Japan Hotel REIT Investment Corp. has acquired the Hilton Tokyo Odaiba for JPY62.4 billion. The property most recently changed hands in January, when Japanese real estate company Hulic and a partner bought the hotel for JPY60 billion from U.S. investment management company Elliott Management, splitting the cost 50/50.
The Hilton Tokyo Odaiba is a 453-room full-service hotel that has multiple Japanese, Western and Chinese restaurants, lounges, meeting rooms, wedding halls, a fitness center, a swimming pool and spa, as well as large and small banquet rooms.
At the 2020 Tokyo Olympics and Paralympics, various events will be held in the Odaiba area, with the international broadcasting center and main press center situated in nearby Tokyo Big Sight.
The area's hotel market is expected to grow further during the events and, according to the REIT, it plans to work with operator Hotel Management Japan Co., Ltd. to boost the appeal of the Hilton, which the owner calls "one of its trophy assets."
The REIT's portfolio consists of 43 hotels throughout Japan.