to May in 2023, and the total number of domestic tourists in 2023 is estimated to increa