Hoshino Resort acquired four hotels in Japan
By Esther Hoon
/ Savills, The Edge Property |
Hoshino Resort has completed the acquisition of four ANA Crowne Plaza hotels in Hiroshima, Fukuoka, Kanazawa and Toyama in Japan at end of August. Hoshino Resort, one of the leading Ryokan/hotel operators in Japan, is said to have shelled out JPY40 billion (US$330 million) for the four ANA Hotels. The deal is one of the largest hotel portfolio transactions in Asia this year. Savills acted as the exclusive agent for the owner.
The portfolio comprises 1,229 guestrooms with more than 20 bars and restaurants. They are currently managed by a joint venture between IHG and ANA (All Nippon Airways), under the ANA Crowne Plaza brand. The JV will continue to operate the hotels after the acquisition.
The deal reflects investors’ confidence in Japan’s tourism and hospitality industry. The number of international tourists visiting Japan from January to July this year hit a historical high of 11.06 million, up 46.9% from the same period in 2014 on the back of cheaper yen and visa liberalisation.
The four cities where the ANA Crowne Plaza hotels are located are said to enjoy growing popularity among tourists. Hiroshima is famous for its World Heritage Sites and Fukuoka as the business and tourism hub in the south western part of Japan. Meanwhile, Kanazawa and Toyama are witnessing a significant increase in RevPAR (revenue per available room) resulting from the new bullet train connection to Tokyo.
Location of the four ANA Crowne Plaza Hotels sold
Source: Savills
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