INV Acquires Ten Hotels for JPY34.3 Billion in Japan
Japan-based real estate investment trust, Invincible Investment Corporation (“INV”) has acquired ten hotels for a total consideration of JPY34.3 billion from six Japan-based sellers, affiliates of the US-based Sponsor, Fortress Investment Group LLC. The ten hotels acquired are 154-key Irago Ocean Resort for JPY6.9 billion, 188-key Kirishima Kokusai Hotel for JPY6.5 billion, 68-key Kamenoi Hotel Toba for JPY4.7 billion, 80-key Kamenoi Hotel Kusatsu Yubatake for JPY4.7 billion, 75-key Atagawa Ocean Resort for JPY4.2 billion, 180-key Hotel MyStays Atsugi for JPY3.2 billion, 61-key Kamenoi Hotel Tsukubasan for JPY3 billion, 52-key Kamenoi Hotel Kochi for JPY446 million, 45-key Kamenoi Hotel Chitamihama for JPY372 million and 40-key Kamenoi Hotel Yanagawa for JPY255 million. The ten properties are situated across Aichi, Kagoshima, Mie, Gunma, Shizuoka, Kanagawa, Ibaraki, Kochi, and Fukuoka, and are all operated by Japan-based hotel management company, Iconia Hospitality K.K. Following this acquisition, the number of hotels in INV’s portfolio has increased from 104 to 114.
Genting Malaysia Berhad Divests Non-Casino Assets, Including Two Hotels for about MYR2.2 Billion in the US
Empire Resorts Inc (“Empire Resorts”), a wholly owned subsidiary of Malaysia-based Genting Malaysia Berhad, will sell non-casino assets worth approximately MYR2.2 billion to a US-based non-profit organisation, Sullivan County Resort Facilities Local Development Corporation (“SCRFLDC”). The divestment includes 332-key Resorts World Catskills, 99-room Alder Hotel, an 18-hole golf course, a 2,500-seat entertainment venue, and several restaurants. SCRFLDC will operate the properties as public assets, while Empire Resorts will lease back the land until 2066 and manage the non-casino assets under a 20-year management agreement, with two automatic five-year renewals.
Proceeds will be used to redeem approximately MYR1.3 billion in bonds, making Empire Resorts debt-free, and to acquire 1,554.6 acres of land from US-based EPR Properties for MYR848.1 million, including 420 acres housing Resorts World Catskills and 1,134.6 acres of vacant land with development potential. Genting Malaysia expressed that the restructuring will reduce financing costs, strengthen assets, and generate MYR42.1 million in additional cash.
Victorian Government Supports Hotel Development in Stawell, Australia
The Asia-Pacific subdivision of US-based Choice Hotels International Inc. (“Choice Hotels”), in partnership with Australia-based developers, Barkly Property Ventures 3 Pty Ltd (“Barkly Property Ventures”), has secured funding for a new AUD16 million hotel development to be built along the Western Highway in Stawell, Melbourne, Victoria. The Victorian Government supports the project through a grant awarded under the 2024 Regional Tourism Investment Fund. The property will be developed under Choice Hotels’ upscale Ascend Collection and branded as LOAM, serving as the flagship for the region. Set to become the largest hotel in the Grampians region, the two-storey development will feature 77 studio-style rooms, specifically designed to cater to long-stay corporate travellers with in-room cooking facilities and dedicated workstations. Planned guest amenities include a wellness studio, a hydrothermal room equipped with a sauna and ice baths, on-site guest laundry, and electric vehicle charging stations. Over the next decade, the project is expected to generate an estimated AUD150 million for the local economy.
Weave Living Debuts in Australia with Acquisition of Sydney Development Site
Hong Kong-based co-living operator, Weave Living has announced its entry into the Australian market with the acquisition of its first site in Sydney’s inner city. The development will feature 80 fully furnished studio apartments, purpose-built to cater to young professionals, couples, and students. The site—located directly opposite Broadway Shopping Centre in Glebe—has already secured Development Application approval. It enjoys proximity to urban anchors, including the University of Sydney’s main campus and the Sydney Central Business District. The project also lies within one kilometre of Central Station, providing connectivity to Greater Sydney. Once completed, the project is expected to have an estimated value of approximately AUD63 million. The venture aligns with Weave Living’s broader expansion strategy, which includes the planned launch of a dedicated Australian living sector investment fund next year, targeting USD300 million in equity.
Kasumigaseki Capital Sells Two Hotel Development Sites in Japan
Japan-based property investor and fund manager, Kasumigaseki Capital Co., Ltd., (“Kasumigaseki Capital”) has sold two hotel development sites to undisclosed purchasers for an undisclosed sum. The first site, located in Ginza, Tokyo, is planned to feature 28 keys across 12 storeys with a gross floor area (GFA) of approximately 2,437 square metres (sqm). The property is slated to open in November 2028. The second site, in Matsuyama City, Ehime Prefecture, will comprise 66 keys across 13 storeys with a GFA of approximately 3,473 sqm and is expected to open in December 2027. Kasumigaseki Capital will remain involved in both projects and will act as asset manager for the hotels once operational.
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Hok Yean Chee
Regional President – HVS Asia Pacific
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