Pacifica Capital K.K. and PAG Real Estate have opened Oakwood Hotel & Serviced Apartments Shin-Osaka, a hotel with 185 rooms, in the city of Kansai region of Japan.
This property began operations on 1 August and offers large, modern rooms with kitchenettes for guests planning for short- or long-term stay besides the conventional hotel-type rooms.
The role of Pacifica in the the project ranged from identifying the opportunity to purchase an office building to operator selection, construction supervision and working with PAG as the equity investor to discuss the management contract and then finalising the design of the hotel.
The role of PAG included deal structuring and arranging financing for the project.
With the opening of the project, Pacifica will continue its asset management role and work closely with PAG and Oakwood, which would inturn help to maximise the performance of the property.
Pacifica Capital president and CEO Seth Sulkin said: “The opening of this property solidifies Pacifica’s position as the leading developer of internationally-branded, limited service hotels in Japan.
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By GlobalData“Following the successful opening in November 2017 of Moxy Tokyo, also originally an office building, we have developed unique expertise in conversion to hotels.”
Pacifica’s future pipeline of projects includes construction of new hotels as well as renovation of existing hotels.
Sulkin added: “Although inbound tourist arrivals continue to grow strongly, there is significant new supply of domestic-branded budget hotels.
“We have close relationships with hotel companies around the world and will select the most appropriate brand to differentiate our properties from the competition. Pacifica has set up a new unit to begin franchising international brands, but we will continue to develop managed properties as appropriate.”
PAG Real Estate representative director and CEO Phi Q. Le said: “We’re pleased to partner with Pacifica on the Oakwood Hotel & Serviced Apartments Shin-Osaka.
“As one of the largest real estate investors in Japan, PAG has a strong track record of identifying innovative opportunities and forging strong partnerships. We believe that Pacifica’s experience as a developer and asset manager and PAG’s expertise in real estate investment, project financing and deal structuring are a perfect fit for this project.”
Established over two decades, Tokyo-based Pacifica is a developer of commercial properties in Japan including retail, mixed-use, solar power, and now has focus on hotels.
PAG Real Estate is a real estate investment unit of PAG, which is an independent alternative investment firm with over $20bn in funds under management.