Blackstone has finalized the acquisition of three hotels in Osaka and Okinawa.
The hotels acquired are The Ritz-Carlton, Okinawa, Kanahide Kise Beach Palace, and Nest Hotel Osaka Shinsaibashi. The Ritz-Carlton, Okinawa and Kanahide Kise Beach Palace were acquired from Kanehide Holdings, whereas Nest Hotel Osaka Shinsaibashi was acquired from Ichigo Hotel REIT Investment Corporation.
According to Bloomberg, the acquisition from Kanehide Holdings was made for approximately 20 billion yen, including the cost of renovations. The acquisition from Ichigo Hotel REIT Investment Corporation was made for 7.775 billion yen and is expected to be finalized in February.
Blackstone is constructing a portfolio worth 1.3 billion US dollars in cities like Tokyo, Kyoto, Osaka, Fukuoka, and Okinawa. Over the past three years, it has acquired 20 hotels, including eight from Kintetsu Group Holdings.
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