CDL acquires 256-room Osaka hotel for $78.5 million
Singapore real estate developer, City Development Limited, successfully taken possession of the Bespoke Hotel Osaka Shinsaibashi for 8.5 billion yen ($78.5 million). CDL’s indirect wholly-owned subsidiary, M&C Sakura TMK, took possession of the hotel in Osaka, making this the third hotel acquisition for CDL in 2K23. The group took possession of the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July. started operation in 2K19 and is situated in Osaka’s Shinsaibashi commercial district, The freehold lifestyle Bespoke Hotel have 256 units. 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 the successful Singapore property developer, the post covid-19 tourism recovery in Japan, specifically Osaka, will revitalize the newly taken possession freehold hotel in years to come.
Globally third-most patronized amusement park in 2K22 with 12.4 million visitors, Universal Studios Japan, which is Osaka will also arrange World Expo in 2K25 which last six months, and 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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