Park Hotel Group JV buys newly built asset in Kyoto, Japan

JLL’s Hotels & Hospitality Group  announced the closure of a cross-border transaction by Singapore-based Park Hotel Group for a newly built asset in Kyoto, Japan. The group will formally take ownership of the Kyoto Boutique Hotel, an asset featuring 114 contemporarily designed rooms and a ground-floor bar and restaurant catering to the strong footfall outside the hotel.

A joint venture between Park Hotel Group and Apricot Capital purchased the freehold boutique property from Angelo Gordon and Mizuho Real Estate Management. The asset has a gross leasable area of 3,276 square meters (35,262 square feet).

“Confidence in Japan’s hotel market has remained high throughout a challenging year, and the long-term fundamentals of both the tourism and business markets remain favorable as we look beyond COVID. We’re delighted to advise on such a unique transaction and bring together the full strength of our regional platform to deliver an optimal result for all parti