The Sekisui House Reit has acquired 40% joint ownership of the trust beneficiary rights to the The Ritz Carlton Kyoto for 17.8 billion Yen (approx. 160 million USD). The sale took place on January 31 and the seller was the Reit’s sponsor, Sekisui House.
Sekisui House developed the hotel in 2014 with Marriott Hotel Group as the operator. The 134-room hotel sits on a 6,000 sqm site on the western bank of Kamo River and has a total building size of 23,000 sqm. Rooms range from 45 ~ 212 sqm (484 ~ 2,281 sq.ft). The monthly rent of the hotel property is currently approximately 58.7 million Yen (approx. 527,000 USD).
Kyoto City has welcomed over 50 million tourists annually for the past five years, with annual foreign tourist numbers exceeding 3 million for the past three years. In the early 2000s Kyoto was visited by around 500,000 foreign tourists each year, while domestic tourist numbers were around 40 ~ 45 million.
Source: Sekisui House Reit News Release, January 29, 2019.
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