Imperial Hotel sells 35% of land for 62 billion Yen
On September 26, Imperial Hotel announced plans to sell a 35% share of the land under its tower building in its Tokyo property to Mitsui Fudosan for 62 billion Yen (approx. US$416 million). This purchase price works out to around 15 million Yen per square meter (US$9,300/sq.ft), which is approximately 93,600 times its book value.Read more
Luxury hotel in Sapporo now a casualty of rising construction costs
Plans for a luxury hotel to crown the top of a high-rise project in front of Sapporo Station in Hokkaido have been scrapped due to rapidly rising construction costs. The upper floors will, instead, be office space to cater to the high demand from office tenants in central Sapporo.Read more
Apartment-hotel sells for 69 million Yen per key
Daiwa House REIT Investment Corporation has acquired the trust beneficiary rights to a 74-room hotel in Tokyo for 5.114 billion Yen (approx. US$35 million). The appraised NOI yield was 4.0% (3.5% after depreciation).Read more
Himeji hotel sells at 3.2 billion Yen loss
A hotel in Himeji has sold at a 3.2 billion Yen (US$22 million) loss based on book value last month as the struggles with nearby competition and the pandemic saw the seller seek to offload it before its value worsened further.Read more
30 billion Yen hotel project planned for Kanazawa golf course
A members-only hotel may be in the works for Golf Club Kanazawa Links in Amagasaki Hamamachi. Nagoya-based Resorttrust, a nationwide hotel and golf course developer and operator, acquired partial ownership in the course operator and plans to invest around 30 billion Yen to develop a hotel within the grounds.Read more
10 billion Yen hotel demolished in Hamamatsu
A hotel that was built at a cost of 10 billion Yen during the bubble era in the 1980s has been demolished. This was around US$70 million in those days, using the currency conversion rate in 1987 of 1 USD : 144 Yen.Read more
Star Asia to acquire 11 assets for 49.1 billion Yen
Star Asia Investment Corporation is acquiring seven hotels and four apartment buildings across Japan for 49.1 billion Yen (approx. US$343 million). The appraised cap rate is 4.8%.Read more