ORIX JREIT Acquired Hotel Universal Port Vita in Osaka for JPY35 Billion

Japan-based ORIX JREIT Inc. (“ORIX JREIT”) has successfully completed the acquisition of 428-key Hotel Universal Port Vita for JPY35 billion from sponsor ORIX Corporation, translating to approximately JPY81.8 million per key. Completed in 2018, this property is one of seven official hotels of Universal Studios Japan, and is adjacent to the iconic Hotel Universal Port, a 600-key property also owned by Orix JREIT. The 14-storey property has a gross floor area of 31,600 square metres and features one food and beverage outlet. It is currently leased out, generating a fixed rent of JPY40 million, along with a variable rent component. The strategic acquisition aims to capitalise on the anticipated tourism surge in the region and enhance synergy with Hotel Universal Port. 

KB Group Acquires Four Points by Sheraton Josun in South Korea for KRW170 Billion

KB Asset Management, a wholly owned subsidiary of South Korea-based KB Financial Group Inc. (“KB Group”), is acquiring the 342-key Four Points by Sheraton Josun, Seoul Station (“Four Points by Sheraton Josun”) in South Korea from Australia-based Macquarie Group Limited for KRW170 billion. This translates to approximately KRW497 million per key. Opened in 2015, the property features a restaurant, convenience store and fitness centre. Conveniently located, it is directly connected to the Seoul Station via an underground passageway. The property is leased and operated by South Korea-based Josun Hotels & Resorts Co., a subsidiary of South Korea-based supermarket chain E-Mart Inc. The lease is due to expire in 2035.

Ark Capital Partners and Lead Global Acquired Melbourne Place Hotel in Australia for AUD150 Million

Australia-based Ark Capital Partners Pty Ltd (“Ark Capital Partners”) and Myanmar-based Lead Global completed the acquisition of the newly built 191-key Melbourne Place Hotel for AUD150 Million. Supported by Pioneer Wealth Group Pty Ltd (“Pioneer Wealth Group”), the acquisition translates to approximately AUD785,340 per key. Soft-opened in late 2024, the boutique hotel is located on Russell Street and features three food and beverage outlets. Designed by Kennedy Nolan, it showcases Melbourne’s heritage with local bricks, deep-red metal accents, and circular windows. Following the successful acquisition of Melbourne Place Hotel, Ark Capital Partners and Lead Global are set to launch a new co-branded hotel fund. 

FEHT Acquires Four Points by Sheraton Nagoya in Japan for JPY6 Billion

Singapore-based Far East Hospitality Trust (“FEHT”) has acquired the 319-key Four Points by Sheraton Nagoya, Chubu International Airport (“Four Points by Sheraton Nagoya”) in Japan for JPY6 billion from an undisclosed seller. This translates to approximately JPY18.8 million per key. The acquisition also includes an adjacent car park site with potential for future development into a hotel extension, retail, or commercial space. Opened in 2018, the hotel is situated on freehold land with a total gross floor area of 14,062 square metres. The property features a restaurant, pub, and fitness centre. Strategically located, it is just a six-minute walk from the Airport Train Station, Chubu International Airport, and Aichi Sky Expo, and only three minutes from the Ferry Terminal. This marks FEHT’s first hotel acquisition in Japan.

Vietnam’s Phú Quốc International Passenger Port Commences Operations

Vietnam’s Phú Quốc International Passenger Port has commenced operations. The VND1.64 trillion project, spanning 180 hectares, has been in development since 2015. The port now accommodates five-star cruise ships with capacities of 3,000 to 4,000 passengers to dock with ease, facilitating visits to Phú Quốc. In addition to enhancing the island’s infrastructure, it is expected to drive investment and international tourism, strengthening Phú Quốc’s position as a premier tourism destination. Germany-based AIDA Cruises and Italy-based Costa Cruises have already brought over 7,000 international visitors to Phú Quốc via the new port.

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