COMMERCIAL PROPERTY | Staff Reporter, Singapore

GIC to acquire Sheraton Grande Tokyo Bay Hotel for $1.2b

It will hold a 51% majority stake.

GIC entered a joint venture (JV) with Japanese REIT Invincible Investment Corporation to acquire Sheraton Grande Tokyo Bay Hotel for $1.2b (¥100b).

According to a press release, GIC will earn a 51% majority stake from the transaction.

The hotel has 1,016 rooms with a 175-room Annex Tower opened in 2016.

It is located next to Tokyo Disney Resort (TDR), which attracts 30 million visitors per annum.

GIC Real Estate chief investment officer Lee Kok Sun said, “Sheraton Grande Tokyo Bay Hotel, with its close proximity to Tokyo Disney Resort, has shown strong and resilient cash-flows. As a long-term value investor, we are confident in the continued growth and demand in Japan."

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