LaSalle Acquires Hotel ibis Styles Tokyo Bay in Shin-Urayasu
Date: June 2018
Location: Close to the Tokyo Disney Resort in Hinode, Urayasu City, Chiba Prefecture, Japan
Name: ibis Styles Tokyo Bay – opening July 2018
No. of Keys: 216
Seller: LaSalle’s press release does not state, so we have asked!
Buyer: LaSalle Investment Management announced that it has acquired “ibis Styles Tokyo Bay”.
The transaction was made on behalf of LaSalle Asia Opportunity V, the fifth in the real estate investment manager’s flagship closed-end, pan-Asia opportunistic fund.
Chicago-based LaSalle had $60 billion of assets under management as at March 31, 2018.
The ibis Styles Tokyo Bay comprises 8 floors above ground with a total floor space of 6,714.68 m². It is in an attractive tourist location that boasts excellent access to the theme parks around Maihama, with the nearest station, Shin-Urayasu Station, only a short 15-minute walk from the hotel.
The investment is anticipated to capitalise on the rapid growth in inbound tourists to Japan over the next three to five years, supported by the increasing number of middle-income households in China and the rest of Asia region.
In particular, hotels near major tourism attractions are expected to benefit from the trend the most, as visitors stay in and around key destinations.
Kunihiko Okumura, Head of Acquisitions of LaSalle Investment Management in Japan, commented: “We are delighted to continue to expand our portfolio exposure in the hospitality sector further to the successful US$1.1 close of our LAO V fund.
Japan holds many opportunities for us and Urayasu, Chiba, in particular is experiencing strong growth for its hospitality sector, underpinned by a booming domestic tourism market and its growing reputation as a resort destination.
We have seen a remarkable growth in the rate of inbound travellers in recent years, and expect hospitality assets in the region to perform well backed by a strong support base of investors.”
Scheduled to open on July 2 this year, ibis Styles will be operated by AAPC Japan KK, the Japanese subsidiary of AccorHotels, a world-leading travel & lifestyle group headquartered in France.
Accor operates four brands in Japan: Swissotel, Mercure, ibis and ibis Styles. This latest hotel marks the 12th group hotel including hotels in Sapporo (2), Tokyo (2), Narita, Yokosuka, Nagoya and Naha.
Added Kunihoko, “The AccorHotel brand is a renowned hospitality and international brand. We believe its stellar reputation will lend great value to boost the profile of ibis Styles Tokyo Bay, and attract international travellers to make the hotel their accommodation of choice.”
Price: Undisclosed
THPT Comment: In addition to general upturn in mid-market tourism, Japan will benefit from 2019 Rugby World Cup and 2020 Olympics
First Seen: LaSalle website