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GIC buys 51% stake in Tokyo hotel

Sep 22, 2017
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Singapore sovereign wealth fund GIC has acquired a 51 percent stake in the Sheraton Grande Tokyo Bay Hotel for US$463.6 million (S$626 million).

GIC purchased the hotel with Invincible Investment Corporation, a hotel and residential Japanese real estate investment trust for US$909.1 million.

Built in 1988, the 1,016-room Sheraton Grande Tokyo Bay Hotel includes a 175-room annex tower that opened in December 2016. It is adjacent to Tokyo Disney Resort (TDR) and is the resort’s biggest official hotel out of six such hotels.

Attracting more than 30 million visitors annually, TDR has a proven track record of growth since its establishment in 1984. Its operator, Oriental Land Co., had unveiled plans to add various attractions at Tokyo DisneySea and Tokyo Disneyland, including a large-scale investment project worth US$682 million to open new attractions set in the spring of 2020 in Tokyo Disneyland.

“Sheraton Grande Tokyo Bay Hotel, with its 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,” said GIC chief investment officer Lee Kok Sun.

“In partnership with Invincible Investment Corporation, we will seek to enhance the Sheraton Grande Tokyo Bay Hotel and support it in its next phase of growth. We have been investing in Japan for more than 20 years and are continually on the lookout for quality assets with stable cash-flow potential.”

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Related Articles:

Mandarin Oriental mulling sale of HK hotel

CapitaLand Retail China Trust sells Beijing mall

Far East Hospitality targets three to four new hotels in S’pore

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