SINGAPORE (EDGEPROP) - JLL’s Hotels & Hospitality Group has brokered the sale of 114-room Kyoto Boutique Hotel. The hotel, currently owned by Angelo Gordon and Mizuho Real Estate Management, was acquired by a joint venture between Singapore-based Park Hotel Group and Apricot Capital.

The freehold property has a gross leasable area of 3,276 sq m (35,263 sq ft) with a ground floor bar and restaurant that receive high footfall, says JLL. When the transaction completes, it will be rebranded as Park Hotel Kyoto. It will be Park Hotel’s second hotel in Japan.

Notably, the deal was signed with key inspections completed virtually, which is a first for a hotel transaction in Asia. Embracing virtual inspections makes Japan’s hospitality market more attractive, allowing interested regional hotel groups to gain a more immediate foothold in Japan, says Charlie Macildowie, senior vice president, investment sales, Asia Pacific, JLL Hotels & Hospitality Group.

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“Confidence in Japan’s hotel market has remained high throughout a challenging year and the long-term fundamentals of both the tourism and business markets remain favourable as we look beyond Covid,” says Nihat Ercan, managing director, head of investment sales, Asia Pacific at JLL Hotels & Hospitality Group. Japan has a sizeable domestic leisure and business traveller market.

Concurrently, JLL Hotels & Hospitality Group is also currently marketing a freehold hotel opportunity in Osaka. According to JLL, it has attracted strong interest from international investors.