Japanese hotel portfolio deal closes
Hoshino Resort Co has purchased four ANA Crowne Plaza hotels in the Japanese cities of Hiroshima, Fukuoka, Kanazawa and Toyama for US$326.5 million.
The deal is one of the largest hotel portfolio transactions in Asia this year. Savills acted as the exclusive agent for the buyer. Real Capital Analytics lists Morgan Stanley as the seller.
The four-property portfolio of ANA Crowne Plaza Hotels totals 1,234 rooms.
Currently, they are managed by IHG ANA Hotels Group Japan, a joint venture between IHG and ANA (All Nippon Airways), under the ANA Crowne Plaza brand. After the acquisition, the hotels will continue to be operated by IHG ANA Hotels Group Japan.
The deal illustrates the growth of Japan’s hotel and tourism market. A record 11.06 million international tourists visited Japan this year from January to July, up 46.9 percent from the same period in 2014. The growth has been driven by Japan’s rising popularity among Asian tourists as a result of curre