CapitaLand Ascott Trust acquires Tokyo and Kanazawa hotels for $178.5m

The acquisition price represents an 8.3% discount on the independent valuation.

CapitaLand Ascott Trust has acquired two hotels in Japan for $178.5m (JPY21b).

The two hotels are ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae in Kanazawa.

The acquisition price represents an 8.3% discount on the independent valuation.

ibis Styles Tokyo Ginza is a 224-unit hotel located next to Ginza Six, a popular high-end retail mall, and near the Uniqlo global flagship store. It is also easily accessible via Higashi Ginza or Ginza Station on Tokyo’s subway network.

Chisun Budget Kanazawa Ekima is a 392-unit hotel near the city’s central business district as well as event and sports venues. It is also within a five-minute walk to the Kanazawa train station and has flight connections with Seoul, Shanghai, and Taiwan.

“Post-acquisition, 18% of CLAS’ total assets are located in the country. With Japan continuing to enjoy strong international travel demand, the two well-located properties are poised to capture demand from travellers visiting Tokyo and Kanazawa. Visitors staying in Tokyo and Kanazawa have already surpassed pre-COVID levels by 23% and 12%, respectively,” Serena Teo, CEO of CapitaLand Ascott Trust Management and the Managers of CLAS said.