JHR acquires Tokyo hotel for $560m
Japan Hotel REIT Investment Corp. (JHR) has acquired four-star Hilton Tokyo Odaiba for $560.4 million.
Hilton Tokyo Odaiba is a large-scale full-service hotel with 453 rooms, located in Odaiba, one of the most popular tourist destinations in Tokyo.
At the 2020 Tokyo Olympics and Paralympics, various events will be held in the Odaiba area, while the International Broadcasting Center and Main Press Center will be situated at nearby Tokyo Big Sight. The hotel market in the Odaiba area is expected to grow further, as it will attract a lot of attention globally through the Tokyo Olympics and Paralympics. Under these favorable circumstances, JHR will pursue to enhance attractiveness of Hilton Tokyo Odaiba, one of its trophy assets, in cooperation with Hotel Management Japan Co., Ltd., operator of the hotel.
Upon acquisition of Hilton Tokyo Odaiba, JHR’s portfolio consists of 43 hotels throughout Japan and its asset size is JPY374.5 billion ($3.4 million) in total in