Asia Pacific Hospitality Newsletter - Week Ending 14 June 2024

OMO7 Osaka Purchased by Hoshino Resorts REIT for JPY 29 Billion

Hoshino Resort Asset Management Co., Ltd., the asset management company entrusted by Japan-based Hoshino Resorts REIT, Inc., has acquired the OMO7 Osaka Hotel in Osaka, Japan, from Japan-based Shin Imamiya Development Special Purpose Company for JPY 29 billion. The 436-key OMO7 Osaka Hotel offers rooms and suites, two on-site food and beverage options, meeting rooms, and a traditional Japanese public bath. After the transaction, the property will be leased to Japan-based Minami Hotel Management K.K.

Prima Asset Management Acquires the freehold Victoria Garden Hotel in London

Singapore-based Prima Asset Management has acquired the freehold Victoria Garden Hotel in the Paddington District of London, United Kingdom, for an undisclosed sum. The 68-key hotel will undergo extensive refurbishment with the aim of transforming it into an upper-upscale hotel, and increasing its key count to over 80, with an anticipated end value of approximately SGD 70 million. The hotel will be managed and operated by the UK-based Capilon Group.

The Lamai Samui Resort & Spa on Koh Samui Acquired by GOCO Hospitality

Thailand-based GOCO Hospitality have acquired The Lamai Samui Resort & Spa on Koh Samui located in Lamai Beach, Koh Samui, Thailand for an undisclosed sum. The transaction was completed in early June. The 75-key Lamai Samui Resort & Spa on Koh Samui offers both room and villa accommodation options; and features three on-site food & beverage options, a spa, a 55 square metres meeting room, an infinity pool, and a fitness center.

Weave Living Partnered with KKR to Launch Weave Place Hoegi in Seoul

Hong Kong-based Weave Living and US-based KKR & Co. Inc. (“KKR”) are continuing their partnership in Korea through the joint venture’s purchase of the UnivM officetel building in Seoul for an undisclosed sum. The 14-storey, 2,868 square meter (“sqm”) property has since been renamed Weave Place Hoegi and functions as a rental residential property featuring 98 fully furnished one-bedroom units of approximately 23.8 sqm each. This acquisition follows the purchase of the 157-key State Sunyu Hotel in April 2024, which is set to open in 2025 as the flagship property of Weave Living in Seoul.

State of Michigan Investment Board Commits USD 100 Million to BGO’s Japan focused Fund

The US-based Pension Fund State of Michigan Investment Board has committed USD 100 million to the BentallGreenOak Asia (USD) IV fund, the investment vehicle of US-based BentallGreenOak (“BGO”) that focuses on Japan’s office, logistics, residential, and hospitality sectors. BGO managed USD 82 billion in assets as of March 2024 and has invested at least USD 4.4 billion in Japanese assets over the years. In 2023, BGO also acquired the 1,039-key Rihga Royal Hotel Osaka for an undisclosed sum believed to be approximately USD 385 million.