APA Group—owner of Japan's largest hospitality organization—is set to buy Vancouver-based Coast Hotels for $210 million from Okabe Co. Ltd., another Tokyo-based company. The share-transfer agreement was completed in late July and is expected to close in early September. Coast Hotels spokeswoman Sarah Kirby-Yung said that the transaction needs to go through the legal due diligence process before the sale is formally complete. “The target closing date is September 6.”
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APA Group made an offer to purchase the Coast Hotels business, and the offer was accepted by the Canadian firm’s parent company. The Canadian sale follows APA’s U.S. debut in November, when it partnered with N.J.-based Friendwell Group of Companies (which originated in Taiwan and now owns more than 3,000 rooms across several brands) to launch and develop the APA Hotel Franchise in the U.S. The first hotel in the brand opened in Metropark, N.J.
Okabe is reportedly selling its Canadian hotel company to focus on other facets of its business.
Coast Hotels has 36 properties in its portfolio in North America, including the Coast Coal Harbour Hotel in Vancouver (pictured), the Benson Hotel in Portland and Waimea Plantation Cottages in Hawaii.