Singaporean investment fund buys hotel in Okinawa

Singaporean investment fund RECAP (Real Estate Capital Asia Partners) has purchased the CSK Tsubogawa Hotel in Naha City, Okinawa, for an undisclosed sum.

The business hotel was scheduled to open in 2009 but the former owner, CSK Holdings, fell into financial difficulties. Although construction was complete, the hotel never opened. The former owner also built an office building on the adjoining site in 2009, which also remains empty.

The hotel will be opened in April under the “Mercure Hotel” brand which is operated by French hotel chain, Accor Hotels.  The hotel will have 260 guest rooms, as wells as restaurant and function facilities. It is located right in front of the Tsubogawa Monorail Station and very close to the Naha Airport. However, it is in a primarily residential neighborhood and is not convenient for sightseeing.

Late last year RECAP acquired the “Japan Hotel &  Resort” real estate investment trust from Goldman Sachs. RECAP also owns Hotel Nikko Alivila and The Beach Tower Okinawa.

Source: The Okinawa Times, January 28, 2012.

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