CDL Divests Bespoke Hotel Osaka Shinsaibashi to Blackstone for JPY14 Billion
US-based alternative investment firm, Blackstone Inc. (“Blackstone”), is acquiring the 256-key Bespoke Hotel Osaka Shinsaibashi, in Osaka, Japan from M&C Sakura TMK, a wholly owned subsidiary under Singapore-based City Developments Limited (“CDL”) for JPY14 billion. This translates to approximately JPY54.7 million per key. Opened in 2019, the freehold property has a total gross floor area of 5,585 square metres (“sqm”) and includes a lounge that also serves as a breakfast venue. Located in Shinsaibashi district, the property is a four-minute walk from Nagahoribashi Station and a five-minute walk from Midosuji Avenue. CDL purchased the asset for JPY8.5 billion in August 2023 and its divestment now reflects a gain of JPY5.5 billion.
KKR Divests Stake in Hyatt Regency Tokyo for JPY120 Billion in Japan
A consortium led by US-based private equity firm KKR & Co. Inc. (“KKR”) has sold its interest in the Hyatt Regency Tokyo to an undisclosed buyer for JPY120 billion. This translates to approximately JPY161 million a key. Market source indicates the new buyer is Japan-based Japan Hotel REIT Investment Corporation. The asset was initially acquired in 2023 in partnership with Hong Kong-based Gaw Capital Partners, with reports suggesting the exit yielded approximately double the original investment. The Hyatt Regency Tokyo is a 712-key hotel located in Tokyo’s Shinjuku district, a major business and retail hub. Originally built in 1980, the property features a fitness centre, spa, meeting and event facilities, onsite dining outlets, and parking. It is situated adjacent to Shinjuku Central Park and near the Tokyo Metropolitan Government Building, with Tochomae Station on the Oedo Line approximately a three-minute walk away.
SJM Holdings Acquires L’Arc Macau for HKD1.75 Billion in Macau SAR
Hong Kong-based SJM Holdings Limited (“SJM Holdings”) announced the acquisition of Macau-based Arc of Triumph Development Company for approximately HKD1.75 billion. This transaction includes the 283-key L’Arc Hotel, a casino, multiple F&B outlets and retail spaces. Located at Nos. 238 – 320 Avenida 24 De Junho, the property spans a total gross floor area of approximately 86,438 square metres and comprises the hotel and commercial components from the ground floor up to level 22. The hotel offers six F&B outlets, a swimming pool, fitness centre, business centre and a meeting and event spaces.
TGE Marks Global Expansion with Acquisitions in Australia and Malaysia
Hong Kong-based AMTD Group Inc. (“AMTD Group”), together with its affiliated entities AMTD IDEA Group, France-based AMTD Digital Inc., and its subsidiary The Generation Essentials Group (“TGE”), has announced that TGE has entered into agreements to acquire two hotel assets in separate transactions: the 209-key The Ritz-Carlton in Perth, Australia, and a 135-key hotel in Kuala Lumpur, Malaysia. The sellers and transaction values were not disclosed. The Ritz-Carlton, Perth is located within the Elizabeth Quay riverfront development, and features two food and beverage outlets, a club lounge, a full-service spa, an infinity pool, a fitness centre, and eight event facilities. It is within seven- and twelve-minutes walking distance of Elizabeth Quay Station and the Perth Convention and Exhibition Centre respectively. The name of the Kuala Lumpur hotel was not disclosed, however the hotel is located in the city’s commercial and business district, connected via a link bridge to both Sunway Putra Mall and the Putra World Trade Centre. Amenities include a rooftop infinity pool, fitness centre, and library. These acquisitions build on TGE’s recent entry into the U.S. hospitality market, further cementing its strategy of global hospitality expansion.
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