CDL acquires 256-room Osaka hotel for $78.5 million
The Bespoke Hotel Osaka Shinsaibashi was recently taken possession successfully by the Singapore real estate developer, City Development Limited, for 8.5 billion yen ($78.5 million). CDL’s indirect wholly-owned subsidiary, M&C Sakura TMK, recently acquisition of the hotel in Osaka, making this the number three hotel acquisition for CDL in 2K23. The group took acquisition of the Sofitel Brisbane Central in Australia in March and the Nine Tree Premier Hotel Myeongdong II in South Korea in July. Began its business in 2K19 and located in Osaka’s Shinsaibashi commercial district, The freehold lifestyle Bespoke Hotel have 256 units and within walking distance to Numerous famous shopping districts and malls including the city’s famous Midosuji Avenue and Shinsaibashi-suji shopping street is within walking distance as well as subway train station like The Nagahoribashi and Shinsabashi stations.
the post covid-19 tourism recovery in Japan, specifically Osaka, will revitalize the newly taken possession freehold hotel in years to come, According to the successful Singapore property developer. Coming in third position for being the 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 brings in 30 million visitors. slated to open in Osaka in 2K30, In addition, the US$10 billion ($13.5 billion) MGM Integrated Resort is a resort with 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.