Odyssey Capital’s sister company, Odyssey Asset Management, has held a $200 million first close on its Japan-focused private equity real estate fund, Odyssey Japan Boutique Hospitality fund, according to Deal Street Asia.
The fund was launched in 2018 and invests in mid-size, boutique hospitality assets throughout Japan. It received capital from investors across the Asia Pacific region.
According to Deal Street Asia, the first close was to acquire one of the fund’s flagship projects, Project Falcon, a traditional townhouse property portfolio in Kyoto. The firm plans to refurbish the property and convert it into a single urban luxury resort.
According to Deal Street Asia, the fund expects to make three new acquisitions in the first quarter of this year, including a boutique hotel in Shibuya, and few of properties on Izu Peninsula.
