One REIT Acquires Five Hotels Including DoubleTree by Hilton Naha Shuri Castle

One REIT Investment Corporation has acquired five hotels in Japan.

The acquired properties are DoubleTree by Hilton Naha Shuri Castle, The Hedistar Hotel Narita, Quintessa Hotel Sapporo Susukino 63 Relax & Spa, Quintessa Hotel Fukuoka Hakata Relax & Sleep, and Quintessa Hotel Kagoshima Tenmonkan Relax & Sleep.

DoubleTree by Hilton Naha Shuri Castle was completed in August 1973. Formerly known as Hotel Nikko Naha Grand Castle, the building has 22 floors above ground and 1 basement floor, with a total of 333 guest rooms. The acquisition was made through a sponsor bridge, at a purchase price of 10.46 billion yen. After the current contract ends in December, the property will undergo renovation, and in January 2027 the operator will be switched to Core Global Management, with a planned rebranding and reopening under the “Hewitt” brand in May of the same year. Renovations are expected to cover the entrance, front desk, lobby, restaurant, pool, and other areas. The total construction cost is projected at 1.8 billion yen. Revenue per available room (RevPAR) is expected to increase by 24% in four years.

The Hedistar Hotel Narita was completed in February 1992. The building has 7 floors above ground and 1 basement floor, with a total of 261 guest rooms. The acquisition price is 4.77 billion yen. After renovations, it will be rebranded in February 2027 as “Quintessa Hotel,” the highest-tier brand of operator Core Global Management.

Quintessa Hotel Sapporo Susukino 63 Relax & Spa, Quintessa Hotel Fukuoka Hakata Relax & Sleep, and Quintessa Hotel Kagoshima Tenmonkan Relax & Sleep are all limited-service hotels focusing on accommodation, and are already operated by Core Global Management. They were acquired for 4.02 billion yen, 4.184 billion yen, and 1.762 billion yen, respectively.

One REIT Investment Corporation is an investment corporation sponsored by Mizuho Trust & Banking, with Mizuho REIT Management as its asset management company. In addition to a strong track record in operating small- and medium-sized office buildings, its portfolio includes Japanese hotels such as Comfort Inn Nagoya Sakae Station Front and Candeo Hotels Kyoto Karasuma Rokkaku.