JLL advises on prime Kyoto hotel sale
The transaction highlights the unprecedented appetite for high-quality Japanese hotels in prime locations
TOKYO, 8 September 2023 – JLL’s (NYSE:JLL) Hotels & Hospitality Group today announced that it advised on a hotel sale located in a prime Kyoto location. The firm advised a special purpose vehicle (SPV), controlled by an international investor group, on the successful sale of the Hotel Resol Kyoto Kawaramachi Sanjo, located in central Kyoto to an SPV established by Mitsui Bussan Digital Asset Management K.K.
According to JLL, the hotel has been acquired with the existing master lease remaining in place and will continue to be operated under the Resol hotel brand.
Located in central Kyoto, along the highly coveted Kawaramachi-dori, the Hotel Resol Kyoto provides convenient access to the key attractions of the city including the downtown Kawaramachi shopping district and the geisha entertainment district of Pontocho Gion. Opened in 2018, the hotel comprises 144 guestrooms with a modern Japanese theme.
“This asset represents an exceptional and rare opportunity to acquire a newly built hotel in a prime tourist location of Japan. As accommodation demand recovers and financing terms remain attractive, we continue to see exceptional levels of interest for Japanese hotels. JLL is delighted to have advised on this exciting transaction, reaffirming our standing as the unmatched provider of hotel investment expertise in the dynamic Japanese market.” says Charlie Macildowie, Executive Vice President, Investment Sales, Asia Pacific, JLL Hotels & Hospitality Group.
According to JLL, the first half of 2023 saw JPY203 billion ($1.39 billion) of hotels change hands in Japan with. the six-month volume representing a 65.4% increase on the first half of 2022. JLL’s expects this trend to continue into the second half of the 2023 with several transactions already closed or agreed.
Mitsui & Co. Digital Asset Management, Ltd. specialises in asset management for real assets using blockchain, and was established as a joint venture between LayerX and Mitsui & Co. The company has launched the “Digital Securities Project,” which focuses on the issuance of security tokens using blockchain technology, and a dedicated fund that invests in high-quality real estate held by J-REITs.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.