Japan: The 114-room Kyoto Boutique Hotel has been acquired by a joint venture between Singapore-based Park Hotel Group and Apricot Capital.
The vendors are Angelo Gordon and Mizuho Real Estate Management, and the sale was brokered by JLL Hotels & Hospitality Group.
When the transaction completes, the hotel will be rebranded as Park Hotel Kyoto. It will be Park Hotel’s second hotel in Japan.
The deal was signed with key inspections completed virtually, which is a first for a hotel transaction in Asia. Embracing virtual inspections makes Japan’s hospitality market more attractive, allowing interested regional hotel groups to gain a more immediate foothold in Japan, says Charlie Macildowie, senior vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality Group.
“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 favourable as we look beyond Covid,” said Nihat Ercan, managing director, head of investment sales, Asia Pacific at JLL Hotels & Hospitality Group.