HULIC to flip Odaiba Hilton for 2 billion Yen profit

Real estate company HULIC has agreed to sell the Hilton Tokyo Odaiba hotel for 62.4 billion Yen (approx. 573 million USD) to the Japan Hotel REIT. The sale will take place in April 2019 and will represent the highest valued hotel held by a REIT within Japan.

HULIC, along with Fuyo General Lease, had previously acquired the hotel in December 2017 for 60 billion Yen. HULIC had originally planned to retain the property for a longer term in order to attain hotel operational knowledge from an international brand but found a buyer earlier than anticipated. 

 The 453-room hotel was built in 1996 by Itochu Corporation and Japan Airlines. It was later sold to Aetos Capital in 2007 for 25 billion Yen. 

The Japan Hotel REIT Investment Corporation’s three sponsors are SC Capital Partners (Singapore), Kyoritsu Maintenance (Japan), and ORIX GROUP (Japan).

Source: The Nikkei Shimbun, January 8, 2018.

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