Nine Hours formed the business hotel rebranding fund, “Godokaisha Nine Hours Value-Add Fund 1,” with Showa Lease in August.
The fund will invest in existing business hotels in major cities across Japan and in areas expected to see tourism demand. Following acquisition, Nine Hours will operate the properties. Through rebranding them under its private-room hotel brand, “Smart Place Inn,” and reviewing their operational structures, the fund aims to improve profitability and asset value.
The senior lenders are The Chugoku Bank and Toho Bank. The anonymous partnership investors are Resona Lease, Higin Lease, Hokkoku General Lease, and Showa Lease. SBI Tozai Realty serves as the asset manager.
As the fund’s first project, the former Red Roof Inn Kamata/Haneda, which ceased operations on August 28, will be rebranded and is scheduled to open in December. The nine-story building has 91 rooms and is a six-minute walk from JR Kamata Station.
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