The Hilton Fukuoka Sea Hawk hotel has an asking price of around 85 billion yen to 90 billion yen, said a source. — Bloomberg
SINGAPORE: Sovereign wealth fund GIC Pte is considering selling a 1,053-room hotel in western Japan, and has been marketing the property to potential investors since late last year, according to sources familiar with the matter.
The Hilton Fukuoka Sea Hawk hotel is located on the coast of Fukuoka – one of Japan’s major cities – and has an asking price of around 85 billion yen to 90 billion yen, said the source. Jones Lang LaSalle Inc is advising on the sale.
Hotels in Japan have been among the most popular real estate investments in the Asia-Pacific region in the past year, with many properties selling quickly and drawing interest from foreign and domestic buyers.
Investors are betting that tourism will continue its strong recovery amid a weak yen, and are attracted by the ability to change room rates quickly in an inflationary environment.
In the third quarter of 2023, about half of all hotel transactions in Asia took place in Japan, according to MSCI Real Assets.
That helped the island nation become the most active market for overall commercial property transactions in the region in the first nine months of last year. — Bloomberg
