CDL acquires 256-room Osaka hotel for $78.5 million
the Bespoke Hotel Osaka Shinsaibashi has been acquired by Singapore real estate developer, City Development Limited, for 8.5 billion yen ($78.5 million). The acquisition was made via CDL’s its indirect wholly-owned subsidiary, M&C Sakura TMK, and is CDL’s third hotel acquisition in 2K23. The group acquired the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July. The freehold lifestyle Bespoke Hotel which have 256 units started operation in 2K19 and is situated in Osaka’s Shinsaibashi commercial district. Numerous famous shopping districts and malls including the city’s famous Midosuji Avenue and Shinsaibashi-suji shopping street is within walking distance. The Nagahoribashi and Shinsabashi stations are also just a four-minute and six-minute walk respectively.
According to CDL, the recovery of tourism in Japan, specifically Osaka, will bring benefits to the newly acquired freehold hotel in the future.
Globally third-most visited theme park in 2K22 with 12.4 million visitors, Universal Studios Japan, which is Osaka will also host the six-month long World Expo in 2K25, which is estimated to attract 30 million visitors.
In addition, the US$10 billion ($13.5 billion) MGM Integrated Resort is slated to open in Osaka in 2K30. The resort, which have a wide spectrum of tourism facilities like casino, entertainment, shopping, hotel and MICE (or meeting, incentives, conferences and exhibitions), is targeted to welcome 20 million visitors annually upon its grand opening ceremony.
“Japan’s tourism industry has gained back strong momentum post-pandemic, and we saw this as a excellent option to strengthen our hotel portfolio. Our group owns the 329-room Millennium Mitsui Garden Hotel in Tokyo Ginza as well as other rental apartment assets in Yokohama and Osaka. This investment is aligned with our group’s strategy to actively grow and diversify our global real estate portfolio,” says Kwek Leng Beng, CDL’s executive chairman.
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