CDL sells Bespoke Hotel Osaka Shinsaibashi as capital recycling advances

The divestment follows CDL’s acquisition of the property in August 2023 for JPY 8.5b (around JPY 33.2m per key).

City Developments Limited (CDL) has agreed to sell the Bespoke Hotel Osaka Shinsaibashi to Blackstone for JPY 14.0b (about $117m), or JPY 54.7m per key.

Completion is expected in December 2025. CDL noted that the reference exchange rate for the transaction is JPY 100=$0.835.

The divestment follows CDL’s acquisition of the property in August 2023 for JPY 8.5b (around JPY 33.2m per key).

The freehold, 256-room hotel is located at 2-6-25 Minamisenba, Chuo-ku, Osaka, with a 938 sqm site area and 5,585 sqm gross floor area. It sits in the Shinsaibashi district near Midosuji, Parco, and Daimaru. CDL’s effective interest in the asset is 100%.

CDL said the transaction forms part of its ongoing capital recycling and portfolio optimisation strategy, bringing year-to-date contracted divestments to more than $1.8b.

Other disposals include interests in South Beach, Piccadilly Galleria, and a 250-unit multifamily property in Sunnyvale, California. Proceeds will be redeployed to maximise shareholder value.

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